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AMC Networks Takes $269 Million Balance-Sheet Hit for Drop in U.S. Cable Channel Values as Streaming Subscribers Cross 12 Million
AMC Networks reported its fourth-quarter 2024 earnings Friday, revealing a $268.7 million devaluation of the media company's U.S. cable networks.
The company’s total combined streaming subscribers reached 12.4 million by the end of the year, which counts customers across AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK and HIDIVE. Per AMC Networks, “The decrease in the estimated fair values reflected current and expected trends across the media industry, including continued softness in the domestic linear marketplace and across the International television broadcasting markets, resulting in lower expected future cash flows, as well as a decrease in the valuation multiples used to estimate the fair values using the market approach for the Domestic Operations reporting unit.” We achieved our full-year guidance across all key financial metrics, including generating healthy free cash flow of $331 million,” CEO Kristin Dolan said in a letter to shareholders.
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