Alabama Barker just dropped a rare photo of her baby brother!
17.06.2024 - 22:57 / deadline.com
Shares of AMC Networks plunged more than 35% Monday as the company said it plans put up for sale $125 million-worth of convertible senior notes due in 2029 in a private offering, plus additional notes for up to $18.75 million.
The public company controlled by the Dolan family and run by Kristin Dolan expects to use the net proceeds “for general corporate purposes, which may include the repayment of indebtedness.”
Notes are debt securities like bonds but have a shorter term.
The shares, which closed at $10.19, were one of the market’s top movers, and the steep drop came on a day when broader markets rose. The company with its suite of networks has struggled as entertainment pivoted to streaming and it’s a relatively small player in consolidating landscape. Selling notes, a form of debt, to raise cash is riskier now given exceptionally high borrowing costs. Also, convertible shares, as their name indicates, can be changed into shares of common stock so dilution could be a concern.
AMC Network’s revenue has dipped for the past two quarters in large part on advertising woes due to an ongoing slump in linear ratings.
Streaming, however, was cash flow-positive last quarter.
On a call earlier this year Dolan said the company sees “strength in being nimble and independent and value the flexibility this provides us in the marketplace. We have opportunities that are frankly not possible for vertically integrated programmers who are tied to large broadcast networks or distribution businesses. We truly can dance with anyone and are enthusiastic about using this structural advantage that comes with this independence to better serve viewers and our commercial partners.”
Assets include cable networks AMC, IFC, We TV and Sundance TV;
Alabama Barker just dropped a rare photo of her baby brother!
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