Starz reported lower earnings as its Netflix deal ended and new affiliation agreements call for smaller subscriber fees.
First quarter net income fell to $57.9 million, or 47 cents per share, from $77.8 million, or 65 cents per share a year ago.
Revenue fell 1% to $399 million primarily because the company's affiliation agreement with Netflix was not renewed. Affiliation agreement with two other distributors renewed in the fourth quarter called for less favorable financial terms. ...
Starz purchased Film Roman several years ago in a stock deal with IDT Entertainment. The company has since decided to spin its cartoon unit off as a separate company. (FR has done The Simpsons for decades now, and also produces Marvel's Spider Man series.)
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