What: Shares of cable network owner AMC Networks Inc. (AMCX -0.60%) bucked the trend of flailing cable networks and has suddenly become a hit stock for investors. According to data from Capital IQ, the stock rose 10% in the month of November after a solid quarterly earnings report led to a more bullish sentiment in the stock.

AMCX Chart

AMCX data by YCharts.

So what: Third-quarter revenue rose 22% to $632.2 million and net income rose 37% to $72.8 million, or $0.99 per share. The results were driven by Fear the Walking Dead and Doctor Who, which have both been hits in the U.S.  

Growth at AMC and inclusion of results from BBC America helped drive a 52.3% increase in advertising revenue to $210 million. That was the biggest driver of the improving results and shows the traction AMC has right now with its content.

Now what: AMC Networks is flying high right now as high-profile networks like ESPN deal with falling subscribers and budget cuts. AMC has the advantage of being a smaller network riding a wave of hit shows, but it's also benefiting from a business model that can sell content digitally or on DVD rather than relying solely on subscriber and ad revenue. That flexibility is a big reason the company has been successful recently and should continue to drive strong results as the company finds ways to generate revenue from cord-cutters.