ended 2020 with more than 6 million subscribers for its AMC Networks streaming services across recently launched AMC+, Acorn TV, Shudder, Sundance Now and ALLBLK– up 157% year-on-year.
The company Friday reported fourth quarter earnings that beat Wall Street forecasts. Revenue slipped 0.6% to $780.3 million and AMC swung to net income of $94.7 million, or $2.09 a share, from a loss of $8.6 million, or 15 cents a share, the year-ago before.AMC Nets separately noted a gain of $76 million related to its shares of FuboTV, which it sold in multiple transactions in December and January — realizing total gross proceeds of $96 million in January.
He cited strong distribution relationships, key digital advertising initiatives and resumed content production “as providing us with strong tailwinds and we believe there are significant and sustainable opportunities before us as we continue to reconstitute our company.” AMC resumed production of multiple shows in the third and fourth quarters, including The Walking Dead, Fear The Walking Dead, Creepshow and the upcoming Kevin Can F**k Himself, among others.
Domestic advertising revenue dipped 5.5% during the quarter, less than the 10% decline some Wall Streeters anticipated. The company attributed the dDomestic distribution revenue eased 1.2%, also substantially above