Starz saw its revenue slip in the second quarter of 2016, and company accountants blamed the decline on fewer “significant” new Weinstein Company releases.
As such, Lionsgate’s newest (soon-to-be) subsidiary missed Wall Street’s top-line mark, but Starz hit the profit distribution prediction right on the nose. Media analysts had forecast earnings per share (EPS) of 54 cents on $421.17 million in revenue, per Yahoo Finance. Reported consolidated revenue was actually a softer $402.6 million.
Revenue at Starz Networks ticked up 3 percent versus the comparable quarter in 2015, thanks to rate increases this time around. Distribution was the problem, as the sales figure there dropped 23 percent year over year.