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AMC Networks Sees Q3 Profit Drop After Revenue Slump at U.S. Networks

AMC Networks Sees Q3 Profit Drop After Revenue Slump at U.S. Networks

AMC Networks said profit in the third quarter fell after revenue at the company’s U.S. cable networks fell amid the effects of the coronavirus pandemic

The New York-based company said it had net income of $1.17 per share, or $61.6 million, compared with $2.07 per share, or $116.9 million in the year-earlier period.

The owner of the AMC, WE, IFC and Sundance cable networks said revenue tumbled 9%, to $654 million from $718.6 million, largely due to its U.S. cable outlets, which saw distribution revenue tumble by 18.3% and advertising fall by 15.5% AMC cited the ad shortfall to a delay in the airing of original programming. The company also noted it took a $20 million charge related to the write-off of programming assets, though it did not disclose the specific content in question.



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Written by Oli Coleman

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