Company November 2012
Summary TTM Stock Price / Volume AMC Networks businesses are comprised of two main operating segments, 1. National Networks 2. International/Other. National (U.S.) networks operates four nationally distributed networks AMC, WE tv, IFC and Sundance Combined National Networks. Subscribers 281MM. Advertising Revenue $450MM. Subscription Revenue $600MM Price ($) 50 45 40 35 30 25 20 41192 41151 41113 41072 41031 40990 40949 40907 40865 41214 41172 41131 41092 41051 41011 40970 40931 40886 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Volume (M) Volume Price Financial Information ($MM) CY09 CY10 CY11 LTM Net Revenue U.S. Networks 896.5 994.6 1,082.4 NA International and Other 95.9 104.5 125.6 NA Consolidated Revenues, net 973.6 1,078.3 1,187.7 1,276.7 Growth 11% 10% 7% EBIT U.S. Networks 278.8 312.5 349.3 NA International and Other (37.9) (29.6) (21.9) NA Consolidated EBIT 237.7 279.8 326.5 386.7 Valuation Market Cap $3.4BN Net Debt $1.9BN Enterprise Value $5.3BN EV/Revenue 4.2x EV/EBITDA 11.0x Consolidated EBIT Margin 24.4% 26.0% 27.5% 30.3% EBITDA Consolidated EBITDA 357.2 385.2 444.5 485.5 Consolidated EBITDA Margin 36.7% 35.7% 37.4% 38.0%
Channel AMC Ad Revenue: $300MM; Sub Revenue: $280MM AMC is a television network focused on the highest quality storytelling both originally produced and curated, and delivered in series and feature-film form Garnered many of the industry s highest honors, including:23 Emmy Awards Programming includes: Original scripted dramatic television series such as Mad Men, Breaking Bad, The Walking Dead and The Killing Mini-series such as Broken Trail and The Prisoner Movie based entertainment through a licensed film library Nielsen Subscribers (MM) 97.7 96.4 95.2 94.5
Channel WEtv Ad Revenue: $110MM; Sub Revenue: $105MM WE tv offers compelling, entertaining stories and focuses on programming of particular interest to women, with an emphasis on life events such as weddings, having children and raising a family Programming includes: Original series and specials such as Bridezillas, My Fair Wedding with David Tutera, Joan and Melissa: Joan Knows Best and Downsized Series such as Ghost Whisperer, Charmed and Golden Girls Exclusive license rights to certain films from studios such as Paramount, Sony and Warner Bros Nielsen Subscribers (MM) 76.8 77 74.9 72
Channel IFC Ad Revenue: $17MM; Sub Revenue: $151MM IFC is a network dedicated to independent film and original alternative comedy series Focus on developing television programming that provides a unique perspective through original series, notable independent film collection and cult TV shows Film library from the most significant independent film distributors including Fox Searchlight, Miramax, Sony Classics, IFC Entertainment and Lionsgate Original content includes The Increasingly Poor Decisions of Todd Margaret, The Onion News Network and Portlandia Exclusive home of The Independent Spirit Awards, the largest award show for independent movies, for the past decade Must-see festivals and events, including the annual Southby-Southwest film and music festival Nielsen Subscribers (MM) 65 60.4 58.7 62.7
Channel Sundance Sub Revenue: $75MM Sundance Channel is the television destination for independent-minded viewers. Benefitting from its relationship with the Sundance Institute and the renowned Sundance Film Festival Features independent films and original series showcasing innovative people and ideas in areas like invention, design, travel, enterprise and fashion Programming includes: Unscripted shows such as the Peabody Award-winning franchise Brick City Innovative multi-platform fashion programming under the Full Frontal Fashion label Sundance Channel s first scripted mini-series Carlos aired in Fall 2010 to great critical acclaim, including winning the 2011 Golden Globe Award for Best Mini-Series or Movie Nielsen Subscribers (MM) 30.8 37.9 39.9 42
International and Other AMC/Sundance Channel Global Four distinct channels in six languages spread across eight countries Eight million viewing subscribers in Canada, England and Asia Broad availability to distributors in Europe and Asia IFC Entertainment Distribute critically acclaimed independent films across virtually all available media platforms IFC In Theaters makes independent films available simultaneously in theaters and on cable s On Demand platform Rich library of film content of more than 400 titles IFC Center is a premier independent film exhibitor in New York City AMC Network Communications Full-service network programming feed origination and distribution company Approximately 30 years experience Origination of 38 programming feeds for national and international distribution Clients include AMC Networks, fuse, MSG Network, MSG Plus, MSG Varsity, two Comcast Sports networks, FSN Regional Sports Network, SNY and Mid Atlantic Sports Network