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Shares Of AMC Networks Plunge 35% As Company Plans Debt Sale To Raise Cash
Shares of AMC Networks plunged more than 35% as it plans to sell $125 million-worth of convertible senior notes due in 2029 in a private offering.
Selling notes, a form of debt, to raise cash is riskier now given exceptionally high borrowing costs. AMC Network’s revenue has dipped for the past two quarters in large part on advertising woes due to an ongoing slump in linear ratings. We have opportunities that are frankly not possible for vertically integrated programmers who are tied to large broadcast networks or distribution businesses.
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