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Shares of MSG Networks (MSGN - Get Report)  were down more than 12% Wednesday after the company reported fourth-quarter earnings and revenue that missed analysts' expectations.

The media arm of the NBA's New York Knicks and NHL's New York Rangers reported earnings of 54 cents a share on revenue that declined 3% to $168.4 million. Analysts were expecting the company to report earnings of 63 cents on revenue of $171 million.

"During fiscal year 2019, we successfully pursued incremental advertising opportunities, enhanced our programming line-up to broaden our appeal, and renewed several affiliate agreements, including one with a major distributor. While the media landscape is clearly evolving, as we look ahead, we remain firm believers in the value of live sports content and see continued opportunities to create long-term value for shareholders," said CEO Andrea Greenberg. 

The company said that while advertising revenue increased by $900,000 in the quarter, other revenue decreased by $600,000 and direct operating expenses increased by 2%, or $1.3 million, to $70.1 million. 

MSG Networks was down 12.34% to $14.77. 

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