What happened Shares of AMC Networks (NASDAQ: AMCX) traded 22.8% higher at 3:25 p.m. EDT Tuesday. Merger analysis firm CTFN reported that the premium cable network operator is looking for a buyer. So what Two unnamed insiders told CTFN reporter Diane Alter that AMC Networks is actively looking for a buyer, and that e-commerce giant Amazon.
Click here to read the full article. The walkers are about to descend on Pluto TV -- but they're going to be even moldier than usual.AMC Networks inked a licensing deal with ViacomCBS's Pluto TV free-to-watch streaming platform, under which Pluto TV is launching a suite of four dedicated channels on Friday, May 1, stocked with library content including past seasons of "The Walking Dead."That will include a range of the cabler's programming, including AMC's hit show "The Walking Dead" (seasons 1-5) and later "Fear the Walking Dead" (seasons 1-3); the full series runs of "Halt and Catch Fire," and "Into the Badlands"; IFC’s "Portlandia," "Documentary Now!" and "Brockmire"; and WE tv’s "Kendra on Top" and "Mary Mary." Select programming will also be available on demand on Pluto TV.For AMC Networks, the pact -- making Pluto TV the exclusive free, ad-supporting streaming partner for its programming -- is another way for it to monetize library content.Note that the licensing deal covers only older series or past seasons. To watch more recent seasons of "Walking Dead," you'll need to turn to other platforms: The first nine seasons of show are available on Netflix; season 10 episodes of "TWD" are available on AMC's streaming and VOD platforms.“Free ad-supported streaming is an emerging category that gives us the ability to complement the content offerings of our linear networks and other new platforms in ways that serve viewers and advertising partners," Joshua Reader, president of distribution and development for AMC Networks, said in a statement. "As always, compelling, distinctive and premium content is at the heart of our appeal and that of these new AMCN-Pluto channels.”Here's what will be on AMC's four dedicated channels on Pluto TV, streaming in a linear TV-like fashion: * Stories By AMC: "The Walking Dead" seasons 1-5; full series "Halt and Catch Fire," "Hap and Leonard," and "Into the Badlands"; and select seasons of "Ride With Norman Reedus," "Making of the Mob," and "Low Winter Sun." More series joining the channel in the upcoming months will include "Fear the Walking Dead," "Preacher," "Turn: Washington’s Spies," and "Comic Book Men." * Slightly Off By IFC: Comedies including "Documentary Now!," cult favorite "Portlandia," "Sherman’s Showcase," "Brockmire," and "Comedy Bang! Bang!" Other IFC shows joining the channel in the coming months include "Baroness Von Sketch Show" and "Stan Against Evil." * All Reality WE tv: Series at launch include "Kendra On Top," "L.A. Hair," "Mary Mary," and "John Edward Cross Country"; older shows like "My Fair Wedding," "Hustle & Soul," and "Tamar & Vince." Additional WE tv series joining the channel in the coming months include "Bridezillas," "Million Dollar Matchmaker," "Cutting It In the ATL," and "Cyndi Lauper: Still So Unusual." * The Walking Dead en Español: Seasons 1-5 of the show in Spanish, plus "Fear the Walking Dead" (seasons 1-3) in Spanish.Pluto TV had 22.4 million monthly active users in the U.S. in the fourth quarter of 2019. It operates service in 22 countries including the U.S. and across Europe and Latin America. The L.A.-based company was acquired by Viacom for $340 million last year.(Pictured above: Andrew Lincoln and Norman Reedus in "The Walking Dead" season 5)
Shares of AMC Networks (NASDAQ:AMCX) were unchanged at $23.90 after the company reported Q1 results.Quarterly Results Earnings per share fell 44.32% year over year to $1.47, which missed the estimate of $1.87.Revenue of $734,375,000 less by 6.36% year over year, which missed the estimate of $738,870,000.Looking Ahead AMC Networks hasn't issued any earnings guidance for the time being.Revenue guidance hasn't been issued by the company for now.Details Of The Call Date: May 05, 2020View more earnings on AMCXTime: 02:05 PM ETWebcast URL: https://edge.media-server.com/mmc/p/q666tnp7Recent Stock Performance Company's 52-week high was at $57.65Company's 52-week low was at $19.62Price action over last quarter: down 15.55%Company 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.See more from Benzinga * Marcus: Q1 Earnings Insights * Recap: Group 1 Automotive Q1 Earnings * Recap: Allegheny Technologies Q1 Earnings(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Shares of AMC Networks (NASDAQ: AMCX) rose today, up by 1% as of 1:20 p.m. EDT, after the company reported first-quarter earnings. The COVID-19 pandemic has adversely impacted advertising revenue, with AMC's ad sales falling 11%. "In what has been a unique operating environment, AMC Networks continues to generate significant levels of free cash flow and remains well capitalized with a strong balance sheet and strong liquidity," CEO Josh Sapan said in a statement.
