SEC Form 10-Q filed by AMC Networks Inc.

5/9/25 4:10:03 PM ET

$AMCX

Cable & Other Pay Television Services

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amcx-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☑			Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2025


☐			Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File Number: 1-35106

AMC Networks Inc.

(Exact name of registrant as specified in its charter)


Delaware		27-5403694
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

11 Penn Plaza,
New York,	NY	10001
(Address of principal executive offices)		(Zip Code)

(212) 324-8500

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, par value $0.01 per share

AMCX

The

NASDAQ

Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company (as defined in Exchange Act Rule 12b-2).


Large accelerated filer	¨	Accelerated filer	þ

Non-accelerated filer	¨	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ

The number of shares of common stock outstanding as of May 2, 2025:


Class A Common Stock par value $0.01 per share			33,442,870
Class B Common Stock par value $0.01 per share			11,484,408

AMC NETWORKS INC. AND SUBSIDIARIES

FORM 10-Q

TABLE OF CONTENTS


			Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
Condensed Consolidated Balance Sheets			1
Condensed Consolidated Statements of Income			2
Condensed Consolidated Statements of Comprehensive Incom e			3
Condensed Consolidated Statements of Stockholders' Equity			4
Condensed Consolidated Statements of Cash Flows			5
Notes to Condensed Consolidated Financial Statements			6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			23
Item 3. Quantitative and Qualitative Disclosures About Market Risk			36
Item 4. Controls and Procedures			36
PART II. OTHER INFORMATION
Item 1. Legal Proceedings			37
Item 1A. Risk Factors			37
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			37

Item 6. Exhibits			38
SIGNATURES			39

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

AMC NETWORKS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

(unaudited)


	March 31, 2025		December 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents	$	870,229	$	784,649
Accounts receivable, trade (less allowance for doubtful accounts of $8,913 and $9,468)	573,234		623,898

Prepaid expenses and other current assets	259,878		262,257
Total current assets	1,703,341		1,670,804
Property and equipment, net of accumulated depreciation of $473,179 and $458,396	145,010		143,036
Program rights, net	1,655,445		1,713,952
Intangible assets, net	209,961		216,478
Goodwill	250,728		246,304
Deferred tax assets, net	14,517		13,183
Operating lease right-of-use assets	54,595		58,390
Other assets	298,229		300,074
Total assets	$	4,331,826	$	4,362,221
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	99,320	$	88,570
Accrued liabilities	270,856		290,718
Current portion of program rights obligations	191,119		221,603
Deferred revenue	60,576		61,838
Current portion of long-term debt	97,500		7,500
Current portion of lease obligations	33,673		32,439
Total current liabilities	753,044		702,668
Program rights obligations	142,927		144,476
Long-term debt, net	2,232,563		2,328,719
Lease obligations	56,417		64,581
Deferred tax liabilities, net	111,585		121,302
Other liabilities	53,081		60,334
Total liabilities	3,349,617		3,422,080
Commitments and contingencies
Redeemable noncontrolling interests	61,076		55,881
Stockholders' equity:
Class A Common Stock, $0.01 par value, 360,000 shares authorized: 66,730 and 66,730 shares issued and 33,431 and 32,636 shares outstanding, respectively	667		667
Class B Common Stock, $0.01 par value, 90,000 shares authorized: 11,484 shares issued and outstanding	115		115
Preferred stock, $0.01 par value, 45,000 shares authorized: none issued	—		—
Paid-in capital	424,806		437,860
Accumulated earnings	2,104,801		2,092,229
Treasury stock, at cost (33,299 and 34,094 shares Class A Common Stock, respectively)	(1,391,334)		(1,408,307)
Accumulated other comprehensive loss	(250,218)		(266,969)
Total AMC Networks stockholders' equity	888,837		855,595
Non-redeemable noncontrolling interests	32,296		28,665
Total stockholders' equity	921,133		884,260
Total liabilities and stockholders' equity	$	4,331,826	$	4,362,221

See accompanying notes to condensed consolidated financial statements.

AMC NETWORKS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)

(unaudited)


	Three Months Ended March 31,
		2025		2024
Revenues, net		$	555,233	$	596,461
Operating expenses:
Technical and operating (excluding depreciation and amortization)		267,346		271,576
Selling, general and administrative		197,975		188,881
Depreciation and amortization		20,926		25,826

Restructuring and other related charges		4,789		—
Total operating expenses		491,036		486,283
Operating income		64,197		110,178
Other income (expense):
Interest expense		(43,392)		(32,841)
Interest income		8,415		8,885

Miscellaneous, net		7,888		(5,190)
Total other expense		(27,089)		(29,146)
Income from operations before income taxes		37,108		81,032
Income tax expense		(14,955)		(23,649)
Net income including noncontrolling interests		22,153		57,383
Less: Net income attributable to noncontrolling interests		(4,104)		(11,580)
Net income attributable to AMC Networks' stockholders		$	18,049	$	45,803

Net income per share attributable to AMC Networks' stockholders:
Basic		$	0.40	$	1.04
Diluted		$	0.34	$	1.03

Weighted average common shares:
Basic		44,821		44,068
Diluted		56,616		44,600

See accompanying notes to condensed consolidated financial statements.

AMC NETWORKS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)


	Three Months Ended March 31,
		2025		2024
Net income including noncontrolling interests		$	22,153	$	57,383
Other comprehensive income (loss):
Foreign currency translation adjustment		17,801		(13,297)




Comprehensive income		39,954		44,086
Less: Comprehensive income attributable to noncontrolling interests		(5,154)		(11,255)
Comprehensive income attributable to AMC Networks' stockholders		$	34,800	$	32,831

See accompanying notes to condensed consolidated financial statements.

AMC NETWORKS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(in thousands)

(unaudited)


	Class A Common Stock		Class B Common Stock		Paid-in Capital		Accumulated Earnings		Treasury Stock		Accumulated Other Comprehensive Loss		Total AMC Networks Stockholders’ Equity		Non-redeemable Noncontrolling Interests		Total Stockholders' Equity
Balance, December 31, 2024	$	667	$	115	$	437,860	$	2,092,229	$	(1,408,307)	$	(266,969)	$	855,595	$	28,665	$	884,260
Net income attributable to AMC Networks’ stockholders	—		—		—		18,049		—		—		18,049		—		18,049
Net income attributable to non-redeemable noncontrolling interests	—		—		—		—		—		—		—		2,581		2,581



Redeemable noncontrolling interest adjustment to redemption fair value	—		—		(3,672)		—		—		—		(3,672)		—		(3,672)
Other comprehensive income (loss)	—		—		—		—		—		16,751		16,751		1,050		17,801
Share-based compensation expenses	—		—		5,757		—		—		—		5,757		—		5,757


Common stock issued under employee stock plans	—		—		(11,496)		(5,477)		16,973		—		—		—		—
Tax withholding associated with shares issued under employee stock plans	—		—		(3,643)		—		—		—		(3,643)		—		(3,643)
Balance, March 31, 2025	$	667	$	115	$	424,806	$	2,104,801	$	(1,391,334)	$	(250,218)	$	888,837	$	32,296	$	921,133


	Class A Common Stock		Class B Common Stock		Paid-in Capital		Accumulated Earnings		Treasury Stock		Accumulated Other Comprehensive Loss		Total AMC Networks Stockholders’ Equity		Non-redeemable Noncontrolling Interests		Total Stockholders' Equity
Balance, December 31, 2023	$	667	$	115	$	378,877	$	2,321,105	$	(1,419,882)	$	(232,831)	$	1,048,051	$	25,895	$	1,073,946
Net income attributable to AMC Networks’ stockholders	—		—		—		45,803		—		—		45,803		—		45,803
Net income attributable to non-redeemable noncontrolling interests	—		—		—		—		—		—		—		1,060		1,060





Redeemable noncontrolling interest adjustment to redemption fair value	—		—		(2,721)		—		—		—		(2,721)		—		(2,721)

Other comprehensive income (loss)	—		—		—		—		—		(12,972)		(12,972)		(325)		(13,297)

Share-based compensation expenses	—		—		6,075		—		—		—		6,075		—		6,075
Common stock issued under employee stock plans	—		—		(8,393)		(1,384)		9,777		—		—		—		—
Tax withholding associated with shares issued under employee stock plans	—		—		(3,961)		—		—		—		(3,961)		—		(3,961)
Balance, March 31, 2024	$	667	$	115	$	369,877	$	2,365,524	$	(1,410,105)	$	(245,803)	$	1,080,275	$	26,630	$	1,106,905

See accompanying notes to condensed consolidated financial statements.

AMC NETWORKS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)


	Three Months Ended March 31,
	2025		2024
Cash flows from operating activities:
Net income including noncontrolling interests	$	22,153	$	57,383
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	20,926		25,826

Share-based compensation expenses related to equity classified awards	5,757		6,075
Non-cash restructuring and other related charges	3,470		—
Amortization and write-off of program rights	197,881		202,552
Amortization of deferred carriage fees	6,885		4,920
Unrealized foreign currency transaction (gain) loss	(3,329)		2,504
Amortization of deferred financing costs and discounts on indebtedness	1,969		1,750


Deferred income taxes	(10,675)		(4,011)


Other, net	(3,928)		(2,230)
Changes in assets and liabilities:
Accounts receivable, trade (including amounts due from related parties, net)	53,204		30,704
Prepaid expenses and other assets	12,658		63,606
Program rights and obligations, net	(169,605)		(193,006)

Deferred revenue	(1,296)		(4,575)

Accounts payable, accrued liabilities and other liabilities	(27,265)		(40,629)
Net cash provided by operating activities	108,805		150,869
Cash flows from investing activities:
Capital expenditures	(14,620)		(6,720)






Other investing activities, net	—		3,936

Net cash used in investing activities	(14,620)		(2,784)
Cash flows from financing activities:



Principal payments on Term Loan A Facility	(8,125)		(16,875)


Deemed repurchases of restricted stock units	(3,643)		(3,961)

Principal payments on finance lease obligations	(1,198)		(1,129)

Distributions to noncontrolling interests	—		(1,168)

Net cash used in financing activities	(12,966)		(23,133)
Net increase in cash and cash equivalents from operations	81,219		124,952
Effect of exchange rate changes on cash and cash equivalents	4,361		(5,006)
Cash and cash equivalents at beginning of period	784,649		570,576
Cash and cash equivalents at end of period	$	870,229	$	690,522

See accompanying notes to condensed consolidated financial statements.

AMC NETWORKS INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 1. Description of Business and Basis of Presentation

Description of Business

AMC Networks Inc. ("AMC Networks") and its subsidiaries (collectively referred to as the "Company," "we," "us," or "our") own and operate entertainment businesses and assets. The Company is comprised of two operating segments:

•Domestic Operations: Consists of our five national programming networks, our streaming services, our AMC Studios operation and our film distribution business. Our programming networks are AMC, We TV, BBC AMERICA ("BBCA"), IFC, and SundanceTV. Our streaming services consist of AMC+ and our targeted subscription streaming services (Acorn TV, Shudder, Sundance Now, ALLBLK, and HIDIVE). Our AMC Studios operation produces original programming for our programming services and third parties and also licenses programming worldwide. Our film distribution business includes IFC Films, RLJ Entertainment Films and Shudder. The operating segment also includes AMC Networks Broadcasting & Technology, our technical services business, which primarily services the programming networks.

•International: Consists of AMC Networks International ("AMCNI"), our international programming businesses consisting of a portfolio of channels distributed around the world.

