The New York parent of AMC, SundanceTV and WeTV, among other networks reported earnings of $61.6 million, or $1.18 a share, down 47% from $116.9 million, or $2.09 a share, in the year-earlier period.
Adjusted earnings fell 44% to $1.32 a share from $2.33.
Revenue dropped 8% to $654 million from $718.5 million a year earlier.
A survey of analysts by FactSet produced consensus estimates for AMC Networks' third quarter of GAAP net income of $1.25 a share, or an adjusted $1.33, on revenue of $605.5 million.
Shares of the company at last check were up 4.7% at $22.25.
The company said earnings per share reflected factors including lower operating profit and higher income tax expense.
President and Chief Executive Josh Sapan called the results "solid" and said AMC continues "to maintain a strong financial profile, with a solid balance sheet, very good liquidity and healthy levels of free cash flow."
The company expects to have a total of 5 to 5.5 million paid subscribers by year-end. Its services also include Acorn TV, Shudder and UMC.
"Our strong content also continues to resonate with viewers, with AMC home to 4 of the top 6 cable dramas in 2020 among adults 25 to 54, including our newest series in The Walking Dead Universe, 'The Walking Dead: World Beyond,' ranking as the #1 freshman cable drama of the year,” the company said.
On Oct. 21, AMC Networks repurchased 10.8 million shares for $251 million as part of a modified Dutch auction, the company said.
The company has authorized a stock buyback of as much as $1.5 billion. It has no set closing date.