AMC Networks (AMCX) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Today we are going to look at AMC Networks Inc. (NASDAQ:AMCX) to see whether it might be an attractive investment...
In the long-run, does consistent market timing really matter to be a successful investor?
Nielsen, a preeminent firm that tracks media trends such as how much television programming consumers watch, recently suggested that stay-at-home orders and social quarantining could lead to a 60% jump in the media content we watch. This includes live TV, radio, gaming, time surfing the web, and even watching this content on your smartphone or tablet of choice.Newer media channels from the likes of Netflix, Amazon’s Prime service, or Hulu, are often mentioned as destinations of choice for consumers. But we still watch plenty of shows on cable TV, and this is increasingly shifting to channels that reach them more directly. I myself am almost through the last season of the Walking Dead on the AMC network.Research firm RBC Capital has noticed that shares of some more traditional providers of cable-TV content have been selling off rather dramatically lately. The drops are at least 30% and could be considered too severe. This is because these media assets still have considerable value and throw off profits that can benefit shareholders and the migration of reaching consumers more directly.We ran three media stocks which recently gotten the thumbs-up from RBC through TipRanks’ database to see whether the Street agrees with this newly positive outlook. So which three stocks RBC is re-evaluating right now? Let’s take a closer look.AMC Networks (AMCX)If I were to ask you about the value of a media company that has created hits like Mad Men, Breaking Bad, and The Walking Dead, you might think it would be pretty high. But AMC Networks’ stock is down more than 40% this year and 60% over the past year.New York-city based AMC Networks owns five entertainment programming networks: AMC, WE tv, BBC AMERICA, IFC, and SundanceTV. Its content can be viewed in 130 countries and the bulk of its sales are tied to bundled cable packages from traditional TV. But it is migrating to going directly to the consumer and hopes to create shows as popular as the hits mentioned above.In an extensive 42-page report, RBC analyst Kutgun Maral did concede that there is near term weakness: “we expect National Networks advertising revenue (32% of total company) will see material headwinds from softness across national TV ad spend given the ongoing COVID-19 pandemic.”However, Maral quickly acknowledges that the recent share drop seems to be extreme. The P/E ratio is ridiculously low in the low single digits.“With shares down ~46% YTD, we think there’s broad acknowledgement of the challenges AMCX faces but not a lot of appreciation for the value it is creating across SVOD, its sustainable FCF outlook, deleveraging off an already healthy balance sheet, or M&A optionality.” On the last point, with the stock being cheap and media content growing increasingly important, a larger media firm could buy the company outright.Maral also thinks AMCX “will increasingly be viewed as an attractive takeout candidate given its strong content production pedigree and studio, early traction with [going directly to the consumer], relatively attractive positioning across the linear ecosystem, and scope for cost synergies under a larger company”As a result, Maral has initiated coverage on AMC shares with an "outperform" rating and $27 price target. (To watch Maral's track record, click here)But the Street does not share this optimism — quite the contrary. Right now, AMC stock has a Hold consensus rating with only 1 recent Buy rating. This is versus 5 Hold and 1 Sell ratings. Yet, the $28.17 price target suggests a potential upside of 17% from the current share price. (See AMC stock analysis on TipRanks)Discovery, Inc (DISCA)Maryland-based Discovery owns an impressive array of media assets. First and foremost is its namesake the Discovery Channel, followed by TLC, Animal Planet, Investigation Discovery, Science Channel, MotorTrend, Food Network, the Oprah Winfrey Network, as well as other brands.Discovery’s share price decline hasn’t been as dramatic as AMCX’s, but it is still down around 30% so far this year, and has fallen 28% over the past year. This has pushed the forward P/E into the single digits, which is probably too cheap for such a collection of appealing programming and channels.RBC's Kutgun Maral also initiated coverage on Discovery with an "outperform" rating and $26 price target. Its thesis echoes that of AMC Networks – namely a growing direct-to-consumer business, steady free cash flow generation, and takeover potential.Maral believes “Discovery is demonstrably balancing its legacy revenue streams while it leans into next-gen/DTC initiatives that are scaling rapidly.” In other words, it is shifting from a model where sales come primarily from cable TV providers more to direct-to-consumer apps and channels for a monthly fee.Maral also details that Discovery generates a lot of free cash flow, has a solid balance sheet, and could end up getting bought out by a larger media company. On that last point, the analyst writes: “DISCA is the most attractive takeout candidate within traditional media. It is uniquely positioned to offer the growing number of DTC services a way to differentiate their platform with leading nonfiction and lifestyle brands that have global appeal, with content that has a low-cost profile, is