AMC Networks ‘ second-quarter results Friday illustrated the ongoing challenge of running cable networks, but don’t expect the company to join rivals looking to sell or spin off the assets.

CFO Patrick McConnell told Wall Street analysts on an earnings call that new operations like Versant, which is separating from Comcast, and Warner Bros. Discovery’s pending spinoff “are cable businesses at their core.” AMC Networks, he said, is “very different” from those rivals, in part because streaming will comprise the majority of company revenue in 2025.

All cable network owners are coping with dramatic declines in subscriber levels due to cord-cutting and the rise of streaming, which have seen pay-TV penetration retreat to 1980s levels. That downturn means lower revenue from distribution

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