Basis of Presentation

Principles of Consolidation

The consolidated financial statements include the accounts of AMC Networks and its subsidiaries in which a controlling financial interest is maintained or variable interest entities in which the Company has determined it is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation.

Investments in business entities in which the Company lacks control but does have the ability to exercise significant influence over operating and financial policies are accounted for using the equity method of accounting.

Unaudited Interim Financial Statements

These condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and Article 10 of Regulation S-X of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the Company's consolidated financial statements and notes thereto for the year ended December 31, 2024 contained in the Company's Annual Report on Form 10-K (our "2024 Form 10-K") filed with the SEC. The condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management, such financial statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented.

The results of operations for interim periods are not necessarily indicative of the results that might be expected for future interim periods or for the full year ending December 31, 2025.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements; and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates and judgments inherent in the preparation of the consolidated financial statements include the useful lives and methodologies used to amortize and assess recoverability of program rights, the estimated useful lives of intangible assets and the valuation and recoverability of goodwill and intangible assets.

Reclassifications

Certain reclassifications were made to the prior period amounts to conform to the current period presentation.

Recently Issued Accounting Standards

In November 2024, the Financial Accounting Standards Board ("FASB") issued guidance that is intended to provide investors more detailed disclosures around specific types of expenses in the notes to the financial statements for interim and annual reporting periods. The Company will incorporate the required disclosure updates for the 2027 annual financial statements, and will determine whether to apply the updates prospectively or retrospectively.

AMC NETWORKS INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(unaudited)

In December 2023, the FASB issued guidance that is intended to enhance the transparency and decision usefulness of income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The Company will incorporate the required disclosure updates for the 2025 annual financial statements.

Note 2. Revenue Recognition

In the first quarter of 2025, the Company updated the definitions of "affiliate revenues" and "streaming revenues." These changes have no effect on the Company's consolidated financial statements or results of operations. The impact of these changes to historical affiliate revenues and streaming revenues is not material. The new definitions are as follows:

Affiliate revenues: Represents fees received from distributors for the rights to use the Company's programming under multi-year contracts, commonly referred to as "affiliation agreements." Affiliate revenues also include fees received from distributors who provide access to the Company's streaming services to end users through a video package that also includes access to the Company's programming networks. Affiliate revenues are earned from cable and other multichannel video programming distribution platforms, including direct broadcast satellite and platforms operated by telecommunications providers and virtual multichannel video programming distributors.

Streaming revenues: Represents fees for the Company's streaming services earned from the Company's direct-to-consumer platforms as well as through streaming platform arrangements with companies that sell the Company's streaming services on the Company's behalf.

Transaction Price Allocated to Future Performance Obligations

As of March 31, 2025, other than contracts for which the Company has applied the practical expedients, the aggregate amount of transaction price allocated to remaining performance obligations was not material to our consolidated revenues.

Contract Balances from Contracts with Customers

The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers.


(In thousands)	March 31, 2025		December 31, 2024
Balances from contracts with customers:
Accounts receivable (including long-term receivables within Other assets)	$	619,606	$	674,631


Contract liabilities, short-term (Deferred revenue)	60,576		61,838

Revenue recognized for the three months ended March 31, 2025 and 2024 relating to the contract liabilities at December 31, 2024 and 2023 was $20.1 million and $24.7 million, respectively.

In October 2023, the Company entered into an agreement enabling it to sell certain customer receivables to a financial institution on a recurring basis for cash. The transferred receivables will be fully guaranteed by a bankruptcy-remote entity and the financial institution that purchases the receivables will have no recourse to the Company's other assets in the event of non-payment by the customers. The Company can sell an indefinite amount of customer receivables under the agreement on a revolving basis, but the outstanding balance of unpaid customer receivables to the financial institution cannot exceed the initial program limit of $125.0 million at any given time. As of March 31, 2025, the Company had not yet sold any customer receivables under this agreement.

AMC NETWORKS INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(unaudited)

Note 3. Net Income per Share

Net income per basic share is based upon net income attributable to AMC Networks' stockholders divided by the weighted average number of shares of Class A Common Stock and Class B Common Stock outstanding during the period. Net income per diluted share reflects the dilutive effects, if any, of AMC Networks' outstanding equity-based awards and the assumed conversion of the Company's 4.25% Convertible Senior Notes due 2029 (the "Convertible Notes") issued in June 2024.


(In thousands)	Three Months Ended March 31,
		2025		2024
Net income attributable to AMC Networks' stockholders used for basic net income per share		$	18,049	$	45,803
Add: Convertible Notes interest expense, net of tax		1,146		—
Net income attributable to AMC Networks' stockholders used for diluted net income per share		$	19,195	$	45,803

Basic weighted average common shares outstanding		44,821		44,068
Effect of dilution:
Restricted stock units		509		532
Convertible Notes		11,286		—
Diluted weighted average common shares outstanding		56,616		44,600

Net income per share attributable to AMC Networks' stockholders:
Basic		$	0.40	$	1.04
Diluted		$	0.34	$	1.03

For the three months ended March 31, 2025 and 2024, 1.2 million and 0.2 million, respectively, of restricted stock units ("RSUs") have been excluded from the diluted weighted average common shares outstanding, as their impact would have been antidilutive.

Stock Repurchase Program

The Company's Board of Directors previously authorized a program to repurchase up to $1.5 billion of its outstanding shares of Class A Common Stock (the "Stock Repurchase Program"). The Stock Repurchase Program has no pre-established termination date and may be suspended or discontinued at any time. For the three months ended March 31, 2025 and 2024, the Company did not repurchase any shares of its Class A Common Stock. As of March 31, 2025, the Company had $135.3 million of authorization remaining for repurchase under the Stock Repurchase Program.

Note 4. Restructuring and Other Related Charges

The Company recorded restructuring and other related charges of $4.8 million for the three months ended March 31, 2025, primarily related to the planned wind-down of a U.K. joint venture in its International segment. Additionally, the Company commenced a restructuring plan related to its International segment (the “AMCNI Plan”) designed to achieve cost reductions and streamline operations in Southern Europe, including channel re-branding and a reduction of workforce. The Company estimates it will incur approximately $5.0 million of additional restructuring charges in connection with the AMCNI Plan, which is expected to be substantially completed by the end of 2025. There were no restructuring and other related charges for the three months ended March 31, 2024.

The following table summarizes the restructuring and other related charges (credits) recognized by operating segment:


(In thousands)	Three Months Ended March 31, 2025
Domestic Operations	$	(1,571)
International	6,360

Total restructuring and other related charges	$	4,789

AMC NETWORKS INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(unaudited)

The following table summarizes accrued restructuring and other related costs:


(In thousands)	Severance and Employee-Related Costs		Content Impairments and Other Exit Costs		Total
Balance at December 31, 2024	$	4,884	$	1,337	$	6,221
Charges	2,786		2,003		4,789
Cash payments	(5,396)		(355)		(5,751)
Non-cash content impairment adjustments	—		(3,470)		(3,470)
Other	(16)		1,652		1,636
Balance at March 31, 2025	$	2,258	$	1,167	$	3,425

Accrued restructuring and other related costs of $3.4 million and $6.2 million are included in Accrued liabilities in the condensed consolidated balance sheets at March 31, 2025 and December 31, 2024, respectively.

Note 5. Program Rights

Total capitalized produced and licensed content by predominant monetization strategy is as follows:


	March 31, 2025
(In thousands)	Predominantly Monetized Individually		Predominantly Monetized as a Group		Total
Owned original program rights, net:
Completed	$	60,761	$	624,604	$	685,365
In-production and in-development	—		227,271		227,271
Total owned original program rights, net	$	60,761	$	851,875	$	912,636

Licensed program rights, net:
Licensed film and acquired series	$	182	$	539,564	$	539,746
Licensed originals	—		139,021		139,021
Advances and other production costs	—		67,161		67,161
Total licensed program rights, net	182		745,746		745,928
Program rights, net	$	60,943	$	1,597,621	$	1,658,564

Current portion of program rights, net					$	3,119
Program rights, net (long-term)					1,655,445
					$	1,658,564

AMC NETWORKS INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(unaudited)


	December 31, 2024
(In thousands)	Predominantly Monetized Individually		Predominantly Monetized as a Group		Total
Owned original program rights, net:
Completed	$	65,129	$	647,632	$	712,761
In-production and in-development	—		222,660		222,660
Total owned original program rights, net	$	65,129	$	870,292	$	935,421

Licensed program rights, net:
Licensed film and acquired series	$	261	$	543,396	$	543,657
Licensed originals	—		147,245		147,245
Advances and other production costs	—		90,318		90,318
Total licensed program rights, net	261		780,959		781,220
Program rights, net	$	65,390	$	1,651,251	$	1,716,641

Current portion of program rights, net					$	2,689
Program rights, net (long-term)					1,713,952
					$	1,716,641

Amortization, including write-offs, of owned and licensed program rights, included in Technical and operating expenses in the condensed consolidated statements of income, is as follows:


	Three Months Ended March 31, 2025
(In thousands)		Predominantly Monetized Individually		Predominantly Monetized as a Group		Total

Owned original program rights		$	3,893	$	87,143	$	91,036
Licensed program rights		79		106,766		106,845
		$	3,972	$	193,909	$	197,881


	Three Months Ended March 31, 2024
(In thousands)		Predominantly Monetized Individually		Predominantly Monetized as a Group		Total

Owned original program rights		$	24,852	$	60,106	$	84,958
Licensed program rights		1,631		115,963		117,594
		$	26,483	$	176,069	$	202,552

There were no significant program rights write-offs included in technical and operating expenses for the three months ended March 31, 2025 or 2024.

In the normal course of business, the Company may qualify for tax incentives through eligible spend on productions. Receivables related to tax incentives earned on production spend as of March 31, 2025 consisted of $191.5 million recorded in Prepaid expenses and other current assets and $44.0 million recorded in Other assets. Receivables related to tax incentives earned on production spend as of December 31, 2024 consisted of $182.0 million recorded in Prepaid expenses and other current assets and $42.4 million recorded in Other assets.

AMC NETWORKS INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(unaudited)

Note 6. Investments

The Company holds several investments in and loans to non-consolidated entities that are included in Other assets in the condensed consolidated balance sheets. Equity method investments were $85.2 million and $81.8 million at March 31, 2025 and December 31, 2024, respectively. Investments in non-marketable equity securities were $43.9 million at March 31, 2025 and December 31, 2024.

Note 7. Goodwill and Other Intangible Assets

The carrying amount of goodwill, by operating segment, is as follows:


(In thousands)	Domestic Operations		International		Total
December 31, 2024	$	80,038	$	166,266	$	246,304



Foreign currency translation	—		4,424		4,424
March 31, 2025	$	80,038	$	170,690	$	250,728

As of March 31, 2025 and December 31, 2024, accumulated impairment charges totaled $556.2 million.

The following tables summarize information relating to the Company's identifiable intangible assets:


(In thousands)	March 31, 2025
	Gross		Accumulated Amortization		Net		Estimated Useful Lives
Amortizable intangible assets:
Affiliate and customer relationships	$	616,581	$	(468,215)	$	148,366	6 to 25 years
Advertiser relationships	46,282		(46,282)		—		11 years
Trade names and other amortizable intangible assets	89,841		(48,146)		41,695		3 to 20 years

Total amortizable intangible assets	752,704		(562,643)		190,061
Indefinite-lived intangible assets:
Trademarks	19,900		—		19,900
Total intangible assets	$	772,604	$	(562,643)	$	209,961














(In thousands)	December 31, 2024
	Gross		Accumulated Amortization		Net
Amortizable intangible assets:
Affiliate and customer relationships	$	610,048	$	(456,052)	$	153,996
Advertiser relationships	46,282		(46,282)		—
Trade names and other amortizable intangible assets	88,751		(46,169)		42,582

Total amortizable intangible assets	745,081		(548,503)		196,578
Indefinite-lived intangible assets:
Trademarks	19,900		—		19,900
Total intangible assets	$	764,981	$	(548,503)	$	216,478

Aggregate amortization expense for amortizable intangible assets for the three months ended March 31, 2025 and 2024 was $7.8 million and $8.6 million, respectively.

