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AMC Networks Inc Class A AMCX

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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

AMC Reports Strong Q2; U.S. Ad Revenue Finally Returns to Growth

Neil Macker, CFA Senior Equity Analyst

Analyst Note

| Neil Macker, CFA |

AMC posted a strong second quarter, as revenue and adjusted EBITDA beat FactSet consensus expectations. Ad revenue in the U.S. rebounded to growth after eight straight quarters of declines. The niche subscription streaming platforms like Acorn and Shudder, along with AMC+, continue to gain momentum, with the services on pace to end 2021 with over 9 million subscribers, up 50% from the end of 2020 and ahead of the pace needed to meet the 2025 guidance of 20 million-25 million subscribers. We are maintaining our narrow moat rating 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.

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

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