fully owned, and has demonstrated strong viewer engagement with a female-skew.”Overall, Wall Street almost evenly split between the bulls and those choosing to play it safe. Based on 16 analysts polled by TipRanks in the last 3 months, 9 rate Discovery a Buy, while 7 say Hold. Notably, the 12-month average price target stands at $28.07, marking about 25% upside for the stock. (See Discovery stock analysis on TipRanks)Fox Corporation (FOXA)Similar to Discovery, Fox stock is also down about 30% so far in 2020 and over the past year. Its forward P/E is down below 12, and RBC also sees potential here.New-York-based Fox Corporation owns an impressive array of news, sports, and entertainment assets. It is perhaps best known for FOX News, FOX Business, FOX Studios movies, and an impressive array of sports channels.Lead analyst Kutgun Maral has been busy and also issued an extensive initiation coverage report on Fox with an "outperform" rating and $31 price target. While Discovery has the greatest buyout potential, Maral believes “Fox [has] the most attractive portfolio of traditional media assets across our coverage.”Similar dynamics are at play as affiliate fees paid by cable TV firms, which are 48% of Fox’s revenue, will slowly grow as consumers embrace content that can directly reach them. Advertising sales (43% of sales) will also struggle a bit as the economy struggles in the face of covid-19. But Maral sees continued steady free cash flow generation since Fox is one of the largest media players for advertisers to embrace. And sports, when it comes back, provides a very loyal viewership.Most of Wall Street is surveying the media giant from the sidelines, with TipRanks analytics demonstrating Fox as a Hold. Based on 13 analysts polled in the last 3 months, 4 rate the stock a Buy, 7 maintain a Hold, while 2 issue a Sell. The 12-month average price target stands at $32.40, marking a nearly 25% upside from where the stock is currently trading. (See Fox stock analysis on TipRanks)
Q1 2020 AMC Networks Inc Earnings Call
Morgan Stanley (NYSE:MS) analyst Benjamin Swinburne maintained a Hold rating on Amc Networks Inc. on Tuesday, setting a price target of $27, which is approximately 12.31% above the present share price of $24.04.
NEW YORK, May 05, 2020 -- AMC Networks Inc. (“AMC Networks” or the “Company”) (NASDAQ: AMCX) today reported financial results for the first quarter ended March 31, 2020..
The Zacks Analyst Blog Highlights: AMC Entertainment, AMC Networks, American Woodmark, Amaya and Century Casinos
Analysts estimate steep first-quarter drops in the numbers of subscribers to cable, satellite TV, and virtual cable services.
AMC Networks Inc. said Tuesday it had net income of $68.7 million, or $1.22 a share, in the first quarter, down from $143.4 million, or $2.48 a share, in the year-earlier period. The parent of AMC, BBC America, IFC, SundanceTV and WE tv networks, as well as TV production company AMC Studios, said adjusted per-share earnings came to $1.47, below the $1.86 FactSet consensus. Revenue fell 6.4% to $734.4 million from $784.2 million. The FactSet consensus was for revenue of $739 million. "In what has been a unique operating environment, AMC Networks continues to generate significant levels of free cash flow and remains well capitalized with a strong balance sheet and strong liquidity," Chief Executive Josh Sapan said in a statement. The company had access to $1.2 billion of cash and cash equivalents as of March 31, it has $704 million of cash and cash equivalents and $500 million undrawn on a revolving credit facility. It has no significant debt maturities in 2020 or 2021. The company's networks saw a significant increase in viewership as of mid-March amid stay-at-home orders in many regions. However, it also took a hit to ad sales and had to suspend production, which has led to delays in creating new programming. "Although the effect of the pandemic may not be fully reflected in the Company's business until future periods, the Company believes that the adverse impact of the COVID-19 pandemic will be material to its results of operations," said the statement. AMC shares fell 3.6% premarket and are down 39% in the year to date, while the S&P 500 has fallen 12%.
In the long-run, does consistent market timing really matter to be a successful investor?
The number of deaths from COVID-19, the illness caused by the novel coronavirus, rose above 250,000 on Tuesday, amid news reports that internal projections used by White House officials were forecasting a jump in U.S. cases to come, even as President Donald Trump urges states to reopen.
Shares of Discovery, AMC Networks, and ViacomCBS sold off after Comcast said cable subscribers had tumbled.
AMC Networks (AMCX) delivered earnings and revenue surprises of -28.99% and -0.84%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
Ladies and gentlemen, thank you for standing by and welcome to the AMC Networks First Quarter 2020 Earnings Call. Joining us this morning are members of our executive team: Josh Sapan, President and Chief Executive Officer; Ed Carroll, Chief Operating Officer; and Sean Sullivan, Chief Financial Officer.
Shares of AMC Networks on Tuesday were lower after the New York television network company reported first-quarter earnings that lagged expectations. AMC Networks attributed the net-income decline to a decrease in operating profit as well as higher expense. AMC Networks adjusted operating profit in the quarter was $222 million, down 24% from a year earlier.