AMC Networks reported first-quarter financial results marked by a nearly 6% boost in revenues helped along by the company’s international and streaming segment.
Net revenues increased 5.9%, or $43 million, to $784 million as a 2.7% decline at National Networks was offset by 53.6% growth for International and Other. Operating income was $245 million, up 4.8% year over year, and adjusted operating income was $293 million, up 8.8% year over year. First quarter net income was $143 million, down from $157 million one year ago.
“AMC Networks had a strong start to the year and our results have put us on track to achieve our full-year targets,” said Josh Sapan, AMC Networks president and CEO, in a statement. “With our focused, well-priced and desirable collection of assets, we occupy a differentiated space in the media landscape.”
AMC Networks attributed the decline at National Networks—which includes AMC, WE tv, BBC AMERICA, IFC and SundanceTV and AMC Studios, the company’s television production business—to a decline in distribution revenue offsetting higher advertising revenues. The decline in distribution revenue was due to lower content licensing revenue.
But International and Other—which includes AMC Networks International, IFC Films, Levity, RLJ Entertainment and AMC’s two wholly owned streaming services, Shudder and Sundance Now—picked up some of the slack with first quarter revenue up 53.6% to $171 million. That helped trim the segment’s operating loss down to $14 million.
AMC Networks said the boost in International and Other revenue was largely due to $43 million related to the acquisition of Levity and $22 million related to the acquisition of RLJE.