AMC NETWORKS INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(unaudited)

Estimated aggregate amortization expense for intangible assets subject to amortization for each of the following five years is:


(In thousands)
Years Ending December 31,
2025	$	30,300
2026	29,390
2027	25,088
2028	22,959
2029	19,789

Note 8. Accrued Liabilities

Accrued liabilities consist of the following:


(In thousands)	March 31, 2025		December 31, 2024
Employee related costs	$	95,529	$	79,873
Participations and residuals	117,453		118,101
Interest	25,151		60,485

Other accrued expenses	32,723		32,259
Total accrued liabilities	$	270,856	$	290,718

Note 9. Long-term Debt

The Company's long-term debt consists of:


(In thousands)	March 31, 2025		December 31, 2024
Senior Secured Credit Facility: (a)
Term Loan A Facility	$	357,500	$	365,625
Senior Notes:

10.25% Senior Secured Notes due January 2029	875,000		875,000
4.25% Senior Notes due February 2029	985,010		985,010
4.25% Convertible Senior Notes due February 2029	143,750		143,750
Total long-term debt	2,361,260		2,369,385
Unamortized discount	(23,598)		(25,014)
Unamortized deferred financing costs	(7,599)		(8,152)
Long-term debt, net	2,330,063		2,336,219
Current portion of long-term debt	97,500		7,500
Noncurrent portion of long-term debt	$	2,232,563	$	2,328,719

(a)Represents the aggregate principal amount of the debt, with the Term Loan A (non-extended) of $90.0 million maturing in February 2026, the Term Loan A (extended) of $267.5 million maturing in April 2028, and commitments under our undrawn $175.0 million revolving credit facility terminating in April 2028. Total undrawn revolver commitments are available to be drawn for general corporate purposes of the Company.

During the three months ended March 31, 2025, the Company repaid $8.1 million of the principal amount of the Term Loan A Facility.

AMC NETWORKS INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(unaudited)

In April 2025, the Company repurchased $31.6 million principal amount of its 4.25% Senior Notes due February 2029 (the "Senior Notes") through open market repurchases, at a discount of $9.3 million, and retired the repurchased notes. The discount, net of the write-off of a portion of the unamortized discount and deferred financing costs associated with the Senior Notes, will be recognized as a gain on extinguishment of debt in the condensed consolidated statements of income in the second quarter of 2025. In May 2025, the Company voluntarily prepaid $20.0 million of borrowings under the Term Loan A Facility.

AMC Networks' credit agreement (as amended, the "Credit Agreement") generally requires AMC Networks Inc. and its restricted subsidiaries on a consolidated basis to comply with a maximum total net leverage ratio of 5.75:1.00 from April 9, 2024 through March 31, 2026, after which the maximum total net leverage ratio changes to 5.50:1.00. In addition, the Credit Agreement requires a minimum interest coverage ratio of 2.00:1.00 for AMC Networks Inc. and its restricted subsidiaries on a consolidated basis through September 30, 2026, after which the minimum interest coverage ratio changes to 2.25:1.00. All borrowings under the Credit Agreement are subject to the satisfaction of customary conditions, including the absence of a default and accuracy of representations and warranties. AMC Networks was in compliance with all of its financial covenants under the Credit Agreement as of March 31, 2025.

Note 10. Leases

The Company's leases consist of non-cancelable agreements for office space, and to a lesser extent, equipment leases for satellite transponders, which expire at various dates through 2033. Leases with an initial term of 12 months or less are not recorded on the balance sheet, instead the lease expense is recorded on a straight-line basis over the lease term. For lease agreements entered into, we combine lease and non-lease components. Some leases include options to extend the lease term or terminate the lease prior to the end of the lease term. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

The leases generally provide for fixed annual rentals plus certain other costs or credits. Some leases include rental payments based on a percentage of revenue over contractual levels or based on an index or rate. Our lease agreements do not include any material residual value guarantees or material restrictive covenants.

Since the rate implicit in our leases is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date to determine the present value of the lease payments.

The following table summarizes the leases included in the condensed consolidated balance sheets:


(In thousands)	Balance Sheet Location	March 31, 2025		December 31, 2024
Assets
Operating	Operating lease right-of-use assets	$	54,595	$	58,390
Finance	Property and equipment, net	11,344		11,695
Total lease assets		$	65,939	$	70,085
Liabilities
Current:
Operating	Current portion of lease obligations	$	29,276	$	27,798
Finance	Current portion of lease obligations	4,397		4,641
		$	33,673	$	32,439
Noncurrent:
Operating	Lease obligations	$	44,525	$	51,929
Finance	Lease obligations	11,892		12,652
		$	56,417	$	64,581

Total lease liabilities		$	90,090	$	97,020

AMC NETWORKS INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(unaudited)

Note 11. Fair Value Measurement

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity's pricing based upon their own market assumptions. The fair value hierarchy consists of the following three levels:

•Level I - Quoted prices for identical instruments in active markets.

•Level II - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

•Level III - Instruments whose significant value drivers are unobservable.

The following table presents for each of these hierarchy levels, the Company's financial assets and liabilities that are measured at fair value on a recurring basis at March 31, 2025 and December 31, 2024:


(In thousands)	Level I		Level II		Level III		Total
At March 31, 2025:
Assets
Cash equivalents	$	320,782	$	—	$	—	$	320,782



Foreign currency derivatives	—		5,925		—		5,925

Liabilities

Foreign currency derivatives	—		3,240		—		3,240


At December 31, 2024:
Assets
Cash equivalents	$	250,841	$	—	$	—	$	250,841



Foreign currency derivatives	—		4,889		—		4,889

Liabilities

Foreign currency derivatives	—		2,330		—		2,330

The Company's cash equivalents (comprised of money market mutual funds) are classified within Level I of the fair value hierarchy because they are valued using quoted market prices.

The Company's foreign currency derivatives are classified within Level II of the fair value hierarchy as their fair values are determined based on a market approach valuation technique that uses readily observable market parameters and the consideration of counterparty risk.

Fair value measurements are also used in nonrecurring valuations performed in connection with impairment testing. These nonrecurring valuations primarily include the valuation of program rights, goodwill, intangible assets and property and equipment. All of our nonrecurring valuations use significant unobservable inputs and therefore fall under Level III of the fair value hierarchy.

Credit Facility Debt and Senior Notes

The fair values of each of the Company's debt instruments are based on quoted market prices for the same or similar issues or on the current rates offered to the Company for instruments of the same remaining maturities.

AMC NETWORKS INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(unaudited)

The carrying values and estimated fair values of the Company's financial instruments, excluding those that are carried at fair value in the condensed consolidated balance sheets, are summarized as follows:


(In thousands)	March 31, 2025
	Carrying Amount		Estimated Fair Value
Debt instruments:
Term Loan A Facility	$	352,085	$	342,325
10.25% Senior Secured Notes due 2029	862,344		902,344
4.25% Senior Notes due 2029	975,989		736,295
4.25% Convertible Senior Notes due 2029	139,645		125,422
	$	2,330,063	$	2,106,386


(In thousands)	December 31, 2024
	Carrying Amount		Estimated Fair Value
Debt instruments:
Term Loan A Facility	$	359,660	$	356,934
10.25% Senior Secured Notes due 2029	861,683		927,500
4.25% Senior Notes due 2029	975,466		772,002
4.25% Convertible Senior Notes due 2029	139,410		142,313
	$	2,336,219	$	2,198,749

Fair value estimates related to the Company's debt instruments presented above are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgments and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

Note 12. Derivative Financial Instruments

Foreign Currency Exchange Rate Risk

We are exposed to foreign currency risk to the extent that we enter into transactions denominated in currencies other than one of our subsidiaries' respective functional currencies (non-functional currency risk), such as affiliation agreements, programming contracts, certain trade receivables and accounts payable (including intercompany amounts).

The fair values of the Company's derivative financial instruments included in the condensed consolidated balance sheets are as follows:


(In thousands)	Balance Sheet Location	March 31, 2025		December 31, 2024





Derivatives not designated as hedging instruments:
Assets:
Foreign currency derivatives	Prepaid expenses and other current assets	$	1,610	$	944
Foreign currency derivatives	Other assets	4,315		3,945


Liabilities:


Foreign currency derivatives	Accrued liabilities	$	882	$	945

Foreign currency derivatives	Other liabilities	2,358		1,385

AMC NETWORKS INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(unaudited)

The amounts of gains and losses related to the Company's derivative financial instruments not designated as hedging instruments are as follows:


(In thousands)	Location of Gain (Loss) Recognized in Earnings on Derivatives		Amount of Gain (Loss) Recognized in Earnings on Derivatives
		Three Months Ended March 31,
			2025		2024

Foreign currency derivatives	Miscellaneous, net		$	(90)	$	(5,030)

Note 13. Income Taxes

For the three months ended March 31, 2025 and 2024, income tax expense was $15.0 million and $23.6 million, respectively, representing an effective rate of 40% and 29%, respectively, as compared to the federal statutory rate of 21%. The effective rate differed from the federal statutory rate in both periods primarily due to state and local income tax expense, tax expense related to non-deductible compensation, tax expense for shortfalls related to share-based compensation and tax expense for an increase in the valuation allowance for foreign tax credits and losses.

At March 31, 2025, the Company had foreign tax credit carryforwards of approximately $49.2 million, expiring on various dates from 2025 through 2035. These carryforwards have been reduced to zero by a valuation allowance of $49.2 million as it is more likely than not that these carryforwards will not be realized.

As of March 31, 2025, the Company’s cash and cash equivalents balance of $870.2 million included approximately $121.4 million held by foreign subsidiaries. Of this amount, approximately $8.0 million is expected to be repatriated to the United States with the remaining amount continuing to be reinvested in foreign operations. Tax expense related to the expected repatriation amount has been accrued in prior periods and the Company does not expect to incur any significant, additional taxes related to the remaining balance.

As of March 31, 2025, the Pillar Two minimum tax requirement has not had, and is not expected to have, a material impact on the Company's results of operations or financial position for the year ending December 31, 2025.

Note 14. Commitments and Contingencies

Commitments

As of March 31, 2025, the Company's contractual obligations not reflected on the Company's condensed consolidated balance sheets decreased $34.5 million, as compared to December 31, 2024, to $560.8 million. The decrease was primarily related to payments for program rights.

