(Bloomberg) -- AMC Networks Inc. reported a 11.7% sales decline and a $399.5 million impairment charge in more signs of woes in the cable-TV industry.

The parent of BBC America, Sundance TV and its namesake cable network reported revenue for the fourth quarter of $599.3 million, trailing analysts’ estimates for $610.4 million.

Revenue from cable-TV distributors fell 13% due to customers canceling pay-TV subscriptions and to some extent to lower fees per subscriber collected under new contracts with distributors. Ad sales declined 12% to $139 million due to fewer viewers.

Adjusted earnings of 64 cents a share fell short of estimates for a $1.21 per share profit. 

Once a darling of the industry with popular shows like The Walking Dead and Breaking Bad, AMC has struggled to come up with similar hits. The company conducted an annual review of its businesses in December and initiated the impairment charge after concluding the value of its networks had declined. 

The shares were down 4% to $9.41 as of 10:40 a.m. in New York.

The company’s streaming business was a bright spot with revenue increasing 7% to $603 million for the full year. Subscribers climbed 8% to end the quarter at 12.4 million. Its flagship streaming service, AMC+, costs $7 a month with ads. 

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