Core Viewpoint - AMC Networks Inc. has announced the early results of its cash tender offer to purchase its outstanding 4.75% Senior Notes due 2025, with a significant amount tendered by the early tender date [1][2]. Group 1: Tender Offer Details - The total principal amount of the 4.75% Senior Notes outstanding is $774.729 million, with $624.346 million tendered by the early tender date [1]. - The tender offer consideration is set at $970 per $1,000 principal amount of notes, with an early tender premium of $30, leading to a total consideration of $1,000 [1][2]. - The offer will expire on April 22, 2024, unless extended or terminated earlier by the company [3]. Group 2: Redemption and Settlement - A conditional notice of redemption has been issued for any notes remaining outstanding after the completion of the offer, at a price of 100% of their principal amount plus accrued interest [2]. - Payment for notes tendered by the early tender date is expected to occur on April 9, 2024, while payment for notes tendered after this date will occur on the business day following the expiration date [4][5]. - The offer is not conditioned on a minimum amount of notes being tendered but is subject to certain conditions, including the company raising sufficient net proceeds from a concurrent offering of senior secured notes due 2029 [5]. Group 3: Company Overview - AMC Networks Inc. operates various streaming services and cable networks, including AMC+, Acorn TV, and BBC AMERICA, and is known for its original franchises like The Walking Dead Universe [7].

Jeff Kravitz/FilmMagic, Inc via Getty Images Investment Thesis AMC Networks (NASDAQ:AMCX) has been facing secular headwinds as cable cord-cutting continues to pressure top-line growth. However, despite the continuing trend away from cable, AMC Networks continues to show strong free cash flow as they streamline operations and focus on niche quality content for select demographics. I believe the stock is undervalued as earnings and free cash are likely to continue as AMC Networks can leverage spin-off shows f ...

Core Viewpoint - AMC Networks (AMCX) is experiencing significant selling pressure, having declined 21% over the past four weeks, but is now positioned for a potential trend reversal as it is in oversold territory with strong analyst consensus for better-than-expected earnings [1] Group 1: Stock Performance and Indicators - AMCX shares have an RSI reading of 23.23, indicating that the heavy selling may be exhausting itself and a trend reversal could occur soon [4] - A stock is generally considered oversold when its RSI falls below 30, which suggests potential entry opportunities for investors [2] Group 2: Earnings Estimates and Analyst Consensus - Over the last 30 days, the consensus EPS estimate for AMCX has increased by 2.8%, indicating a positive trend in earnings estimate revisions [4] - There is strong agreement among sell-side analysts in raising earnings estimates for AMCX, which typically correlates with price appreciation in the near term [4] Group 3: Zacks Rank and Investment Potential - AMCX currently holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises [5] - This ranking serves as a conclusive indication of the stock's potential for a turnaround in the near term [5]

Shares of AMC Networks (AMCX -16.08%) were falling today after the company reported a sharp decline in revenue as it continues to struggle with the transition to streaming, and it missed estimates on the bottom line for the fourth quarter.As of 2:18 p.m. ET, the stock was down 15.1%. AMC is still getting left behindRevenue in the fourth quarter ended Dec. 31 fell 29.6% to $678.8 million, which was slightly better than the consensus at $676 million.In its domestic operations, revenue fell by 32.4% to $581.7 ...