Legal Matters

On August 14, 2017, Robert Kirkman, Robert Kirkman, LLC, Glen Mazzara, 44 Strong Productions, Inc., David Alpert, Circle of Confusion Productions, LLC, New Circle of Confusion Productions, Inc., Gale Anne Hurd, and Valhalla Entertainment, Inc. f/k/a Valhalla Motion Pictures, Inc. (together, the "Plaintiffs") filed a complaint in California Superior Court in connection with Plaintiffs’ rendering of services as writers and producers of the television series entitled The Walking Dead, as well as Fear the Walking Dead and/or Talking Dead, and the agreements between the parties related thereto (the "Walking Dead Litigation"). The Plaintiffs asserted that the Company had been improperly underpaying the Plaintiffs under their contracts with the Company and they asserted claims for breach of contract, breach of the implied covenant of good faith and fair dealing, inducing breach of contract, and liability for violation of Cal. Bus. & Prof. Code § 17200. The Plaintiffs sought compensatory and punitive damages and restitution. On August 8, 2019, the judge in the Walking Dead Litigation ordered a trial to resolve certain issues of contract interpretation only. Following eight days of trial in February and March 2020, on July 22, 2020, the judge issued a Statement of Decision finding in the Company's favor on all seven matters of contract interpretation before the court in this first phase trial. On January 20, 2021, the Plaintiffs filed a second amended complaint, eliminating eight named defendants and their claims under Cal. Bus. & Prof. Code § 17200. On May 5, 2021, the Plaintiffs filed a third amended complaint, repleading in part their claims for alleged breach of the implied covenant of good faith and fair dealing, inducing breach of contract, and certain breach of contract claims. On June 2, 2021, the Company filed a demurrer and motion to strike seeking to dismiss the claim for breach of the implied covenant of good faith and fair dealing and certain tort and breach of contract claims asserted in the third amended complaint. On July 27, 2021, the court granted in part and denied in part the Company's motion. On January 12, 2022, the Company filed a motion for summary adjudication of many of the

AMC NETWORKS INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(unaudited)

remaining claims. On April 6, 2022, the court granted the Company’s summary adjudication motion in part, dismissing the Plaintiffs’ claims for breach of the implied covenant of good faith and fair dealing and inducing breach of contract. On January 26, 2023, the Plaintiffs filed a notice of appeal of the court’s post-trial, demurrer, and summary adjudication decisions. On September 25, 2024, a hearing was held on the Plaintiffs’ appeals. On November 4, 2024, the appellate court issued a decision affirming the trial court’s decisions in favor of the Company in the 2021 first phase trial and the 2022 motion for summary judgment. The parties entered into an agreement to resolve through confidential binding arbitration the remaining claims in the litigation (consisting mainly of ordinary course profit participation audit claims), and as a result, the court formally dismissed the case. The arbitration to resolve the two remaining claims for breach of contract was held between October 16 through October 20, 2023. On March 12, 2024, the arbitral panel issued a decision awarding the Plaintiffs a sum of approximately $7.8 million. The arbitral panel's decision did not have a material impact on the Company's financial condition or results of operations.

On November 14, 2022, the Plaintiffs filed a separate complaint in California Superior Court (the “MFN Litigation”) in connection with the Company’s July 16, 2021 settlement agreement with Frank Darabont (“Darabont”), Ferenc, Inc., Darkwoods Productions, Inc., and Creative Artists Agency, LLC (the “Darabont Parties”), which resolved litigations the Darabont Parties had brought in connection with Darabont's rendering services as a writer, director and producer of the television series entitled The Walking Dead and the agreement between the parties related thereto (the “Darabont Settlement”). Plaintiffs assert claims for breach of contract, alleging that the Company breached the most favored nations (“MFN”) provisions of Plaintiffs’ contracts with the Company by failing to pay them additional contingent compensation as a result of the Darabont Settlement. Plaintiffs claim in the MFN Litigation that they are entitled to actual and compensatory damages in excess of $200 million. The Plaintiffs also brought a cause of action to enjoin an arbitration the Company commenced in May 2022 concerning the same dispute. On December 15, 2022, the Company removed the MFN Litigation to the United States District Court for the Central District of California. On January 13, 2023, the Company filed a motion to dismiss the MFN Litigation and informed the court that the Company had withdrawn the arbitration Plaintiffs sought to enjoin. On March 25, 2024, the Court issued a ruling denying the Company’s motion to dismiss. On February 25, 2025, the Plaintiffs filed an amended complaint adding two claims for the alleged breach of the MFN provisions of their contracts based on certain agreements the Company entered into with another profit participant and a claim for breach of the implied covenant of good faith and fair dealing. On March 14, 2025, the Company filed its answer to the amended complaint. The parties are currently conducting discovery. The trial for this matter, previously scheduled for October 27, 2025, has been rescheduled to March 26, 2026. The Company believes that the asserted claims are without merit and will vigorously defend against them if they are not dismissed. At this time, no determination can be made as to the ultimate outcome of this litigation or the potential liability, if any, on the part of the Company.

The Company is party to various lawsuits and claims in the ordinary course of business, including the matters described above, as well as other lawsuits and claims relating to employment, intellectual property, and privacy and data protection matters. Although the outcome of these matters cannot be predicted with certainty and while the impact of these matters on the Company's results of operations in any particular subsequent reporting period could be material, management does not believe that the resolution of these matters will have a material adverse effect on the financial position of the Company or the ability of the Company to meet its financial obligations as they become due.

Note 15. Equity Plans

During the three months ended March 31, 2025, AMC Networks granted 3,103,666 RSUs to certain executive officers and employees under the AMC Networks Inc. Amended and Restated 2016 Employee Stock Plan, which vest ratably over a three-year period.

During the three months ended March 31, 2025, 1,293,961 RSUs previously issued to employees of the Company vested. On the vesting date, 513,814 RSUs were surrendered to AMC Networks to cover the required statutory tax withholding obligations and 780,147 shares of AMC Networks' Class A Common Stock were issued. Units are surrendered to satisfy the employees' statutory minimum tax withholding obligations for the applicable income and other employment tax. The units surrendered during the three months ended March 31, 2025 had an aggregate value of $3.6 million, which has been reflected as a financing activity in the condensed consolidated statements of cash flows for the three months ended March 31, 2025.

The Company recorded share-based compensation expenses of $5.8 million and $6.1 million for the three months ended March 31, 2025 and 2024, respectively. Share-based compensation expenses are recognized in the condensed consolidated statements of income as part of Selling, general and administrative expenses.

AMC NETWORKS INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(unaudited)

As of March 31, 2025, there was $35.3 million of total unrecognized share-based compensation cost related to outstanding unvested share-based awards. The unrecognized compensation cost is expected to be recognized over a weighted average remaining period of approximately 2.4 years.

Note 16. Redeemable Noncontrolling Interests

In connection with the Company's previous acquisitions of New Video Channel America L.L.C (owner of the cable channel BBCA) and RLJ Entertainment, the terms of the acquisition agreements provide the noncontrolling members with a right to put all of their noncontrolling interest to subsidiaries of the Company at a future time, in October 2025 or earlier upon a change of control in the case of RLJ Entertainment. Since the exercise of these put rights is outside the Company's control, the noncontrolling interest in each entity is presented as a redeemable noncontrolling interest outside of stockholders' equity on the Company's condensed consolidated balance sheets.

On November 1, 2024, the Company acquired the remaining 50.1% of the BBC America joint-venture that it had not previously owned from BBC Studios for $42.0 million in cash. Since the Company retained the controlling financial interest, the transaction was accounted for as an equity transaction and therefore no gain or loss was recorded in the consolidated statements of income. As a result, the carrying amount of the noncontrolling interest was reduced to zero, reflecting the Company's 100% ownership of the BBC America business, and the $90.9 million difference between this reduction and the $42.0 million purchase price was recognized in Paid-in capital on the condensed consolidated balance sheets. The amount recorded in Paid-in capital was partially offset by $21.5 million of deferred taxes reflecting the difference between the existing noncontrolling interest and the tax basis (amount paid) as of the acquisition date.

The following tables summarize activity related to redeemable noncontrolling interests for the three months ended March 31, 2025 and 2024:


(In thousands)	Three Months Ended March 31, 2025
December 31, 2024	$	55,881
Net earnings	1,523

Adjustment to redemption fair value	3,672

March 31, 2025	$	61,076


(In thousands)	Three Months Ended March 31, 2024
December 31, 2023	$	185,297
Net earnings	10,520
Distributions	(1,168)
Adjustment to redemption fair value	2,721

March 31, 2024	$	197,370

Note 17. Related Party Transactions

The Company and its related parties enter into transactions with each other in the ordinary course of business. Revenues, net from related parties amounted to $1.2 million and $1.3 million for the three months ended March 31, 2025 and 2024, respectively. Amounts charged to the Company, included in Selling, general and administrative expenses, pursuant to transactions with its related parties amounted to $0.5 million and $0.4 million for the three months ended March 31, 2025 and 2024, respectively.

AMC NETWORKS INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(unaudited)

Note 18. Cash Flows

The following table details the Company's non-cash investing and financing activities and other supplemental data:


(In thousands)	Three Months Ended March 31,
	2025		2024
Non-Cash Investing and Financing Activities:


Operating lease additions	$	692	$	2,971
Capital expenditures incurred but not yet paid	1,626		660

Supplemental Data:
Cash interest paid	76,736		50,801
Income tax payments (refunds), net	2,115		(27,738)

Note 19. Segment Information

The Company classifies its operations into two operating segments: Domestic Operations and International. These operating segments represent strategic business units that are managed separately.

The Company evaluates segment performance based on operating segment adjusted operating income ("AOI"). The Company defines AOI as operating income (loss) before depreciation and amortization, cloud computing amortization, share-based compensation expenses or benefit, impairment and other charges (including gains or losses on sales or dispositions of businesses), restructuring and other related charges and including the Company’s proportionate share of adjusted operating income (loss) from majority-owned equity method investees. The Company has presented the components that reconcile segment adjusted operating income to income from operations before income taxes, and other information as to the continuing operations of the Company's operating segments below.

AMC NETWORKS INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(unaudited)


(In thousands)	Three Months Ended March 31, 2025
	Domestic Operations		International		Total
Revenues, net from external customers
Subscription	$	313,373	$	44,702	$	358,075
Advertising	119,248		22,608		141,856
Content licensing and other	53,366		1,936		55,302

	485,987		69,246		555,233
Inter-segment revenues (Content licensing and other) (a)	320		700		1,020
	$	486,307	$	69,946	556,253
Reconciliation of revenue
Elimination of inter-segment revenues (a)					(1,020)
Total consolidated revenues, net					$	555,233

Less: (b)
Content expenses	198,089		18,251
Marketing, research, and advertising sales expenses	80,665		4,279
Other (c)	83,629		37,565
Segment adjusted operating income	$	123,924	$	9,851	$	133,775

Reconciliation of total segment adjusted operating income
Elimination of inter-segment profits					(2)
Unallocated corporate overhead costs (d)					(29,288)
Share-based compensation expenses					(5,757)
Depreciation and amortization					(20,926)

Restructuring and other related charges					(4,789)
Cloud computing amortization					(3,213)
Majority-owned equity investees AOI					(5,603)
Operating income					64,197
Other income (expense):
Interest expense					(43,392)
Interest income					8,415

Miscellaneous, net					7,888
Income from operations before income taxes					$	37,108

(a) Inter-segment revenues primarily relate to Domestic Operations content licensing sales to International, as well as services performed by AMCNI on behalf of businesses within the Domestic Operations segment.

(b) The significant expense categories and amounts align with the segment-level information that is regularly provided to the Chief Operating Decision Maker (the "CODM").

(c) Other for each reportable segment primarily includes employee-related costs, information technology costs, professional services expenses, occupancy expenses, certain overhead expenses and the Company’s proportionate share of adjusted operating income (loss) from majority-owned equity method investees.

(d) Unallocated corporate overhead costs include costs such as executive salaries and benefits and costs of maintaining corporate headquarters, facilities and common support functions.

