AMCX

As the Q2 earnings season wraps, let’s dig into this quarter’s best and worst performers in the consumer discretionary - broadcasting industry, including AMC Networks (NASDAQ:AMCX) and its peers. The Consumer Discretionary sector, by definition, is made up of companies selling non-essential goods and services. When economic conditions deteriorate or tastes shift, consumers can easily cut back or eliminate these purchases. For long-term investors with five-year holding periods, this creates a structural challenge: the sector is inherently hit-driven, with low switching costs and fickle customers. As a result, only a handful of companies can reliably grow demand and compound earnings over long periods, which is why our bar is high and High Quality ratings are rare. Broadcasting companies produce and distribute television and radio content, generating revenue primarily through advertising and, in some cases, retransmission fees (payments cable and satellite operators make to carry local channels). Tailwinds include resilient demand for live sports and event programming, which commands premium ad rates, and political advertising during election cycles. Headwinds, however, are substantial: secular cord-cutting (consumers canceling traditional pay-TV subscriptions) is shrinking linear audiences, digital platforms are capturing an increasing share of advertising budgets, and content production costs continue to rise. Regulatory scrutiny over media consolidation and spectrum ownership further constrains strategic flexibility. The 6 consumer discretionary - broadcasting stocks we track reported a mixed Q2. As a group, revenues beat analysts’ consensus estimates by 3% while next quarter’s revenue guidance was 3.1% above. Thankfully, share prices of the companies have been resilient as they are up 7.1% on average since the latest earnings results. Originally the joint-venture of four cable television companies, AMC Networks (NASDAQ:AMCX) is a broadcaster producing a diverse range of television shows and movies. AMC Networks reported revenues of $547.5 million, down 8.8% year on year. This print fell short of analysts’ expectations by 1.2%. Overall, it was a softer quarter for the company with a significant miss of analysts’ EPS estimates. Interestingly, the stock is up 14.7% since reporting and currently trades at $11.76. Read our full report on AMC Networks here, it’s free. Founded in 1915, Fox (NASDAQ:FOXA) is a diversified media company, operating prominent cable news, television broadcasting, and digital media platforms. FOX reported revenues of $4.21 billion, up 28.1% year on year, outperforming analysts’ expectations by 15.5%. The business had a stunning quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates. FOX scored the biggest analyst estimate beat and fastest revenue growth among its peers. The market seems happy with the results as the stock is up 7.6% since reporting. It currently trades at $63.16. Is now the time to buy FOX? Access our full analysis of the earnings results here, it’s free. Founded as a chain of daily newspapers, E.W. Scripps (NASDAQ:SSP) is a diversified media enterprise operating a range of local television stations, national networks, and digital media platforms. E.W. Scripps reported revenues of $490.4 million, down 9.2% year on year, falling short of analysts’ expectations by 3.4%. It was a disappointing quarter as it posted a significant miss of analysts’ EPS estimates and a miss of analysts’ EBITDA estimates. E.W. Scripps delivered the weakest performance against analyst estimates and slowest revenue growth in the group. Interestingly, the stock is up 14.9% since the results and currently trades at $3.39. Read our full analysis of E.W. Scripps’s results here. Owner of Spongebob Squarepants and formerly known as ViacomCBS, Paramount Global (NASDAQ:PSKY) is a major media conglomerate offering television, film production, and digital content across various global platforms. Paramount reported revenues of $6.91 billion, flat year on year. This print surpassed analysts’ expectations by 0.7%. Aside from that, it was a satisfactory quarter as it also recorded a solid beat of analysts’ EBITDA estimates but EPS in line with analysts’ estimates. Paramount had the weakest guidance update of the whole group. The stock is up 13% since reporting and currently trades at $9.47. Read our full, actionable report on Paramount here, it’s free. Specializing in local media coverage, Gray Television (NYSE:GTN) is a broadcast company supplying digital media to various markets in the United States. Gray Television reported revenues of $839 million, up 8.7% year on year. This result topped analysts’ expectations by 5.5%. It was an exceptional quarter as it also put up revenue guidance for next quarter exceeding analysts’ expectations and an impressive beat of analysts’ EBITDA estimates. Gray Television achieved the highest guidance raise among its peers. The stock is up 14% since reporting and currently trades at $4.88. Read our full, actionable report on Gray Television here, it’s free. Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership. Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products. By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals. Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Quality Compounder Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

