Starz Revenue Declines Following Liberty Media Split
Starz reported revenue declined 2.4 percent in the fourth quarter to $422.2 million. Net income for the full year, though, rose 7 percent to $252.3 million.
Starz, which separated from Liberty Media on Jan. 11, said subscriptions increased 8 percent to 21.2 million at its flagship network while they increased by 5 percent to 34.8 million at Encore.
"Our lineup of quality original programming and theatrical films led to record subscribers at Starz and Encore, bolstering their position as the largest pair of premium networks in the U.S.," said Starz CEO Chris Albrecht.
Starz reported earnings prior to the closing bell. The stock rose 1 percent Wednesday to $18.70.
The company said the revenue decrease for the quarter was due to fewer titles from the Weinstein Co. and because of a non-renewal of its agreement with Netflix.
For the entire year, revenue grew 1 percent to $1.63 billion, with credit going to Spartacus and, on AMC Networks, The Walking Dead. Some of the revenue was offset by a decrease at Starz Animation due to fewer projects from Film Roman.
Albrecht on Wednesday touted upcoming Starz original shows including Da Vinci's Demons, Magic City and The White Queen.
"In addition, Spartacus is wrapping its epic run to strong viewership and continued demand from distributors both domestic and abroad, while Black Sails is a strong 2014 addition to the lineup," he said.