AMC NETWORKS INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(unaudited)


(In thousands)	Three Months Ended March 31, 2024
	Domestic Operations		International		Total
Revenues, net from external customers
Subscription	$	322,558	$	50,849	$	373,407
Advertising	139,854		21,524		161,378
Content licensing and other	59,969		1,707		61,676

	522,381		74,080		596,461
Inter-segment revenues (Content licensing and other) (a)	1,845		1,525		3,370
	$	524,226	$	75,605	599,831
Reconciliation of revenue
Elimination of inter-segment revenues (a)					(3,370)
Total consolidated revenues, net					$	596,461

Less: (b)
Content expenses	200,971		17,203
Marketing, research, and advertising sales expenses	79,265		3,863
Other (c)	81,671		41,139
Segment adjusted operating income	$	162,319	$	13,400	$	175,719

Reconciliation of total segment adjusted operating income
Elimination of inter-segment profits					(300)
Unallocated corporate overhead costs (d)					(26,295)
Share-based compensation expenses					(6,075)
Depreciation and amortization					(25,826)


Cloud computing amortization					(3,548)
Majority-owned equity investees AOI					(3,497)
Operating income					110,178
Other income (expense):
Interest expense					(32,841)
Interest income					8,885

Miscellaneous, net					(5,190)
Income from operations before income taxes					$	81,032

(b) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(d) Unallocated corporate overhead costs include costs such as executive salaries and benefits and costs of maintaining corporate headquarters, facilities and common support functions.

Subscription revenues in the Domestic Operations segment include revenues related to the Company's streaming services of $157.1 million and $145.1 million for the three months ended March 31, 2025 and 2024, respectively.

The Company does not disclose total assets for each operating segment because these amounts are not regularly reviewed by the CODM nor are they used in assessing segment performance or deciding how to allocate resources to the segments.

AMC NETWORKS INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(unaudited)

The table below summarizes revenues based on customer location:


(In thousands)	Three Months Ended March 31,
		2025		2024
Revenues
United States		$	447,390	$	484,093
Europe		74,099		77,251
Other		33,744		35,117
		$	555,233	$	596,461

One customer within the Domestic Operations segment accounted for approximately 17% and 15% of consolidated revenues, net for the three months ended March 31, 2025 and 2024, respectively.

The table below summarizes property and equipment based on asset location:


(In thousands)	March 31, 2025		December 31, 2024
Property and equipment, net
United States	$	129,815	$	127,881
Europe	13,849		13,634
Other	1,346		1,521
	$	145,010	$	143,036

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

This Management's Discussion and Analysis of Financial Condition and Results of Operations contains statements that constitute forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. In this Management's Discussion and Analysis of Financial Condition and Results of Operations there are statements concerning our future operating results and future financial performance. Words such as "expects," "anticipates," "believes," "estimates," "may," "will," "should," "could," "potential," "continue," "intends," "plans" and similar words and terms used in the discussion of future operating results and future financial performance identify forward-looking statements. You are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties and that actual results or developments may differ materially from the forward-looking statements as a result of various factors. Factors that may cause such differences to occur include, but are not limited to:

•the level of our revenues;

•market demand, including changes in viewer consumption patterns, for our programming networks, our subscription streaming services, our programming (including our owned original programming and our film content) and our production services;

•demand for advertising inventory and our ability to deliver guaranteed viewer ratings;

•the highly competitive nature of the cable, telecommunications, streaming and programming industries;

•the cost of, and our ability to obtain or produce, desirable content for our programming services, other forms of distribution, including digital and licensing in international markets, as well as our film distribution businesses;

•the loss of any of our key personnel or artistic talent;

•the impact of strikes, including those related to the Writers, Directors, and Screen Actors guilds;

•the security of our program rights and other electronic data;

•breaches or failures of our or our vendors’ information technology systems or products, including by cyber-attack, data leakage, unauthorized access or theft;

•our ability to maintain and renew distribution or affiliation agreements with distributors;

•economic and business conditions and industry trends in the countries in which we operate, including fluctuations in inflation rates, recession risk and the impact of tariffs and changes in trade policies and uncertainty regarding the foregoing;

•fluctuations in currency exchange rates and interest rates;

•changes in domestic and foreign laws or regulations under which we operate;

•changes in laws or treaties relating to taxation, or the interpretation thereof, in the United States or in the countries in which we operate;

•the impact of existing and proposed federal, state and international laws and regulations relating to data protection, privacy and security, including the European Union's General Data Protection Regulation, the California Consumer Privacy Act and other similar comprehensive privacy and security laws that have been or may be enacted in other states;

•our substantial debt and high leverage;

•reduced access to, or inability to access, capital or credit markets, or significant increases in costs to borrow;

•the level of our expenses;

•changes in our business strategy;

•future acquisitions and dispositions of assets;

•our ability to successfully acquire new businesses and, if acquired, to integrate, and implement our plan with respect to businesses we acquire;

•problems we may discover post-closing with the operations, including the internal controls and financial reporting process, of businesses we acquire;

•the outcome of litigation, arbitration and other proceedings or investigations;

•whether pending uncompleted transactions, if any, are completed on the terms and at the times set forth (if at all);

•financial community and rating agency perceptions of our business, operations, financial condition and the industry in which we operate;

•impairment charges related to our goodwill and other intangible assets;

•the impact of pandemics or other health emergencies on the economy and our business;

•events that are outside our control, such as political unrest in international markets, terrorist attacks, natural disasters and other similar events; and

•the factors described under Item 1A, "Risk Factors" in our 2024 Annual Report on Form 10-K (the "2024 Form 10-K"), as filed with the Securities and Exchange Commission, and Part II, Item 1A, “Risk Factors,” in this Quarterly Report on Form 10-Q for the quarter ended March 31, 2025.

We disclaim any obligation to update or revise the forward-looking statements contained herein, except as otherwise required by applicable federal securities laws.

Introduction

Management's Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, is a supplement to and should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto included elsewhere herein and our 2024 Form 10-K to enhance the understanding of our financial condition, changes in financial condition and results of our operations. Unless the context otherwise requires, all references to "we," "us," "our," "AMC Networks" or the "Company" refer to AMC Networks Inc., together with its subsidiaries. The MD&A is organized as follows:

Business Overview. This section provides a general description of our business and our operating segments, as well as other matters that we believe are important in understanding our results of operations and financial condition and in anticipating future trends.

Consolidated Results of Operations. This section provides an analysis of our results of operations for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. Our discussion is presented on both a consolidated and segment basis. Our two segments are: (i) Domestic Operations and (ii) International.

Liquidity and Capital Resources. This section provides a discussion of our financial condition as of March 31, 2025, as well as an analysis of our cash flows for the three months ended March 31, 2025 and 2024. The discussion of our financial condition and liquidity also includes summaries of (i) our primary sources of liquidity and (ii) our contractual obligations that existed at March 31, 2025 as compared to December 31, 2024.

Critical Accounting Policies and Estimates. This section provides an update, if any, to our significant accounting policies or critical accounting estimates since December 31, 2024.

Business Overview

Financial Highlights

The tables presented below set forth our consolidated revenues, net, operating income (loss) and adjusted operating income (loss) ("AOI")1, for the periods indicated.


(In thousands)	Three Months Ended March 31,
		2025		2024




Revenues, net		$	555,233	$	596,461




Operating Income		$	64,197	$	110,178




Adjusted Operating Income		$	104,485	$	149,124

Segment Reporting

We manage our business through the following two operating segments:

•Domestic Operations: Consists of our five programming networks, our streaming services, our AMC Studios operation and our film distribution business. Our programming networks are AMC, We TV, BBC AMERICA, IFC, and SundanceTV. Our streaming services consist of AMC+ and our targeted subscription streaming services (Acorn TV, Shudder, Sundance Now, ALLBLK, and HIDIVE). Our AMC Studios operation produces original programming for our programming services and third parties and also licenses programming worldwide. Our film distribution business includes IFC Films, RLJ Entertainment Films and Shudder. The operating segment also includes AMC Networks Broadcasting & Technology, our technical services business, which primarily services the programming networks.

•International: Consists of AMC Networks International ("AMCNI"), our international programming businesses consisting of a portfolio of channels distributed around the world.

Domestic Operations

In our Domestic Operations segment, we earn revenue principally from: (i) subscription revenues in connection with the distribution of our programming through our programming networks and streaming services, (ii) the sale of advertising, and (iii) the licensing of our original programming to distributors, including the distribution of programming of IFC Films.

1 Adjusted Operating Income (Loss), is a non-GAAP financial measure. See the "Non-GAAP Financial Measures" section on page 35 for additional information, including our definition and our use of this non-GAAP financial measure, and for a reconciliation to its most comparable GAAP financial measure.

In the first quarter of 2025, the Company updated the definition of "aggregate paid subscribers" and the definitions of "affiliate revenues" and "streaming revenues". These changes have no effect on the Company's consolidated financial statements or results of operations. The impact of these changes to historical affiliate revenues and streaming revenues is not material. The new definitions are as follows:

Streaming subscriber (previously "aggregate paid subscriber"): A subscriber who registers on an a la carte basis and from whom we receive a fee, for one of our streaming services directly through our direct-to-consumer applications or indirectly through one of our streaming platform arrangements. This definitional change resulted in the exclusion of subscribers from our count who received access to our streaming services from distributors through a video package that also included access to our programming networks. Subscribers in this Quarterly Report on Form 10-Q reflect our updated definition.

The following table sets forth our streaming subscribers, presented under both the old definition of "aggregate paid subscriber" and the new definition of "streaming subscriber" as of each date indicated:


(in thousands)	December 31, 2023	March 31, 2024	June 30, 2024	September 30, 2024	December 31, 2024
As originally reported (a)	11,443	11,516	11,588	11,750	12,388
Adjustments (b)	(1,306)	(1,351)	(1,371)	(1,545)	(1,971)
Recast (c)	10,137	10,165	10,217	10,205	10,417

(a) Originally reported as "aggregate paid subscribers". Prior to the first quarter of 2025, a paid subscription was defined as a subscription to a direct-to-consumer service or a subscription received through distributor arrangements, in which we received a fee for the distribution of our streaming services.

(b) Primarily consists of Orange (Spain) and Philo customers at the end of the period presented that were provided access to our streaming services as part of video packages that also included access to our programming networks.

Affiliate revenues: Represents fees received from distributors for the rights to use the Company's programming under multi-year contracts, commonly referred to as "affiliation agreements." Affiliate revenues also include fees received from distributors who provide access to our streaming services to end users through a video package that also includes access to our programming networks. Affiliate revenues are earned from cable and other multichannel video programming distribution platforms, including direct broadcast satellite and platforms operated by telecommunications providers and virtual multichannel video programming distributors.

Streaming revenues: Represents fees for our streaming services earned from our direct-to-consumer platforms as well as through streaming platform arrangements with companies that sell our streaming services on our behalf.

Substantially all of our subscription revenues for our programming networks are based on a per subscriber fee. The subscription revenues we earn vary from period to period, distributor to distributor and also vary among our programming services, but are generally based on the impact of renewals of distributor agreements and upon the number of each distributor's subscribers who receive our programming, referred to as viewing subscribers. Subscription fees for our services are typically based on a per subscriber fee and are generally paid by distributors and consumers on a monthly basis. In negotiating for additional subscribers or extended carriage, we have agreed, in some instances, to make upfront payments to a distributor which we record as deferred carriage fees and which are amortized as a reduction to revenue over the period of the related affiliation agreement. We also may support the distributors' efforts to market our networks. We believe that these transactions generate a positive return on investment over the contract period.

