AMCX · AMC Networks Inc.

AMC Global Media Inc. announced first quarter 2026 results showing net revenues of $542.1 million, a 2.4% decline from $555.2 million in the prior year, with foreign currency providing a 1% tailwind. Domestic Operations revenues fell 3.2% to $470.7 million, driven by a 2.6% drop in subscription revenues to $305.3 million from affiliate declines, though streaming revenues surged 11% to $174 million due to price increases, now comprising over a third of the segment. Streaming subscribers dipped 1% to 10.1 million, but ad-supported AMC+ activations under bundles doubled to 1.8 million. Advertising revenues declined 5.4% to $112.8 million from lower pricing, partially offset by digital growth. International revenues rose 3.3% to $72.3 million, but organically down 5% excluding FX, impacted by the CBS EMEA joint venture wind-down. GAAP operating income plummeted 51.3% to $31.3 million, while Adjusted Operating Income fell 34% to $69 million (13% margin). CEO Kristin Dolan highlighted double-digit streaming growth, robust free cash flow of $65 million, and reaffirmed full-year outlook, emphasizing a studio-driven strategy amid media changes. Operational wins included expanded DISH/Sling TV deal, All Reality on Roku/Apple, new series launches like The Audacity (renewed S2) and Thunder Road with NASCAR/Dennis Quaid, and Meta Quest partnership. Balance sheet actions: exchanged $861M of 10.25% 2029 Secured Notes for 10.50% 2032 notes, redeemed remaining $14M at 105.125%; plans to repay Term Loan A and terminate Credit Facility. Announced $30M ASR under $117M remaining buyback authorization, with 32.4M Class A shares outstanding as of May 1. Restructuring charges totaled $4M, including U.S. buyouts and International office closures. Corporate name changed to AMC Global Media Inc. in April.