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AMC Networks Inc AMCX

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AMC Posts Mixed Start to 2021; Ongoing U.S. Ad Revenue Declines Could Overshadowed SVOD Growth

Neil Macker, CFA Senior Equity Analyst

Analyst Note

| Neil Macker, CFA |

AMC started 2021 with a mixed first quarter as revenue fell just short of Visible Alpha consensus expectations but operating income blew past them. The top-line decline for the firm was attributed to the timing of content licensing, but advertising revenue in the U.S. fell for the eighth straight quarter. The niche subscription video on demand platforms like Acorn and Shudder, along with AMC+, continue to see increased demand with the services on pace to end 2021 with over 9 million subscribers, up 50% from the end of 2020. We are maintaining our narrow moat rating and $58 fair value estimate.

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Company Profile

Business Description

AMC Networks owns several cable networks, including flagship AMC, WE tv, BBC America, IFC, and SundanceTV. AMC, the most widely distributed channel, reaches more than 89 million pay-TV households in the U.S. Over the last decade, AMC shifted its focus to original scripted programming from classic movies. WE tv targets a female audience and reaches roughly 85 million households. IFC mainly shows independent films and alternative comedy series. The company acquired its newest channel, BBC America, in October 2014.

11 Penn Plaza
New York, NY, 10001
T +1 212 324-8500
Sector Communication Services
Industry Broadcasting
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Slow Growth
Employees 2,357