Under affiliation agreements with our distributors, we have the right to sell a specified amount of national advertising time on our programming networks. Our advertising revenues are more variable than subscription revenues because the majority of our advertising is sold on a short-term basis, not under long-term contracts. Our arrangements with advertisers provide for a set number of advertising units to air over a specific period of time at a negotiated price per unit. Additionally, in these advertising sales arrangements, our programming networks generally guarantee specified viewer ratings for their programming. Most of our advertising revenues vary based on the timing of our original programming series and the popularity of our programming as measured by Nielsen.

Content licensing revenue is earned from the licensing of original programming for digital, foreign and home video distribution and is recognized upon availability or distribution by the licensee, and, to a lesser extent, is earned through the

distribution of AMC Studios produced series to third parties. Content licensing revenues vary based on the timing of availability of programming to distributors.

We continue to contract for and produce high-quality, attractive programming and remain disciplined in our marketing spend in our efforts to acquire and retain higher lifetime value subscribers. As competition for programming increases and alternative distribution technologies continue to emerge and develop in the industry, costs for content acquisition and original programming have increased. There is a concentration of subscribers in the hands of a few distributors, which could create disparate bargaining power between the largest distributors and us by giving those distributors greater leverage in negotiating the price and other terms of affiliation agreements. We also seek to increase our content licensing revenues by expanding the opportunities for licensing our programming through digital distribution platforms, foreign distribution and home video services.

Content expenses, included in technical and operating expenses, represent the largest expenses of the Domestic Operations segment and primarily consist of amortization of program rights, such as those for original programming, feature films and licensed series, as well as participation and residual costs. The other components of technical and operating expenses primarily include distribution and production related costs and program operating costs including cost of delivery, such as origination, transmission, uplink and encryption.

The success of our business depends on original programming, both scripted and unscripted, across all of our programming services. These original series generally result in higher ratings for our networks and higher viewership on our streaming services. Among other things, higher audience ratings drive increased revenues through higher advertising revenues. The timing of exhibition and distribution of original programming varies from period to period, which results in greater variability in our revenues, earnings and cash flows from operating activities. There may be significant changes in the level of our technical and operating expenses due to the level of our content investment spend and the related amortization of content acquisition and/or original programming costs. Program rights that are predominantly monetized as a group are amortized based on projected usage and viewership patterns, typically resulting in an accelerated amortization pattern and, to a lesser extent, program rights that are predominantly monetized individually are amortized based on the individual-film-forecast-computation method.

Most original series require us to make significant up-front investments. Our programming efforts are not always commercially successful, which has in the past resulted and could in the future result in a write-off of program rights. If events or changes in circumstances indicate that the fair value of program rights predominantly monetized individually or as a group is less than their unamortized cost, the Company will write off the excess to technical and operating expenses in the condensed consolidated statements of income. Program rights with no future programming usefulness are substantively abandoned resulting in the write-off of remaining unamortized cost.

International

In our International segment, we earn revenue principally from subscription revenue in connection with the international distribution of programming and, to a lesser extent, the sale of advertising from our AMCNI programming networks. Subscription revenue consists of the fees paid by distributors to carry our programming networks. Our subscription revenues are generally based on either a per-subscriber fee or a fixed contractual annual fee, under multi-year affiliation agreements. Subscription revenues are derived from the distribution of our programming networks primarily in Europe, and to a lesser extent, Latin America.

Content expenses and programming operating costs primarily comprise technical and operating expenses. Content expenses represent the largest expense of the International segment and primarily consist of amortization of acquired content. Program operating costs include costs such as origination, transmission, uplink and encryption of our linear AMCNI channels as well as content hosting and delivery costs at our various on-line content distribution initiatives. Other components of technical and operating expense include costs of dubbing and sub-titling of programs. Our programming efforts are not all commercially successful, which has in the past resulted and could in the future result in a write-off of program rights. If events or changes in circumstances indicate that the fair value of program rights predominantly monetized individually or a group is less than its unamortized cost, the Company will write off the excess to technical and operating expenses in the condensed consolidated statements of income. Program rights with no future programming usefulness are substantively abandoned, resulting in the write-off of remaining unamortized cost.

Impact of Economic Conditions

Our future performance is dependent, to a large extent, on general economic conditions, which can impact, among other things, our ability to manage our businesses effectively and our relative strength and leverage in the marketplace, with both suppliers and customers. Additionally, macroeconomic and geopolitical risks, particularly high inflation and interest rates, as well as recently announced or implemented tariffs and changes to the U.S.'s and other countries' trade policies, and uncertainty regarding further changes to any of the foregoing, may adversely impact our results of operations, cash flows and financial position or our ability to refinance our indebtedness on terms favorable to us, or at all.

Capital and credit market disruptions, as well as other events such as pandemics or other health emergencies, inflation, tariffs and changes to the U.S.'s and other countries' trade policies, international conflict and recession, have in the past caused and could in the future cause market volatility and economic downturns, which have led and may lead to lower demand for our products, such as lower demand for television advertising and a decrease in the number of subscribers receiving our programming services. Events such as these have in the past adversely impacted, and may in the future adversely impact, our results of operations, cash flows and financial position.

Consolidated Results of Operations

The amounts presented and discussed below represent 100% of each operating segment's revenues, net and expenses. Where we have management control of an entity, we consolidate 100% of such entity in our condensed consolidated statements of income notwithstanding that a third-party owns an interest, which may be significant, in such entity. The noncontrolling owner's interest in the operating results of consolidated subsidiaries are reflected in net income attributable to noncontrolling interests in our condensed consolidated statements of income.

Three Months Ended March 31, 2025 and 2024

The following table sets forth our consolidated results of operations for the periods indicated.


	Three Months Ended March 31,
(In thousands)		2025		2024		Change
Revenues, net:
Subscription		$	358,075	$	373,407	(4.1)	%
Advertising		141,856		161,378		(12.1)	%
Content licensing and other		55,302		61,676		(10.3)	%
Total revenues, net		555,233		596,461		(6.9)	%
Operating expenses:
Technical and operating (excluding depreciation and amortization)		267,346		271,576		(1.6)	%
Selling, general and administrative		197,975		188,881		4.8	%
Depreciation and amortization		20,926		25,826		(19.0)	%

Restructuring and other related charges		4,789		—		n/m
Total operating expenses		491,036		486,283		1.0	%
Operating income		64,197		110,178		(41.7)	%
Other income (expense):
Interest expense		(43,392)		(32,841)		32.1	%
Interest income		8,415		8,885		(5.3)	%

Miscellaneous, net		7,888		(5,190)		n/m
Total other expense		(27,089)		(29,146)		(7.1)	%
Income from operations before income taxes		37,108		81,032		(54.2)	%
Income tax expense		(14,955)		(23,649)		(36.8)	%
Net income including noncontrolling interests		22,153		57,383		(61.4)	%
Less: Net income attributable to noncontrolling interests		(4,104)		(11,580)		(64.6)	%
Net income attributable to AMC Networks' stockholders		$	18,049	$	45,803	(60.6)	%
n/m - Absolute percentages greater than 100% and comparisons between positive and negative values or zero values are considered not meaningful.

Revenues, net

Subscription revenues decreased 2.8% in our Domestic Operations segment due to a decline in affiliate revenues primarily due to basic subscriber declines, partially offset by an increase in streaming revenues. Subscription revenues decreased 12.1% in our International segment primarily due to the non-renewal of a distribution agreement in Spain in the fourth quarter of 2024. We expect the linear subscriber declines to continue, consistent with the declines across the cable ecosystem.

Advertising revenues decreased 14.7% in our Domestic Operations segment primarily due to linear ratings declines. Advertising revenues increased 5.0% in our International segment due to increased ratings and advertising growth in the United Kingdom, including digital and advanced advertising growth, partially offset by lower advertising revenues across our other European markets. We expect advertising revenue to continue to decline as the advertising market gravitates toward other distribution platforms.

Content licensing and other revenues decreased 13.1% in our Domestic Operations segment primarily due to the availability of deliveries in the period, including the prior year beneficial impact associated with the sale of our rights and interests to Killing Eve in the first quarter of 2024. We expect content licensing revenues to vary in 2025 based on the timing and availability of our programming to distributors.

Technical and operating expenses (excluding depreciation and amortization)

The components of technical and operating expenses are primarily content expenses, which include the amortization of program rights, such as those for original programming, feature films and licensed series, and participation and residual costs. Technical and operating expenses also include other direct programming costs, such as distribution and production related costs and program delivery costs, such as transmission, encryption, hosting, and formatting.

There may be significant changes in the level of our technical and operating expenses due to original programming costs and/or content acquisition costs. As competition for programming increases, costs for content acquisition and original programming are expected to increase.

Technical and operating expenses (excluding depreciation and amortization) decreased 2.9% in our Domestic Operations segment primarily due to lower program rights amortization. Technical and operating expenses (excluding depreciation and amortization) increased 4.4% in our International segment primarily due to higher content expenses, primarily driven by increased program investment.

Selling, general and administrative expenses

The components of selling, general and administrative expenses primarily include sales, marketing, research and advertising expenses, employee related costs and costs of non-production facilities.

There have been and may continue to be significant changes in the level of our selling, general and administrative expenses due to the timing of promotions and marketing of original programming series.

Selling, general and administrative expenses increased 7.4% in our Domestic Operations segment primarily due to higher employee related costs and higher marketing expenses. Selling, general and administrative expenses decreased 12.6% in our International segment primarily due to a decrease in corporate overhead costs allocated to AMCNI and lower selling expenses, including commissions, partially offset by higher marketing expenses.

Selling, general and administrative expenses, excluding share-based compensation, also consist of unallocated executive management and administrative support services, such as executive salaries and benefits costs, costs of maintaining corporate headquarters, facilities and common support functions. Unallocated corporate overhead costs increased 11.4% to $29.3 million primarily due to higher employee related costs, including higher bonus and severance expenses.

Restructuring and other related charges

Restructuring and other related charges were $4.8 million for the three months ended March 31, 2025, primarily related to the planned wind-down of a U.K. joint venture in our International segment. Additionally, we commenced a restructuring plan related to our International segment (the “AMCNI Plan”) designed to achieve cost reductions and streamline operations in Southern Europe, including channel re-branding and a reduction of workforce. The Company estimates it will incur approximately $5.0 million of additional restructuring charges in connection with the AMCNI Plan, which is expected to be substantially completed by the end of 2025.

There were no restructuring and other related charges for the three months ended March 31, 2024.

Operating income

The decrease in operating income was primarily attributable to a $41.2 million decrease in revenues, net.

Interest expense

The increase in interest expense was primarily due to an increase in average interest rates associated with the April 2024 issuance of the Company's 10.25% Senior Secured Notes due 2029 to refinance the Company's 4.75% Senior Notes due 2025, partially offset by the impact of a lower outstanding balance under our Term Loan A Facility.

Interest income

The decrease in interest income was primarily attributable to lower interest income recognized in connection with our long-term content licensing receivables.

Miscellaneous, net

The increase in miscellaneous, net was primarily related to the impact of foreign currency fluctuations and higher net earnings of equity method investees.

Income tax expense

Segment Results of Operations

Our segment operating results are presented based on how we assess operating performance and internally report financial information. We use segment adjusted operating income as the measure of profit or loss for our operating segments. See the "Non-GAAP Financial Measures" section below for our definition of Adjusted Operating Income and a reconciliation from Operating Income to Adjusted Operating Income on a consolidated basis. The segment financial information set forth below, including the discussion related to individual line items, does not reflect inter-segment eliminations unless specifically indicated.