Interested in AMC Networks Inc.? Here are five stocks we like better. AMC Networks raised its 2026 outlook after signing a five-year, $500 million co-exclusive Netflix licensing deal covering all seven The Walking Dead series. The company expects roughly $200 million to $225 million in related revenue recognition this year, while the original series returns to AMC+ in January. Second-quarter revenue fell 9% year over year to $547 million and adjusted operating income was $46 million, though free cash flow reached $43 million. Updated full-year guidance calls for revenue of $2.4 billion to $2.45 billion, adjusted operating income of $410 million to $420 million and free cash flow of approximately $220 million. Domestic operations remained pressured by a 17% decline in affiliate revenue and lower advertising, despite 6% streaming-revenue growth driven by price increases. AMC ended the quarter with $464 million in cash, approximately $1.3 billion in net debt and a 4.1-times net leverage ratio. Trending Stocks: How to Spot, Trade, and Profit Safely AMC Networks (NASDAQ:AMCX), which referred to itself as AMC Global Media during its second-quarter 2026 earnings call, raised its full-year outlook after announcing a five-year global co-exclusive streaming licensing agreement with Netflix for the entire The Walking Dead universe. The agreement covers all seven series and 371 episodes in the franchise, with total contracted license fees of $500 million. Chief Executive Officer Kristin Dolan said the arrangement expands the company’s relationship with Netflix while allowing the original The Walking Dead series to return to AMC+ for the first time. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now “This new agreement highlights the strength of our studio model and ability of our owned IP to create long-term value,” Dolan said. Chief Financial Officer Hozefa Lokhandwala said Netflix will make quarterly cash payments on a title-by-title basis during the license period. The company expects to receive approximately $25 million in cash payments in 2026, about $100 million annually from 2027 through 2030, and the remainder in 2031. → 3 Value ETFs to Consider as Growth Stocks Lag Behind AMC expects to recognize roughly $445 million in revenue over the life of the agreement, reflecting the present value of future payments under accounting rules. Approximately $200 million to $225 million of that revenue is expected to be recognized in each of 2026 and 2027. Lokhandwala described the licensing arrangement as a high-margin content licensing deal but did not disclose a specific adjusted operating income margin. He noted that the contractual cash-payment schedule creates a timing difference between revenue recognition and cash collection. → 5 AI Stocks Are Pulling Back—Which Growth Catalysts Still Look Strongest? In response to questions about the deal’s structure, Dolan said the company had engaged with major industry participants and chose a co-exclusive model rather than placing all rights with a single exclusive service. She said Netflix’s existing relationship with the franchise, combined with the ability to offer the property globally, helped make it the right partner. Kim Kelleher, president and chief commercial officer, said the company had spent years aligning international rights for the franchise ahead of the agreement. The original series is expected to return to AMC+ in January. Second-quarter consolidated revenue fell 9% year over year to $547 million, while adjusted operating income, or AOI, was $46 million. Lokhandwala said the result represented the expected low point for the year, reflecting the timing of licensing revenue as well as elevated marketing and investment spending related to series premieres. Free cash flow totaled $43 million in the quarter, bringing first-half free cash flow to $108 million. The company raised its 2026 outlook, now expecting: Consolidated revenue of $2.4 billion to $2.45 billion. Adjusted operating income of $410 million to $420 million. Free cash flow of approximately $220 million. Domestic content licensing revenue of $460 million to $485 million. A roughly 3% year-over-year decline in domestic subscription revenue. The updated revenue guidance includes the expected $200 million to $225 million of 2026 licensing revenue from the Netflix agreement. However, the company also cited slower-than-anticipated subscriber acquisition during the first half of the year. Dolan said geopolitical events and prominent sports programming captured an outsized share of consumer attention, while also pointing to the World Cup as a factor affecting businesses globally. Domestic operations revenue declined 11% to $470 million. Subscription revenue decreased 5%, as 6% streaming-revenue growth was more than offset by a 17% decline in affiliate revenue. Streaming growth was primarily driven by price increases across the company’s services. Management expects the rate of affiliate-revenue decline to improve during the second half as new distribution agreements