BBC America Helps AMC Report Higher Profits - Broadcasting & Cable

BBC America Helps AMC Report Higher Profits

Ad revenues up 13%
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AMC Networks reported higher second-quarter profits reflecting the acquisition of BBC America.

Net income rose 41% to $83 million, or $1.14 a share, from $58.7 million, or 83 cents a share, a year ago.

Net revenues rose 15.1% to $601 million.

Cash flow at AMC’s national networks, which include AMC, SundanceTV, IFC, BBC America and WE tv, rose 33% to $182.6 million. Net revenues were up 22.8% to $488.6 million, due to the inclusion of BBC America. AMC acquired a 49.9% stake in BBC America last year.

Ad revenues increased 13.4% to $186 million, including BBC America. Growth was strong at WE tv, IFC and SundanceTV, the company said.

"AMC Networks had a strong second quarter, with double digit growth in revenues, AOCF and operating income driven by our continued focus on investing in high-quality programming," CEO Josh Sapan said in a statement. "In addition to maintaining our core content strategy, we have become more of an owner of content; we have closely aligned ourselves with a premier producer of content through our BBC American joint venture.”

Sapan added that AMC has expanded its global distribution to include 140 countries and territories.

"This strategic approach has enabled us to diversify our sources of revenue and has set us up well for an increasingly digital future, one in which consumers exercise more choice and control over every minute of television they watch. We believe this strategy will continue to allow us to create value for our shareholders in the near, mid and long term," he said.

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