AMC Networks takes $ 269 million balance sheet hit

AMC Networks reported on Friday in the fourth quarter of 2024 income and unveiled a devaluation of $ 268.7 million from the American cable canal activities of the media company, which consists of AMC, BBC America, IFC, Sunday, WE TV and IFC films.

At the same time, the company says that the American streaming income from AMC Networks has risen by 8% between October and December. The total combined streaming subscribers of the company reached 12.4 million by the end of the year, which has customers in AMC+, Acorn TV, Shudder, Sundance Now, Allblk and Hidive.

For the entire year, AMC Networks took a total of $ 399.5 million in value reductions and other costs, including the aforementioned goodwill of $ 268.7 million for domestic activities, as well as $ 102 million for the international AMCNI and $ 29.2 million division for long -term has reduction costs at BBC America, which completely adopted AMC Networks in November.

Per AMC networks, “The decrease in estimated real values ​​reflected the current and expected trends in the media industry, including constant softness in the domestic linear marketplace and on international television broadcast markets, resulting in lower expected future cash flows, as well as A decrease in the valuation multiples that are used to estimate the real values ​​using the market approach for the reporting unit of domestic activities. ”

Restructuring and other related costs were $ 49.5 million for the year, with $ 44.2 million of which the costs of content disorders and $ 5.3 million in severance payment and employees -related costs are.

When AMC Networks bought BBC America last fall, the company says that it has taken a restructuring costs of $ 43.2 million “with regard to certain alcribbled original programming that was no longer in accordance with the Go-Forward strategy of the channel” and Extra content costs “were included in connection with connection We shift TV to a reduced original strategy.”

Looking at the domestic activities, the total turnover fell by 11% to $ 520 million. The turnover of the subscription fell by 4% ($ 314 million), because streaming turnover increased by 8% ($ 156 million) and the turnover of the partner decreased by 13%. Content licenses fell by 30% ($ 67 million). The sale of advertisements fell by 12% to $ 139 million.

International turnover fell by 14% ($ 86 million). The turnover of the subscription fell by 5% ($ 48 million). Content licenses and other sales fell by 85% to $ 4 million due to the sale of 25/7 media in December 2023. Sales of advertisements increased by 43% ($ 34 million) with a one -off retroactive adjustment in the UK, without which, the, the The increase was the increase, the increase was 12%.

Wall Street predicted profit per share (EPS) of $ 1.05 in $ 611 million in income, according to analyst consensus data provided by LSEG. AMC Networks reported adjusted profit per share of 64 cents in $ 599 million in income. Turnover fell nearly 12% compared to the previous year.

“We are satisfied and encouraged by our results in the fourth quarter and in throughout 2024. We have reached our full-ye guidelines in all important financial statistics, including generating a healthy free cash flow of $ 331 million,” said CEO Kristin Dolan in a letter to shareholders. “Our free cash flow performance has been strong so far and we increase our expectations to around $ 550 million cumulative free cash flow during the period ’24/’25 of two years. We have forged and extended innovative partnerships that help our company move forward in the midst of a period of change that challenges all media companies. Moreover, we continued to delight fans by supplying high -quality and distinctive shows and films in our own targeted offer, as well as a range of partner platforms, and to expand our targeting options to distinguish our advertising activities. ”