Why Is AMC Networks Trading Higher Today?

AMC Networks Inc AMCX reported a year-on-year revenue decline of 0.6% to $780 million in the fourth quarter of FY20, beating analyst estimates of $705.01 million.
The decrease represents a 3% decline at National Networks partially offset by a 7.5% increase at International and Other.
The company ended 2020 with over 6 million aggregate AMC Networks Streaming Services subscribers.
Operating income rose 95.1% to $81 million led by improvement in operating loss at International and Other partially offset by a decline in National Networks operating income.
EPS rose 61% to $2.72 beating the consensus estimate of $0.52.
The company generated an operating cash flow of $749 in 2020. It made share buybacks worth $354 million in 2020.
AMC Networks recognized a gain of $76 million related to the FuboTV Inc FUBO share sale.
It raised $982.3 million in a debt offering in February to repay the remaining $400 million 4.75% senior notes due 2022 and $600 million 5.00% senior notes due 2024.
The board authorized a $1.5 billion share buyback program.
The company incurred restructuring costs of $21.2 million on the termination of distribution in certain territories.
Price action: AMCX shares are up 23.9% at $65.62 on the last check Friday.