AMC Networks' shares traded below analysts' expectations on its first day as a separate company from Cablevision Systems.
At 12 p.m., shares were trading on the Nasdaq at $39.39, down 9.45 percent from where they had been expected to trade. Analysts had offered "buy" ratings and price targets in the $40 to $50 range, but a Barclays report Friday initiated the stock with an "underweight" rating and $32 price target.
The new company's networks include AMC, IFC, WeTV and Sundance Channel. Its programming includes the critically acclaimed and award-winning AMC shows "Mad Men" and "Breaking Bad."
As part of the spin-off, it completed its previously announced financing Thursday for about $2.43 billion of new funded debt.
"Today is a milestone in our company's history," said president and chief executive officer Josh Sapan. "Over the past thirty years, we have created brands and content designed to serve targeted demographic audiences. Now, as a separate public company, AMC Networks has the opportunity to further showcase each of its programming services and provide value to investors, distributors and advertisers."