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.
.
Like other media companies, AMC Networks highlighted consumer interest in its streaming assets. The company said it expects between 5 million and 5.5 million paid subscribers by the end of the year for its streaming-video services, which include AMC+, Shudder and Sundance, with Shudder, a service that specializes in horror content, already winning 1 million subscribers.
AMC Networks said revenue at its international and other operations rose 9% as more subscribed to its streaming-video services.
In a statement, AMC Networks CEO Josh Sapan said the company continues “to maintain a strong financial profile, with a solid balance sheet, very good liquidity and healthy levels of free cash flow.”