RLJ Entertainment Posts $5 Million Q4 Operating Loss

AMC Networks subsidiary RLJ Entertainment posted a fourth-quarter (ended Dec. 31, 2018) operating loss of $5 million on revenue of $28 million. The home entertainment unit generated net income of $3.8 million on revenue of $32.7 million during the previous-year period as a separate publicly traded company.

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AMC acquired controlling interest in RLJE from BET founder Robert L. Johnson last October for $59 million – largely for its Acorn TV SVOD service and majority stake in Agatha Christie Limited. AMC reported adjusted operating income $3 million for Agatha Christie Limited during the quarter.

Indeed, Amazon Prime Video and BBC One in the United Kingdom adapted Agatha Christie’s “The ABC Murders” into an eponymous mini-series  currently streaming and starring John Malkovich as detective Hercule Poirot.

AMC said its “international and other” business segment — which includes RLJE – increased fourth quarter revenue 48.6% to $188 million, while upping operating loss $29 million to $48 million. Adjusted operating income increased 43.9% to $9 million, all compared to the prior-year period.

“The strength of our balance sheet allows us to continue to pursue smart and strategic investments that are changing our business, including our acquisition last year of RLJ Entertainment, which is meaningfully advancing our direct-to-consumer interests, a key priority as we continue to diversify our revenue and grow our business,” Josh Sapan, CEO of AMC Networks, said in a statement.

Meanwhile, AMC, which airs three of the top six dramas on ad-supported cable – “The Walking Dead,” “Fear the Walking Dead,” and “Better Call Saul” – reported Q4 net income of $71.8 million on revenue of $773 million. That compared to income of $145.5 million on revenue of $727 million last year.

For the fiscal year, AMC generated income of $446 million on revenue of nearly $3 billion, which compared to income of $471 million and revenue of $2.8 billion in 2017.

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