AMC Networks, the cable home of “The Walking Dead” and adaptations of Ann Rice’s vampire novels, is getting a new name to reflect its shift to streaming and program production.
In a legal filing, the New York based company announced Wednesday it will be called AMC Global Media, effective immediately.
The company, which owns a suite of cable networks including AMC, We TV, SundanceTV, BBC America and IFC, said most of its domestic revenue now comes from streaming.
AMC has more than 10 million paid subscribers to its services including Shudder, a platform for horror fans, and ALLBLK, which caters to Black audiences, an anime service called HIDIVE and All Reality which is devoted unscripted programming.
AMC’s production studio distributes programming to TV networks and streaming outlets internationally. The company has also sold shows domestically to outside streaming services such as Netflix and HBO Max.
“Our new name reflects the ongoing transformation of our business into a global media and studio-driven company, with streaming out front as our leading source of domestic revenue,” the company’s chief executive Kristin Dolan said in a statement.
AMC Networks has seen revenues decline as consumers forgo satellite and cable subscriptions and move to streaming for video entertainment. The decline in ratings has put pressure on adverting dollars as well.
The company’s stock closed Wednesday at $7.55. It was trading at over $60 per share in 2021.
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