NEW YORK (TheStreet) -- Shares of Starz (STRZA) are falling by 9.25% to $40.63 on heavy volume in mid-day trading on Wednesday afternoon, as the media and entertainment company posts a 10% year over year decline in profit for the 2015 second quarter.

The company behind the pay TV channels Starz and Encore said its profit came to $63.4 million, or 59 cents per share, compared with $70.1 million, or 62 cents per share for the 2014 second quarter.

Analysts were expecting the company to report earnings of 64 cents per share for the latest quarter.

Consolidated revenue for the second quarter totaled $417.7 million versus the $442.1 million analysts were looking for.

Despite the decline in its financial results, Starz is pleased with its performance for the 2015 second quarter. Starz said it had a successful quarter in terms of original programing and is on track to achieve its goal of 75 to 80 episodes of new original series in 2015.

Some of the networks more popular shows include "Outlander," "Power," and "Black Sails."

Separately, TheStreet Ratings team rates STARZ as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate STARZ (STRZA) a HOLD. The primary factors that have impacted our rating are mixed-some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance and impressive record of earnings per share growth. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk and weak operating cash flow."

You can view the full analysis from the report here: STRZA Ratings Report

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