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AMC Networks Beats Q3 Forecasts With Help From Netflix, Stock Pops
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AMC Networks Beats Q3 Forecasts With Help From Netflix, Stock Pops

AMC networks said a new partnership with Netflix is ​​helping boost streaming subscribers and revenue as it posted third-quarter financials that fell from a year earlier but beat Wall Street forecasts.

Content licensing revenue rose 31% to $81 million, driven in part by the availability beginning in August of shipments from the period, including AMC-branded shows in connection with Netflix’s new offering for back-to-back seasons of 13 AMC series, called The AMC Collection.

The shows have done well on the streaming giant, CEO Kristen Dolan said on an upbeat call after income with the stock up 9% on a like-for-like basis. It settled and is now up about 5%.

AMC+ reached 11.8 million subscribers, up from 11.6 million last quarter. Streaming revenue rose 7% to $152 million.

The company’s total net income of $600 million was down 6% from the previous year. Excluding $20 million in revenue related to 25/7 Media (which AMC sold late last year), revenue was down 3%.

Net profit fell to $41 million from $63 million.

AMC generated free cash flow of $293 million.

Other deals include an early renewal with Charter that includes the ad-supported version of AMC+, which is offered free to Charter customers, and the launch of 15 AMC Networks’ FAST channels on Amazon’s platforms.

AMC Studios has begun production on the third season of The Walking Dead: Daryl Dixon and the third series in the Anne Rice Immortal Universe, Talamasca.

On November 1, AMC acquired the remaining 50% it did not already own from BBC America, a joint venture with BBC Studios, for $42 million in cash.