AMC Networks on Friday reported second-quarter 2024 earnings results, reporting a $97 million decline in its balance sheet, including a $68 million goodwill write-down at its international division following the sale of 25/7 Media and a $29 million write-down of long-lived assets at BBC America, a joint venture with BBC Studios.

Good news for AMC Networks: At the end of the quarter ended June 30, the company had already met its full-year free cash flow guidance of $239 million, just six months into the year. Free cash flow was $95.2 million for the second quarter.

“This is a complex and dynamic time in media,” CEO Kristin Dolan said on a call with analysts Friday. “While many larger players face existential challenges, AMC Networks is successfully pursuing a strategy based on our proven ability to create great shows, meet viewers where they are and find new ways to support and monetize our content in a fragmented world.”

In the quarter, advertising revenue in the U.S. fell 11% to $149 million, but the number of streaming subscribers on AMC Networks' platforms rose slightly to 11.6 million from 11.5 million at the end of the previous quarter.