AMC Networks joins other major TV network groups in reporting softening results for the second quarter.
Citing lower linear TV ratings, AMC Networks reported a 5% decline in U.S. TV ad revenue, which fell to $202 million in the quarter.
AMC Networks also cited lower affiliate revenues, content licensing business, and unfavorable foreign exchange factors, reporting a 4% decline in total revenue to $738 million for he quarter.
Distribution revenue fell 2% to $419 million, while content licensing revenue dropped 13% to $72 million.
Domestic revenue was 3% lower (to $621.1 million) and international revenue down 9% ($125.7 million)
AMC stock fell 9% to $30.13 in early Friday morning trading.
Streaming subscribers -- for all AMC streaming platforms, including AMC+ -- were 46% higher to 10.8 million subscribers, up from 7.4 million in the prior year.
AMC said it's on track to get to 20 million to 25 million by 2025.
All domestic streaming revenues grew 20%.
Subscription revenue from all of its businesses -- including streaming -- was up 1%.