AMC Networks eyes record gain after blowout profit

AMC Global Media

17/02/2023 16:26

** AMC Networks Inc's  AMCX.O  shares surge 26.3% to $25.90
after co's Q4 profit blows away consensus
    ** AMCX on course for biggest one-day pct gain ever, if
gains hold; about 1.1 mln shares have traded so far vs stock's
10-DMA volume of ~400k, per Refinitiv
    ** Cable TV network posts adj EPS of $2.52, more than double
Refinitiv est of $1.20  urn:newsml:reuters.com:*:nGNX5lfH1W
    ** "AMC Networks is focused on maximizing the value of our
high-quality, popular content through optimized content
monetization as we reduce costs and drive cash flow," interim
chairman James Dolan said in statement
    ** Net revs grew 20% yr/yr to $965 mln, topping ~$948 mln
est
    ** Streaming revs increased 41% with quarter-end total
subscribers of 11.8 mln
    ** On Weds, co named Kristin Dolan as CEO
    ** Kristin, who is the wife of James, to take reins of co
behind shows such as "Mad Men" and "The Walking Dead" on Feb 27
    ** With move on Fri, AMCX shares up 45% this week and up 66%
YTD
    ** James Dolan is also CEO of Madison Square Garden
Entertainment  MSGE.N 
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))