Domestic Operations

The following table sets forth our Domestic Operations segment results for the periods indicated.


	Three Months Ended March 31,
(In thousands)		2025		2024		Change
Revenues, net:
Subscription		$	313,373	$	322,558	(2.8)	%
Advertising		119,248		139,854		(14.7)
Content licensing and other		53,686		61,814		(13.1)
Total revenues, net		486,307		524,226		(7.2)
Technical and operating expenses (excluding depreciation and amortization)(a)		231,723		238,570		(2.9)
Selling, general and administrative expenses(b)		136,263		126,834		7.4
Majority-owned equity investees AOI		5,603		3,497		60.2
Segment adjusted operating income		$	123,924	$	162,319	(23.7)	%
(a) Technical and operating expenses exclude cloud computing amortization
(b) Selling, general and administrative expenses exclude share-based compensation expenses and cloud computing amortization

Revenues, net

Subscription revenues decreased due to an 11.9% decline in affiliate revenues, partially offset by an 8.3% increase in streaming revenues. Affiliate revenues decreased primarily due to basic subscriber declines and, to a lesser extent, contractual rate decreases in connection with renewals. Streaming revenues increased primarily due to the impact of price increases across our services.

Revenues related to the Company's streaming services were $157.1 million and $145.1 million for the three months ended March 31, 2025 and 2024, respectively. Streaming subscribers were 10.2 million at March 31, 2025, the same level as March 31, 2024, and a reduction compared to 10.4 million streaming subscribers at December 31, 2024.

Advertising revenues decreased primarily due to linear ratings declines.

Content licensing and other revenues decreased due to the availability of deliveries in the period, including the prior year beneficial impact associated with the sale of our rights and interests to Killing Eve in the first quarter of 2024.

Technical and operating expenses (excluding depreciation and amortization)

Technical and operating expenses (excluding depreciation and amortization) decreased primarily due to lower program rights amortization.

Selling, general and administrative expenses

Selling, general and administrative expenses increased primarily due to higher employee related costs and higher marketing expenses driven by increased paid media spend for AMC+ and Acorn.

Segment adjusted operating income

The decrease in segment adjusted operating income was primarily attributable to the continued revenue headwinds in our linear businesses.

International

The following table sets forth our International segment results for the periods indicated.


	Three Months Ended March 31,
(In thousands)		2025		2024		Change
Revenues, net:
Subscription		$	44,702	$	50,849	(12.1)	%
Advertising		22,608		21,524		5.0
Content licensing and other		2,636		3,232		(18.4)
Total revenues, net		69,946		75,605		(7.5)
Technical and operating expenses (excluding depreciation and amortization)		35,125		33,638		4.4
Selling, general and administrative expenses(a)		24,970		28,567		(12.6)

Segment adjusted operating income		$	9,851	$	13,400	(26.5)	%
(a) Selling, general and administrative expenses exclude share-based compensation expenses

Revenues, net

Subscription revenues decreased primarily due to the non-renewal of a distribution agreement in Spain in the fourth quarter of 2024.

Advertising revenues increased due to increased ratings and advertising growth in the United Kingdom, including digital and advanced advertising growth, partially offset by lower advertising revenues across our other European markets.

Technical and operating expenses (excluding depreciation and amortization)

Technical and operating expenses (excluding depreciation and amortization) increased primarily due to higher content expenses, primarily driven by increased program investment.

Selling, general and administrative expenses

Selling, general and administrative expenses decreased primarily due to a decrease in corporate overhead costs allocated to AMCNI and lower selling expenses, including commissions, partially offset by higher marketing expenses.

Segment adjusted operating income

The decrease in segment adjusted operating income was primarily due to the impact of the non-renewal of a distribution agreement in Spain in the fourth quarter of 2024.

Liquidity and Capital Resources

Our operations typically generate positive net cash flow from operating activities. However, each of our programming businesses has substantial programming acquisition and production expenditure requirements.

As of March 31, 2025, our cash and cash equivalents balance of $870.2 million included approximately $121.4 million held by foreign subsidiaries. Of this amount, approximately $8.0 million is expected to be repatriated to the United States with the remaining amount continuing to be reinvested in foreign operations. Tax expense related to the expected repatriation amount has been accrued in prior periods and we do not expect to incur any significant, additional taxes related to the remaining balance.

Our primary source of cash typically includes cash flow from operations. Sources of cash also include amounts available under our revolving credit facility and, subject to market conditions, access to capital and credit markets. The revolving credit facility was not drawn upon at March 31, 2025. The total undrawn revolver commitment is available to be drawn for our general corporate purposes. Although we currently believe that amounts available under our revolving credit facility will be available when and if needed, we can provide no assurance that access to such funds will not be impacted by adverse conditions in the financial markets. The obligations of the financial institutions under our revolving credit facility are several and not joint and, as a result, a funding default by one or more institutions does not need to be made up by the others. As a public company, we may have access to capital and credit markets, although adverse conditions in the financial markets have in the past impacted, and are expected in the future to impact, access to those markets.

We believe that a combination of cash-on-hand, cash generated from operating activities, availability under our revolving credit facility and our accounts receivable monetization program, borrowings under additional financing facilities and proceeds

from the issuance of new debt, will provide sufficient liquidity to service the principal and interest payments on our indebtedness, along with our other funding and investment requirements over the next twelve months and over the longer term. However, we do not expect to generate sufficient cash from operations to repay the entirety of the outstanding balances of our debt at the applicable maturity dates. As a result, we will be dependent upon our ability to access the capital and credit markets in order to repay, refinance, repurchase through privately negotiated transactions, open market repurchases, tender offers or otherwise or redeem the outstanding balances of our indebtedness.

AMC Networks credit agreement (as amended the "Credit Agreement") generally requires AMC Networks Inc. and its restricted subsidiaries on a consolidated basis to comply with a maximum total net leverage ratio of 5.75:1.00 from April 9, 2024 through March 31, 2026, after which the maximum total net leverage ratio changes to 5.50:1.00. As of March 31, 2025, the total net leverage ratio was approximately 4.34:1.00. In addition, the Credit Agreement requires a minimum interest coverage ratio of 2.00:1.00 for AMC Networks Inc. and its restricted subsidiaries on a consolidated basis until September 30, 2026, after which the minimum interest coverage ratio changes to 2.25:1.00. As of March 31, 2025, the interest coverage ratio was approximately 2.64:1.00. All borrowings under the Credit Agreement are subject to the satisfaction of customary conditions, including the absence of a default and accuracy of representations and warranties.

AMC Networks was in compliance with all of its debt covenants as of March 31, 2025.

Failure to raise significant amounts of funding to repay our outstanding debt obligations at their respective maturity dates would adversely affect our business. In such a circumstance, we would need to take other actions including selling assets, seeking strategic investments from third parties or reducing other discretionary uses of cash. For information relating to our outstanding debt obligations, refer to Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations - Debt Financing Agreements" of our 2024 Form 10-K. In addition, economic or market disruptions could lead to lower demand for our services, such as loss of subscribers and lower levels of advertising. These events would adversely impact our results of operations, cash flows and financial position.

In April 2025, the Company repurchased $31.6 million principal amount of its 4.25% Senior Notes due February 2029 through open market repurchases, at a discount of $9.3 million, and retired the repurchased notes. In May 2025, the Company voluntarily prepaid $20.0 million of borrowings under the Term Loan A Facility.

Our Board of Directors has authorized a program to repurchase up to $1.5 billion of our outstanding shares of Class A Common Stock (the "Stock Repurchase Program"). The Stock Repurchase Program has no pre-established termination date and may be suspended or discontinued at any time. For the three months ended March 31, 2025, we did not repurchase any of our Class A Common Stock. As of March 31, 2025, we had $135.3 million of authorization remaining for repurchase under the Stock Repurchase Program.

Cash Flow Discussion

The following table is a summary of cash flows provided by (used in) operating, investing and financing activities for the periods indicated:


(In thousands)	Three Months Ended March 31,
	2025		2024
Net cash provided by operating activities	$	108,805	$	150,869
Net cash used in investing activities	(14,620)		(2,784)
Net cash used in financing activities	(12,966)		(23,133)
Net increase in cash and cash equivalents from operations	$	81,219	$	124,952

Operating Activities

Net cash provided by operating activities for the three months ended March 31, 2025 and 2024 amounted to $108.8 million and $150.9 million, respectively.

For the three months ended March 31, 2025, net cash provided by operating activities primarily resulted from $241.1 million of net income before amortization of program rights, depreciation and amortization, and other non-cash items, partially offset by payments for program rights of $169.6 million. Changes in all other assets and liabilities resulted in a net cash inflow of $37.3 million.

For the three months ended March 31, 2024, net cash provided by operating activities primarily resulted from $294.8 million of net income before amortization of program rights, depreciation and amortization, and other non-cash items, partially offset by payments for program rights of $193.0 million. Changes in all other assets and liabilities resulted in a net cash inflow of $49.1 million.

Investing Activities

Net cash used in investing activities for the three months ended March 31, 2025 and 2024 amounted to $14.6 million and $2.8 million, respectively, and primarily consisted of capital expenditures.

Financing Activities

Net cash used in financing activities for the three months ended March 31, 2025 and 2024 amounted to $13.0 million and $23.1 million, respectively.

For the three months ended March 31, 2025, net cash used in financing activities primarily related to principal payments on the Term Loan A Facility of $8.1 million and taxes paid in lieu of shares issued for equity-based compensation of $3.7 million.

For the three months ended March 31, 2024, net cash used in financing activities primarily consisted of principal payments on the Term Loan A Facility of $16.9 million and taxes paid in lieu of shares issued for equity-based compensation of $4.0 million.

Contractual Obligations

As of March 31, 2025, our contractual obligations not reflected on the condensed consolidated balance sheets decreased $34.5 million, as compared to December 31, 2024, to $560.8 million. The decrease was primarily related to payments for program rights.

Supplemental Guarantor Financial Information

The following is a description of the terms and conditions of the guarantees with respect to the notes outstanding as of March 31, 2025 for which AMC Networks is the issuer.

Note Guarantees

Debt of AMC Networks as of March 31, 2025 included $875.0 million of 10.25% Senior Secured Notes due 2029, $985.0 million of 4.25% Senior Notes due 2029, and $143.8 million of 4.25% Convertible Senior Notes due 2029 (collectively, the “notes”). The notes were issued by AMC Networks and are unconditionally guaranteed, jointly and severally, on an unsecured basis, by each of AMC Networks’ existing and future domestic restricted subsidiaries, subject to certain exceptions (each, a “Guarantor Subsidiary,” and collectively, the “Guarantor Subsidiaries”). The obligations of each Guarantor Subsidiary under its note guarantee are limited as necessary to prevent such note guarantee from constituting a fraudulent conveyance under applicable law. A guarantee of the notes by a Guarantor Subsidiary is subject to release in the following circumstances: (i) any sale or other disposition of all of the capital stock of a Guarantor Subsidiary to a person that is not (either before or after giving effect to such transaction) a restricted subsidiary, in compliance with the terms of the applicable indenture; (ii) the designation of a restricted subsidiary as an “Unrestricted Subsidiary” under the applicable indenture; or (iii) the release or discharge of the guarantee (including the guarantee under the AMC Networks’ credit agreement) which resulted in the creation of the note guarantee (provided that such Guarantor Subsidiary does not have any preferred stock outstanding at such time that is not held by AMC Networks or another Guarantor Subsidiary).