and contractual changes take effect. Over the past 12 months, the company renewed agreements with four of the five largest domestic multichannel video programming distributors: Comcast, DirecTV, Dish and YouTube. The new long-term YouTube agreement includes distribution for seven streaming services, five linear networks, several FAST channels and potential future placement of networks in YouTube TV genre packages. AMC+ and ALLBLK have generated 2.3 million activations through hard-bundled arrangements with Charter and Philo, and DirecTV recently added AMC+ to its entertainment genre package. Domestic advertising revenue was affected by a one-time, now-resolved system integration issue. Excluding that impact, advertising revenue declined by a mid-single-digit percentage because of lower ratings and marketplace pricing, partly offset by digital advertising growth. International revenue rose 4% to $79 million, or approximately 2% excluding favorable foreign-currency translation. International advertising revenue increased 11% excluding currency effects, which the company attributed primarily to advertising outperformance in the fourth quarter of 2025. Dolan highlighted improving engagement across the streaming portfolio, including a sequential improvement in retention and a double-digit increase in engagement during the second quarter despite price increases. She also cited Acorn TV’s renewed focus on international crime dramas and mysteries, with Art Detectives renewed for a second season and Inspector Ellis returning with viewership gains. On the linear side, the majority of the company’s networks recorded sequential prime-time ratings growth, led by a 21% gain at WE tv. TNA Wrestling’s Thursday Night Impact reached an all-time ratings high earlier in the month, according to Dolan. The company renewed Anne Rice’s Interview with the Vampire for a fourth season and plans to begin production next month on Thunder Road, a multigenerational racing drama starring Dennis Quaid and produced with NASCAR. AMC ended the quarter with approximately $464 million in cash and net debt of about $1.3 billion. During the quarter, it repaid its remaining Term Loan A and terminated its credit facility. About three-quarters of its total debt is not due until July 2032, and its consolidated net leverage ratio stood at 4.1 times at quarter-end. AMC Networks Inc (NASDAQ: AMCX) is a global entertainment company that specializes in the development, production and distribution of premium content for television and streaming platforms. Headquartered in New York City, the company operates a portfolio of pay television channels in the U.S. and abroad, and offers direct-to-consumer streaming services that feature both original programming and licensed fare. AMC Networks is best known for critically acclaimed series such as “Breaking Bad,” “Mad Men” and “The Walking Dead,” and it continues to invest in new scripted and unscripted content across a range of genres. The company's core television networks in the United States include AMC, IFC, Sundance TV and WE tv, while its joint venture with BBC Studios supports BBC America. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "AMC Networks Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

This article first appeared on GuruFocus. Release Date: July 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. AMC Global Media Inc (NASDAQ:AMCX) announced a global co-exclusive licensing agreement with Netflix for the entire Walking Dead universe, totaling $500 million in contracted fees over five years, highlighting the enduring value of its owned IP. The company raised its full-year 2026 AOI guidance to $410-$420 million and free cash flow guidance to approximately $220 million, reflecting improved financial outlook. Streaming services showed strong performance with a double-digit increase in engagement and sequential improvement in retention, even after implementing price increases. AMC Global Media Inc (NASDAQ:AMCX) successfully renewed distribution agreements with four of the top five major domestic MVPDs in the last 12 months, including Comcast and YouTube, demonstrating strong affiliate relationships. The company's linear networks saw ratings growth, with WE TV gaining 21% in primetime and TNA Wrestling hitting an all-time ratings high, indicating robust audience engagement. Consolidated net revenue declined 9% year-over-year to $547 million in Q2 2026, reflecting ongoing challenges in the media landscape. Domestic operations advertising revenue, excluding a one-time technical issue, still declined by mid-single-digits due to lower ratings and marketplace pricing. Affiliate revenue decreased 17% in Q2, in line with expectations but still a significant decline, though improvement is expected in the second half. Subscriber acquisition for streaming services came in slightly below expectations in the first half of 2026, impacted by geopolitical events and high-profile sports programming. The company's net leverage ratio stood at 4.1 times at quarter end, representing the high point for the year, indicating elevated debt levels relative to earnings. Here are the key highlights from the AMC Global Media Inc (NASDAQ:AMCX) Q2 2026 earnings call, presented as Q&A pairs. Warning! GuruFocus has detected 7 Warning Signs with AMCX. Is AMCX fairly valued? Test your thesis with our free DCF calculator. Q: Can you take us behind the scenes on the competitive bidding process for the new Walking Dead licensing deal? How many bidders were there, and what drove your decision to go with Netflix? A: (Kristen Dolan, CEO) We had a lot of major players involved. We always knew we wanted a co-exclusive deal, but the decision involved many factors, including the opportunity to license everything globally to one group versus piecemeal. Netflix has been an incredible partner for this franchise, and at the end of the day, it was the right choice for us. Q: Can you provide more perspective on why the co-exclusive structure was the right choice for The Walking Dead deal, and what impact do you expect on AMC+ engagement? A: (Kristen Dolan, CEO) We feel positive that this will build on the increasing engagement we already see for AMC+. People associate this IP very specifically with AMC, so it can cohabitate nicely on both AMC+ and Netflix. (Kim Kelleher, President and Chief Commercial Officer) We worked for years to align the rights around this franchise to generate the best economic outcome. This co-exclusive arrangement allows us to bring the original Walking Dead series back to AMC+ for the first time, which our fans are very excited about. Q: How should we think about the ratable revenue recognition for The Walking Dead deal and the AOI contribution? Also, what are the underlying changes to guidance ex-Walking Dead? A: (Josefa Lokandwala, CFO) We will recognize $200 to $225 million of revenue in 2026 and 2027, driven by ASC 606 rules. Total revenue for the life of the agreement will be approximately $445 million. AOI will be high margin, as is typical for content licensing. For guidance, we are keeping to our advertising revenue outlook. The new licensing revenue implies domestic content licensing of $460 to $485 million for the year, while domestic subscription revenue will decline about 3% year-over-year. Q: You mentioned that the rate of affiliate revenue declines can improve in the back half of the year with new agreements. Can you provide more detail on those agreements and how they lead to an improved rate? A: (Kristen Dolan, CEO) We are starting to see improving video sub trends in cable. A healthier distribution ecosystem benefits everyone. We are seeing significant engagement from hard bundles like Charters TV Select Plus. (Kim Kelleher, President and Chief Commercial Officer) We renewed our carriage agreement with YouTube during the quarter, a smooth and constructive renewal. We have now renewed with four of the top five major domestic MVPDs in the last 12 months, including Comcast, DirecTV, DISH, and YouTube, and feel strongly about the length and economics we achieved. Q: How does the $100 million in annual cash licensing payments for The Walking Dead over the next five years compare to the average annual licensing payment for the franchise over the last five years? A: (Kristen Dolan, CEO) You can't really compare them. As Kim mentioned, things were licensed in different countries to different people with different tenures. It was hard to know what a good deal was going into the process. It is nearly impossible to answer the question the way you framed it because we were able to bring all the rights back and position them as a global offering for the first time. Q: You recently leaned into live sports and sports-adjacent content. How has engagement looked for these properties, and how much further do you anticipate pushing into this space? A: (Kristen Dolan, CEO) We have been pleasantly surprised by the performance of TNA Wrestling. It is story-driven, character-driven content that aligns nicely with AMC. It also skews younger and male, which ties nicely to our other content. (Dan McDermott, Chief Content Officer) We can be a real provider of sports-adjacent content that services that audience, which has demonstrated a real affinity for this content. We are very much in this business with our Rise Up franchise and other projects. (Kristen Dolan, CEO) In the U.S., our focus continues to be scripted dramas and intriguing unscripted. You won't see us trying to license games, but as great storytellers, it has been beneficial to tell stories about characters and teams. Q: There are several large transactions in the media market. How may these changes impact your business? A: (Kristen Dolan, CEO) Consolidation can be a tailwind for us because fewer, larger platforms all need high-quality content to differentiate. We are one of the few independent suppliers of premium programming and owned IP, as evidenced by the Walking Dead deal. Our goal is to continue to make great IP and meet audiences wherever they are. We are well-positioned and will always answer the phone when it rings, but we are not changing our strategy. Q: What drove the core adjustment to the full-year guidance, specifically regarding slower subscriber acquisition? A: (Kristen Dolan, CEO) There are a variety of things going on, including the impact of the World Cup on a variety of businesses, including ours. However, we are seeing some green shoots and are excited about the increase in streaming over the course of the year. We were also positively impacted by our linear performance. We are more focused on the back half of the year and anticipate much better performance coming out of what we knew would be a lumpy quarter. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

