Amc Networks Stock Price, News & Analysis

AMC Networks has appointed Christina Spade as Executive Vice President, Chief Financial Officer, effective January 15, 2021. Spade brings extensive experience from ViacomCBS, where she oversaw all financial operations. She replaces Sean Sullivan, who stepped down in October 2020. Spade is expected to drive financial operations and support the company's streaming business growth. AMC Networks operates several acclaimed brands and streaming services, known for quality content like The Walking Dead and Better Call Saul.

AMC Networks has announced that Seth Zaslow, a key figure in its investor relations, will depart at the end of the year. Nicholas Seibert, currently the VP of Corporate Development, will take over the investor relations role. Zaslow joined AMC Networks in 2011 and significantly contributed to its investor relations since the company's spin-off from Cablevision. Seibert, who joined in 2017, brings experience from GAMCO Investors and Bank of America Merrill Lynch. The company continues to focus on its growth strategy with seasoned leaders.

AMC Networks reported its third quarter financial results for 2020, with net revenues at $654 million, a 9% decline year-over-year. Operating income fell 17.2% to $139 million, and net income dropped to $62 million from $117 million in 2019. Despite these challenges, the company anticipates 4 million+ subscribers for its SVOD services by year-end and plans to reach 5.5 million with the addition of AMC+. The impact of COVID-19 affected advertising sales and production schedules, yet liquidity remains strong with $219 million in operating cash flow and $203 million in free cash flow reported.

AMC Networks will host a conference call on November 2, 2020, at 8:30 a.m. Eastern Time to discuss its third quarter 2020 results. The call will be accessible via the company’s website and by phone at 877-347-9170 using conference ID 1572997. A recording will be available after the call for those who cannot attend, with replays accessible until November 9, 2020. AMC Networks, known for its innovative storytelling, operates popular TV brands including AMC, BBC America, and SundanceTV.

AMC Networks has completed its modified Dutch auction tender offer, purchasing 10,802,550 shares of its Class A common stock at $23.20 per share, totaling approximately $250.6 million. This repurchase represents about 26.6% of the Class A Shares outstanding as of October 13, 2020. All properly tendered shares were accepted, and the payment will be made using available cash. BofA Securities and Citigroup acted as joint dealer managers for the offer, with D.F. King serving as the information agent.

AMC Networks announced the preliminary results of its modified Dutch auction tender offer, which ended on October 14, 2020. A total of 10,912,396 shares of Class A common stock were properly tendered at or below the purchase price of $23.20 per share. The company expects to purchase these shares for a total of approximately $253.17 million. The shares represent 26.9% of the Class A shares outstanding as of October 13, 2020. Payment will be made with available cash, and the final purchase numbers will be confirmed post-guaranteed delivery period.

AMC Networks announces a modified Dutch auction tender offer to buy back up to $250 million in Class A common stock, ranging from $22.50 to $26.50 per share. The current share price is $20.77. This offer commences on September 16, 2020 and runs until October 14, 2020. Additionally, Charles F. Dolan will transition to Chairman Emeritus, with James L. Dolan stepping in as Non-Executive Chairman.

AMC Networks (NASDAQ: AMCX) announced that Chief Financial Officer Sean S. Sullivan will depart for a senior role at another company, remaining until mid-October. The company plans to appoint an interim CFO or successor before his exit. Sullivan, who joined the company in 2010 and played a vital role in its financial planning, contributed significantly to diversifying the business and maintaining a strong financial profile, according to President and CEO Josh Sapan. AMC Networks operates several entertainment brands and has a robust global presence.

AMC Networks (NASDAQ: AMCX) will hold a conference call on August 4, 2020, at 8:30 a.m. ET, to discuss its Q2 2020 results. A press release will be issued before market opening. Investors can join the live webcast on the company’s website under the “Investors” section. To participate via phone, dial 877-347-9170 and use the conference ID 3287042. A replay of the call will be available from 11:30 a.m. on August 4 until 11:59 p.m. on August 11, 2020. Internet replays will be accessible approximately two hours after the call ends.