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AMC Networks Inc Class A AMCX

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Strong Q3 for AMC Driven by Niche Streaming; Original Programming Sparks Ad Revenue Growth

Neil Macker, CFA Senior Equity Analyst

Analyst Note

| Neil Macker, CFA |

AMC reported very strong third-quarter results as revenue and adjusted EBITDA blew out FactSet consensus expectations. Ad revenue in the U.S. posted growth for the second straight quarter, a positive sign given the declines in the previous eight quarters. The streaming strategy of focusing on superfans of niche programming appears to be working, as AMC’s services are on pace to end 2021 with over 9 million subscribers and ahead of the pace needed to meet the target of 20-25 million subscribers in 2025. We are maintaining our narrow moat and $58 fair value estimate.

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Company Profile

Business Description

AMC Networks owns several cable networks, including flagship AMC, WE tv, BBC America, IFC, and SundanceTV. AMC, the most widely distributed channel, reaches more than 89 million pay-TV households in the U.S. Over the last decade, AMC shifted its focus to original scripted programming from classic movies. WE tv targets a female audience and reaches roughly 85 million households. IFC mainly shows independent films and alternative comedy series. The company acquired its newest channel, BBC America, in October 2014.

11 Penn Plaza
New York, NY, 10001
T +1 212 324-8500
Sector Communication Services
Industry Broadcasting
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Slow Growth
Employees 2,357