NEW YORK, July 30, 2026 (GLOBE NEWSWIRE) -- AMC Global Media Inc. ("AMC Global Media" or the "Company") (NASDAQ: AMCX) today reported financial results for the second quarter ended June 30, 2026. Chief Executive Officer Kristin Dolan said: "We are pleased to announce today an expansion of our relationship with a key long-term partner, Netflix. We have reached a global co-exclusive licensing agreement for the streaming rights to the entire Walking Dead Universe, which will provide a meaningful source of cash flow for years to come. We renewed distribution agreements with major partners Comcast and YouTube. We are increasing our guidance for the full year as we leverage the value of our IP, the importance of our studio and the strength of our partner relationships, particularly in the area of distribution." Operational Highlights: Announced a content licensing agreement with Netflix for the co-exclusive global streaming rights to The Walking Dead Universe (7 series / 371 episodes) representing license fees of $500 million over the five-year license period, after which rights revert back to AMC Global Media. Significant affiliate activity, including recent renewals with Comcast and YouTube, that includes the distribution of our linear networks, streaming services and FAST channels in addition to the future launch of our networks in YouTube TV’s genre packages. Financial Highlights – Second Quarter Ended June 30, 2026: Net cash provided by operating activities of $57 million; Free Cash Flow(1) of $43 million. Operating income of $16 million; Adjusted Operating Income(1) of $46 million. Net revenue of $547 million decreased 9% from the prior year. Foreign currency translation represented a beneficial impact of 28 basis points to our second quarter growth rate. Diluted EPS of $(0.51); Adjusted EPS(1) of $(0.28). Consolidated Results: (1) See page 4 of this earnings release for a discussion of non-GAAP financial measures used in this release. This discussion includes the definition of Adjusted Operating Income, Adjusted EPS and Free Cash Flow. Segment Results – Domestic Operations: Second Quarter Results Domestic Operations revenue decreased 11% from the prior year to $470 million. Segment Adjusted Operating Income decreased 52% to $61 million. The decrease in segment Adjusted Operating Income was primarily driven by revenue declines and increased marketing investments related to the timing of premieres. Segment Results – International: Second Quarter Results International revenue increased 4% from the prior year to $79 million. Excluding the favorable impact of foreign currency translation, International revenue increased 2%. Segment Adjusted Operating Income decreased 3% to $14 million. The decrease in segment Adjusted Operating Income was primarily driven by lower subscription revenue and higher selling, general and administrative expense, excluding the impact of foreign currency translation. Other Matters: The Walking Dead Universe License Agreement On July 30, 2026, AMC Global Media announced that it had entered into a license agreement with Netflix Inc. granting Netflix co-exclusive global streaming rights to all shows in The Walking Dead Universe, including all seasons of The Walking Dead, Fear the Walking Dead, The Walking Dead: Daryl Dixon; The Walking Dead: Dead City; The Walking Dead: World Beyond; The Walking Dead: The Ones Who Live; and Tales of the Walking Dead. AMC Global Media retains global rights to exhibit shows in The Walking Dead Universe on its own streaming services. The license agreement generally provides for a five-year term for each licensed show, with licenses for individual shows commencing on different dates in different geographic territories based on the expiration of streaming rights under AMC Global Media’s existing licenses. Under the license agreement, Netflix will pay an aggregate content license fee of $500 million payable in quarterly cash installments over the licensed period for each licensed title, commencing on the applicable start date for that title. The Company expects to receive cash payments of approximately $25 million in 2026. The Company expects to receive annual cash payments of approximately $100 million in 2027, 2028, 2029 and 2030, and expects to receive the remaining amount in 2031. As a result of the extended payment terms, the aggregate revenue that the Company will recognize will be based on the present value of future payments, which is estimated to be approximately $445 million. In each of 2026 and 2027, the Company expects to recognize annual revenue related to the license agreement between $200 million to $225 million. Repayment of Term Loan A Facility & Termination of Revolving Credit Facility The Company repaid the $80 million remaining balance under the Term Loan A facility under its credit agreement