Foreign subsidiaries of AMC Networks do not and will not guarantee the notes.

The following tables present the summarized financial information specified in Rule 1-02(bb)(1) of Regulation S-X for AMC Networks and each Guarantor Subsidiary. The summarized financial information has been prepared in accordance with Rule 13-01 of Regulation S-X.

Summarized Financial Information


Income Statement
(In thousands)	Three Months Ended March 31, 2025				Three Months Ended March 31, 2024
	Parent Company		Guarantor Subsidiaries		Parent Company		Guarantor Subsidiaries
Revenues	$	—	$	426,760	$	—	$	424,106
Operating expenses	—		363,273		—		347,277
Operating income	$	—	$	63,487	$	—	$	76,829
Income before income taxes	$	29,845	$	74,732	$	63,503	$	100,171
Net income	18,049		73,061		45,803		96,145


Balance Sheet	March 31, 2025				December 31, 2024
(In thousands)	Parent Company		Guarantor Subsidiaries		Parent Company		Guarantor Subsidiaries
Assets
Amounts due from subsidiaries	$	103	$	87,324	$	4,483	$	82,342
Current assets	8,701		1,438,287		31,727		1,386,554
Non-current assets	3,453,904		2,644,261		3,467,276		2,718,427

Liabilities and equity:
Amounts due to subsidiaries	$	65,093	$	1,387	$	80,983	$	733
Current liabilities	210,954		473,637		168,903		473,418
Non-current liabilities	2,362,813		217,853		2,474,505		228,778

Critical Accounting Policies and Estimates

We describe our significant accounting policies in Note 2 to the Company's Consolidated Financial Statements included in our 2024 Form 10-K. There have been no significant changes in our significant accounting policies since December 31, 2024.

We discuss our critical accounting estimates in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," in our 2024 Form 10-K. There have been no significant changes in our critical accounting estimates since December 31, 2024.

Non-GAAP Financial Measures

Internally, we use AOI and Free Cash Flow as the most important indicators of our business performance, and evaluate management's effectiveness with specific reference to these indicators.

We evaluate segment performance based on operating segment AOI. We define AOI, which is a financial measure that is not calculated in accordance with generally accepted accounting principles ("GAAP"), as operating income (loss) before share-based compensation expenses or benefit, depreciation and amortization, impairment and other charges (including gains or losses on sales or dispositions of businesses), restructuring and other related charges, cloud computing amortization and including the Company’s proportionate share of adjusted operating income (loss) from majority-owned equity method investees. From time to time, we may exclude the impact of certain events, gains, losses or other charges (such as significant legal settlements) from AOI that affect our operating performance.

We believe that AOI is an appropriate measure for evaluating the operating performance on both an operating segment and consolidated basis. AOI and similar measures with similar titles are common performance measures used by investors, analysts and peers to compare performance in the industry. AOI should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities and other measures of performance and/or liquidity presented in accordance with GAAP. Since AOI is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies.

The following is a reconciliation of operating income to AOI for the periods indicated:



	Three Months Ended March 31,
(In thousands)	2025		2024






Operating income	$	64,197	$	110,178
Share-based compensation expenses	5,757		6,075
Depreciation and amortization	20,926		25,826
Restructuring and other related charges	4,789		—

Cloud computing amortization	3,213		3,548
Majority owned equity investees AOI	5,603		3,497
Adjusted operating income	$	104,485	$	149,124

We define Free Cash Flow, which is a non-GAAP financial measure, as net cash provided by operating activities less capital expenditures, all of which are reported in our Consolidated Statement of Cash Flows. We believe the most comparable GAAP financial measure of our liquidity is net cash provided by operating activities. We believe that Free Cash Flow is useful as an indicator of our overall liquidity, as the amount of Free Cash Flow generated in any period is representative of cash that is available for debt repayment, investment, and other discretionary and non-discretionary cash uses. We also believe that Free Cash Flow is one of several benchmarks used by analysts and investors who follow the industry for comparison of our liquidity with other companies in our industry, although our measure of Free Cash Flow may not be directly comparable to similar measures reported by other companies.

The following is a reconciliation of net cash provided by operating activities to Free Cash Flow for the periods indicated:


	Three Months Ended March 31,
(In thousands)	2025		2024
Net cash provided by operating activities	$	108,805	$	150,869
Less: capital expenditures	(14,620)		(6,720)
Free cash flow	$	94,185	$	144,149


Supplemental Cash Flow Information	Three Months Ended March 31,
(In thousands)	2025		2024
Restructuring initiatives	$	(5,751)	$	(4,821)
Distributions to noncontrolling interests	—		(1,168)

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Fair Value of Debt

Based on the level of interest rates prevailing at March 31, 2025, the carrying value of our fixed rate debt of $1.98 billion was more than its fair value of $1.76 billion by $213.9 million. The fair value of these financial instruments is estimated based on reference to quoted market prices for these or comparable securities. A hypothetical 100 basis point decrease in interest rates prevailing at March 31, 2025 would increase the estimated fair value of our fixed rate debt by $23.2 million to $1.79 billion.

Managing our Interest Rate Risk

As of March 31, 2025, we had $2.4 billion of debt outstanding (excluding finance leases), of which $357.5 million is outstanding under our loan facility and is subject to variable interest rates. A hypothetical 100 basis point increase in interest rates prevailing at March 31, 2025 would increase our annual interest expense by $3.6 million. The interest rate paid on approximately 85% of our debt (excluding finance leases) as of March 31, 2025 is fixed.

Managing our Foreign Currency Exchange Rate Risk

We are exposed to foreign currency risk to the extent that we enter into transactions denominated in currencies other than our subsidiaries' respective functional currencies (non-functional currency risk), such as affiliation agreements, programming contracts, certain trade receivables and accounts payable (including intercompany amounts) that are denominated in a currency other than the applicable functional currency. Changes in exchange rates with respect to amounts recorded in our condensed consolidated balance sheets related to these items will result in unrealized (based upon period-end exchange rates) or realized foreign currency transaction gains and losses upon settlement of the transactions. Moreover, to the extent that our revenue, costs and expenses are denominated in currencies other than our respective functional currencies, we will experience fluctuations in our revenue, costs and expenses solely as a result of changes in foreign currency exchange rates.

To manage foreign currency exchange rate risk, we enter into foreign currency contracts from time to time with financial institutions to limit our exposure to fluctuations in foreign currency exchange rates. We do not enter into foreign currency contracts for speculative or trading purposes.

The Company recognized gains (losses) of $3.8 million and $(2.7) million for the three months ended March 31, 2025 and 2024, respectively, related to foreign currency transactions. Such amounts are included in miscellaneous, net in the condensed consolidated statements of income.

We also are exposed to fluctuations of the U.S. dollar (our reporting currency) against the currencies of our operating subsidiaries when their respective financial statements are translated into U.S. dollars for inclusion in our condensed consolidated financial statements. Cumulative translation adjustments are recorded in accumulated other comprehensive income (loss) as a separate component of equity. Any increase (decrease) in the value of the U.S. dollar against any foreign currency that is the functional currency of one of our operating subsidiaries will cause us to experience unrealized foreign currency translation losses (gains) with respect to amounts already invested in such foreign currencies. Accordingly, we may experience a negative impact on our comprehensive income (loss) and equity with respect to our holdings solely as a result of changes in foreign currency exchange rates.

Item 4. Controls and Procedures.

Disclosure Controls and Procedures

An evaluation was carried out under the supervision and with the participation of the Company's management, including our principal executive officer (our Chief Executive Officer) and our principal financial officer (our Chief Financial Officer), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended). Based upon that evaluation as of March 31, 2025, the Company's principal executive officer (our Chief Executive Officer) and principal financial officer (our Chief Financial Officer) concluded that the Company's disclosure controls and procedures are effective.

Changes in Internal Control over Financial Reporting

During the three months ended March 31, 2025, there were no changes in the Company's internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

See Note 14, Commitments and Contingencies to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for a description of our legal proceedings.

Item 1A. Risk Factors.

The risk factors discussed in Item 1A. Risk Factors of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 have not materially changed except as set forth below.

The Trump administration has introduced tariffs that impact a number of industries, including announcing an intention to impose tariffs on movies produced outside the United States. Such tariffs, if imposed, and similar tariffs imposed by other governments, could have a material adverse effect on our financial condition and results of operations.

The Trump administration has introduced tariffs that impact a number of industries, including announcing an intention to impose tariffs on movies produced outside the United States. The U.S. tariff environment remains highly dynamic and views on tariffs and how tariffs would be imposed are evolving. Tariffs charged by other countries, included retaliatory tariffs, also are expected to evolve. As a result, we cannot predict the breadth of tariffs and related costs that will ultimately impact the Company, but if tariffs are imposed on production of content, including films and series, such costs could be substantial and have a material adverse effect on our financial condition, results of operations and cash flows, and our expected financial results. Based on the ultimate scope, nature and duration of any tariffs implemented, we may take various mitigating actions, such as making changes to our content production plans, which may not fully offset the impact of tariffs. We may also need to make material changes to how and where we produce and source programming, which could require significant changes to production schedules and locales, including access to local production tax credits, any of which could be material.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The Company's Board of Directors has authorized a $1.5 billion Stock Repurchase Program. The authorization of up to $500 million was announced on March 7, 2016, an additional authorization of $500 million was announced on June 7, 2017, and an additional authorization of $500 million was announced on June 13, 2018. The Stock Repurchase Program has no pre-established termination date and may be suspended or discontinued at any time.

For the three months ended March 31, 2025, the Company did not repurchase any shares of its Class A Common Stock. As of March 31, 2025, the Company had $135.3 million of authorization remaining for repurchase under the Stock Repurchase Program.

Table of Contents

Item 6. Exhibits.

(a)Index to Exhibits.


Exhibit Number						Description of Exhibit

10.1						Employment Agreement, dated November 12, 2024, by and between AMC Networks Inc. and Salvatore Romanello.

22						Guarantor Subsidiaries of the Registran t.

31.1						Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2						Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32*						Certifications of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350.



101.INS						XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within Inline XBRL document.

101.SCH						XBRL Taxonomy Extension Schema Document.

101.CAL						XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF						XBRL Taxonomy Extension Definition Linkbase.

101.LAB						XBRL Taxonomy Extension Label Linkbase Document.

101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document.

104						Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

* Furnished herewith. These exhibits shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibits shall not be deemed incorporated into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

AMC Networks Inc.

Date:

May 9, 2025

By:

/s/ Patrick O'Connell

Patrick O'Connell

Executive Vice President and Chief Financial Officer

Date:

May 9, 2025

By:

/s/ Michael J. Sherin III

Michael J. Sherin III

Executive Vice President and Chief Accounting Officer

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Date	Price Target	Rating	Analyst
10/22/2024	$11.00	Neutral → Buy	Seaport Research Partners
12/12/2023		Buy → Neutral	Seaport Research Partners
10/6/2023	$16.00	Buy	Seaport Research Partners
6/6/2023	$19.00 → $12.00	Equal-Weight → Underweight	Morgan Stanley
2/22/2022	$45.00 → $32.00	Sell	Deutsche Bank
2/17/2022	$43.00 → $42.00	Equal-Weight	Morgan Stanley
2/17/2022	$45.00 → $32.00	Underweight	Wells Fargo
1/12/2022	$58.00 → $42.00	Neutral	Goldman Sachs

SEC Form 10-Q filed by AMC Networks Inc.

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