Financial Data and Key Metrics Changes - For 2023, consolidated revenue was $2.7 billion, with adjusted operating income of $670 million and free cash flow of $169 million, excluding one-time restructuring payments [18][19] - In Q4, consolidated revenue was $679 million, adjusted operating income was $100 million, and free cash flow was $66 million [19] - The company achieved a consolidated adjusted operating income margin of 25%, marking the first year-over-year increase since 2017 [30] Business Line Data and Key Metrics Changes - Domestic operations revenue decreased 13% to $2.3 billion for the full year and decreased 32% to $582 million for Q4, attributed to lower advertising and content licensing revenues [20][21] - Streaming revenue increased 13% to $566 million for the full year and 4% for Q4, reflecting disciplined marketing efforts [20][21] - Advertising revenues declined 20% for the full year and 23% in Q4, impacted by lower linear ratings and the finale of The Walking Dead in Q4 2022 [20][21] Market Data and Key Metrics Changes - The company ended the year with net debt of approximately $1.8 billion and a consolidated net leverage ratio of 2.7x, with about $1 billion of available liquidity [23] - Domestic affiliate revenue is expected to decline approximately 10% in 2024 compared to 2023, reflecting ongoing challenges in the traditional video ecosystem [27] Company Strategy and Development Direction - The company emphasizes a nimble and independent approach, leveraging its structural advantages to better serve viewers and commercial partners [6][7] - The introduction of an ad-supported version of AMC+ aims to enhance distribution and revenue potential, with plans for further growth in partnerships and bundling opportunities [8][9] - The focus remains on programming, partnerships, and profitability as key drivers for future success [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for free cash flow growth in 2024, projecting cumulative free cash flow of approximately $0.5 billion over the next two years [25] - The company anticipates a decline in consolidated revenue of approximately 6% in 2024, with streaming revenue expected to grow in the high single-digit to low double-digit range [26][27] - Management acknowledged the challenging advertising environment but remains focused on innovative advertising solutions and technology advancements [11][12] Other Important Information - The company sold its interest in 25/7 Media, which generated $91 million in revenue in 2023, and will now focus solely on AMC Networks International [19] - The fourth quarter of 2023 was the most watched quarter ever across the streaming portfolio, with significant viewership increases for key shows [14] Q&A Session Summary Question: Can you differentiate your programmatic approach from other linear networks? - The company has developed the first biddable programmatic buying capabilities within its linear inventory, allowing traditional digital advertisers to purchase national linear inventory programmatically, which is seen as a significant opportunity [34][38] Question: Can you walk through the assumptions around free cash flow for the upcoming year? - Management highlighted the successful right-sizing of the expense base in 2022, which has led to improved cash flow generation and confidence in future programming plans [40][42] Question: What are the expectations for domestic linear affiliate revenue trends? - Management noted that Q4 revenue decline was somewhat anomalous, and they expect a more stable trend going forward, with a focus on renewing affiliate relationships [51][53] Question: How do you see the future of the international business after the sale of 25/7 Media? - The company remains optimistic about its international footprint and plans to leverage strong market positions in Europe while exploring selective OTT launches [54][56]

Shares in AMC Networks dropped sharply in early trading Friday following a shaky fourth-quarter earnings report and a conference call with Wall Street analysts. The stock initially drifted down by mid-single-digits in pre-market trading after the earnings release, which revealed a 23% drop in domestic ad revenue and a 16% decline in affiliate revenue. Although it was difficult to draw a direct line between management comments on the call and the stock movement later in the morning, the selloff intensified ...

AMC Networks (AMCX) reported $678.85 million in revenue for the quarter ended December 2023, representing a year-over-year decline of 29.6%. EPS of $0.72 for the same period compares to $2.52 a year ago.The reported revenue represents a surprise of +0.87% over the Zacks Consensus Estimate of $673 million. With the consensus EPS estimate being $0.64, the EPS surprise was +12.50%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determ ...

AMC Networks (AMCX) came out with quarterly earnings of $0.72 per share, beating the Zacks Consensus Estimate of $0.64 per share. This compares to earnings of $2.52 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 12.50%. A quarter ago, it was expected that this owner of cable channels including AMC and IFC would post earnings of $1.31 per share when it actually produced earnings of $1.85, delivering a surprise of 41.22%.Over t ...

AMC Networks Inc. AMCX, +0.21% shares fell 3.6% in premarket trades Friday after the company’s fourth-quarter revenue took a hit from falling subscriptions. The network that’s home to “The Walking Dead” franchise reported a net loss of $11.4 million, or a loss of 50 cents a share, compared with a net loss of $391.6 million, or a loss of $6.11 a share in the prior year’s quarter. On an adjusted basis AMC Networks earned 72 cents a share. Analysts surveyed by FactSet were looking for earnings of 68 cents a s ...

AMC Network posted a 23% drop in advertising for the fourth quarter as total revenue fell 30% to $679 million. But the company narrowed losses and saw streaming revenues up 4% to $145 million on a stronger subscriber base and a 3% increase in streaming subscribers from the previous quarter — to 11.4 million. AMC said the dip in ad revenues, to $158 million, was due to anticipated linear ratings declines, a challenging ad market and fewer original programming episodes within the quarter — partly offset by ...