AMC Networks gains on Q2 profit beat

AMC Global Media

04/08/2023 12:27

** Shares of entertainment company AMC Networks  AMCX.O  up
1.9% at $12.52 premarket
    ** Company reports Q2 adj. earnings of $2.02 per share,
beating Wall Street est. of $1.6 per share - Refinitiv
    ** Posts Q2 revenue of $678.6 mln, missing analysts' est. of
$706.5 mln
    ** Company reports free cash flow of $147.6 mln, reflecting
benefit of acceleration of certain cash payments associated with
a legacy content licensing agreement
    ** AMCX revised outlook for the 25/7 Media business,
resulting in lower expected future cash flows
    ** Through last close, AMCX down ~22% YTD

 (Reporting by Samrhitha Arunasalam in Bengaluru)
 ((Samrhitha.A@thomsonreuters.com))