AMC Networks reported fourth quarter revenue of $599 million, down 12 percent from the same period a year ago, and adjusted earnings per share of 64 cents down from 72 cents.

Both numbers missed Wall Street earnings expectations.

In its domestic operations unit, AMC Networks said subscription revenue fell 4 percent to $314 million in the fourth-quarter as the company cited declines in linear subscribers, partially offset by streaming revenue growth. Streaming revenues increased 8 percent to $156 million due to year-over-year subscriber growth and price increases. The companys total streaming subscribers reached 12.4 million at the end of 2024, including subscribers to AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK and HIDIVE, up from 11.4 million subscribers a year ago.

AMC Networks took a $268.7 million goodwill impairment charge on its domestic operations reporting unit, due to 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.

In total, AMC Networks took $399.5 million in impairment and other charges, which also included the , $102 million charge for international division AMCNI and $29.2 million for long-lived asset impairment charges at BBC America, which AMC Networks acquired in November.

In the fourth quarter, advertising revenues fell 12 percent to $139 million due to declines in linear ratings and a challenging entertainment advertising marketplace, partially offset by digital and advanced advertising revenue growth.

Additionally, the company reported an operating loss of $254 million, which included impairment and other charges of $303 million and restructuring and other related charges of $43 million, after an operating loss of $11.4 million in the year-earlier period.

We are pleased and encouraged by our results in the fourth quarter and across all of 2024. We achieved our full-year guidance across all key financial metrics, including generating healthy free cash flow of $331 million, AMC Networks CEO Kristin Dolan said.

Dolan added, Our free cash flow performance to date has been strong and we are increasing our expectations to approximately $550 million of cumulative free cash flow over the 24/25 two-year period. We forged and expanded innovative partnerships that are helping to drive our company forward amidst a period of change that is challenging all media companies. In addition, we continued to delight fans by delivering high-quality and distinctive shows and films across our own targeted offerings as well as an array of partner platforms, and to expand our targeting capabilities to differentiate our advertising business.

More to come.