Mixed Q4 for Starz
Revenue declines 2% but subs up in the period
By Mike Farrell, Multichannel News -- Broadcasting & Cable, 2/27/2013 5:58:57 PM
Starz reported revenue of $422.2 million in the quarter, down 2% from the prior year due mainly to fewer theatrical releases from The Weinstein Co. and its decision not to renew its Netflix deal, which expired last February. Adjusted operating income before depreciation and amortization increased 8% in the period to $101 million, fueled mainly by fewer first run films, better utilization of its second run movies from Walt Disney Co. and Sony Pictures, and decreased marketing costs for original shows.
On a conference call with analysts, CEO Chris Albrecht said Starz plans to fuel its future growth through more original programming, airing about 36 hours of original shows in 2013, rising to 50 hours in the next couple of years.
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