and terminated its revolving credit facility on May 12, 2026. Restructuring and Other Related Charges Second quarter restructuring and other related charges were $1.3 million and included $0.8 million related to the Company's restructuring plan in its International segment and $0.5 million related to severance charges. Stock Repurchase Program On May 8, 2026, the Company entered into an accelerated share repurchase ("ASR") agreement with Citibank, N.A. (“Citibank”) to repurchase $30 million of its outstanding Class A Common Stock as part of its existing Stock Repurchase Program. The final settlement of the transaction is expected to occur in the fourth quarter of 2026, but may be completed earlier at Citibank’s election. As of June 30, 2026, the Company had $87 million of authorization remaining for repurchase under its Stock Repurchase Program. Outstanding Shares As of July 24, 2026, the Company had 29,765,563 shares of Class A Common Stock and 11,484,408 shares of Class B Common Stock outstanding. Please see the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2026, which will be filed later today, for further details regarding the above matters. Description of Non-GAAP Measures Internally, the Company uses Adjusted Operating Income (Loss) and Free Cash Flow measures as the most important indicators of its business performance and evaluates management’s effectiveness with specific reference to these indicators. The Company defines Adjusted Operating Income (Loss), which is a non-GAAP financial measure, as operating income (loss) before share-based compensation expense or benefit (including equity-classified share-based compensation expenses or benefit and liability-classified share-based compensation expenses or benefit for non-employee director stock units), 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, the Company may exclude the impact of certain events, gains, losses, or other charges (such as significant legal settlements) from Adjusted Operating Income (Loss) that affect the Company's operating performance. Because it is based upon operating income (loss), Adjusted Operating Income (Loss) also excludes interest expense (including cash interest expense) and other non-operating income and expense items. The Company believes that the exclusion of share-based compensation expenses or benefit (including equity-classified share-based compensation expenses or benefit and liability-classified share-based compensation expenses or benefit for non-employee director stock units) allows management and investors to better track the performance of the various operating units of the business without regard to the period-to-period effects of share-based compensation awards, including the changes in fair value of liability-classified share-based compensation awards that will be cash settled.   Beginning in June 2026, non-employee directors receive a portion of their compensation in director stock units that will be settled in cash.   These liability classified share-based compensation awards are included in the share-based compensation adjustment to operating income (loss) to allow for comparability between periods without regard to the period-to-period effects of share-based compensation awards (including the changes in fair value of those awards from period to period). The Company believes that Adjusted Operating Income (Loss) is an appropriate measure for evaluating the operating performance of the business segments and the Company on a consolidated basis. Adjusted Operating Income (Loss) and similar measures with similar titles are common performance measures used by investors, analysts, and peers to compare performance in the industry. Adjusted Operating Income (Loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), and other measures of performance presented in accordance with U.S. generally accepted accounting principles ("GAAP"). Since Adjusted Operating Income (Loss) 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. For a reconciliation of operating income (loss) to Adjusted Operating Income (Loss), please see page 10 of this release. The Company defines 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 the Company's Consolidated Statement of Cash Flows. The Company believes the most comparable GAAP financial measure of its liquidity is net cash provided by operating activities. The Company believes that Free Cash Flow is useful as an indicator of its 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. The Company also believes that Free Cash Flow is one of several benchmarks used by analysts and investors who follow the industry for comparison of its liquidity with other companies in the industry, although the Company’s measure of Free Cash Flow may not be directly comparable to similar measures reported by other companies. For a reconciliation of net cash provided by operating activities to Free Cash Flow, please see page 10 of this release. The Company defines Adjusted Earnings per Diluted Share (“Adjusted EPS”), which is a non-GAAP financial measure, as earnings per diluted share excluding the following items: amortization of acquisition-related intangible assets; impairment and other charges (including gains or losses on sales or dispositions of businesses); non-cash impairments of goodwill, intangible and fixed assets; restructuring and other related charges; and the impact associated with the modification of debt arrangements, including gains and losses related to the extinguishment of debt; as well as the impact of taxes on the aforementioned items and other one-time tax charges/benefits. The Company believes the most comparable GAAP financial measure is earnings per diluted share. The Company believes that Adjusted EPS is one of several benchmarks used by analysts and investors who follow the industry for comparison of its performance with other companies in the industry, although the Company’s measure of Adjusted EPS may not be directly comparable to similar measures reported by other companies. For a reconciliation of earnings per diluted share to Adjusted EPS, please see pages 11-12 of this release. Forward-Looking Statements This earnings release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors 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 those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the Company and its business, operations, financial condition and the industries in which it operates and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections entitled "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein. Conference Call Information AMC Global Media will host a conference call today at 8:30 a.m. ET to discuss its second quarter 2026 results. To listen to the call, please visit investors.amcglobalmedia.com. About AMC Global Media AMC Global Media (Nasdaq: AMCX) is home to many of the greatest stories and characters in TV and film and the premier destination for passionate and engaged fan communities around the world. The Company creates and curates celebrated series and films across distinct brands and makes them available to audiences everywhere. Its portfolio includes targeted streaming services AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK, HIDIVE and All Reality; cable networks AMC, BBC AMERICA (which includes U.S. distribution and sales responsibilities for BBC News), IFC, SundanceTV and We TV; and film distribution label Independent Film Company. The Company also operates AMC Studios, its in-house studio, production and distribution operation behind acclaimed and fan-favorite original franchises including The Walking Dead Universe and the Anne Rice Immortal Universe. AMC Global Media is headquartered in the United States, with international operations in Iberia, Latin America, Central Europe, the U.K., Australia and New Zealand. Contact (a) Subject to the terms of the indenture for the Convertible Notes, the Convertible Notes may be converted at an initial conversion rate of 78.5083 shares of Class A Common Stock per $1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of approximately $12.74 per share of Class A Common Stock).(b) Represents the aggregate principal amount of the debt.(c) Represents net debt and finance leases divided by Adjusted Operating Income for the twelve months ended June 30, 2026. No adjustments have been made for consolidated entities that are not 100% owned. (1) Includes the required adjustment for interest expense associated with the convertible debt. (1) Includes the required adjustment for interest expense associated with the convertible debt.

For the quarter ended June 2026, AMC Global Media (AMCX) reported revenue of $547.5 million, down 8.8% over the same period last year. EPS came in at -$0.28, compared to $0.69 in the year-ago quarter. The reported revenue represents a surprise of -2.7% over the Zacks Consensus Estimate of $562.7 million. With the consensus EPS estimate being -$0.01, the EPS surprise was -2700%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how AMC Global Media performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Revenues- Domestic Operations- Subscription: $305.9 million versus $313.1 million estimated by three analysts on average. Revenues- Domestic Operations- Advertising: $108.83 million versus the three-analyst average estimate of $113.45 million. Revenues- International and Other: $78.6 million compared to the $75.43 million average estimate based on three analysts. The reported number represents a change of +4.1% year over year. Revenues- Domestic Operations: $470.39 million versus the three-analyst average estimate of $489.34 million. The reported number represents a year-over-year change of -10.7%. Revenues- Domestic Operations- Content licensing and other: $55.66 million compared to the $62.79 million average estimate based on three analysts. Adjusted Operating Income- International and Other: $14.36 million versus $7.84 million estimated by two analysts on average. Adjusted Operating Income- Domestic Operations: $60.97 million compared to the $82.02 million average estimate based on two analysts. View all Key Company Metrics for AMC Global Media here>>> Shares of AMC Global Media have returned -2.5% over the past month versus the Zacks S&P 500 composite's -1.5% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AMC Global Media Inc. (AMCX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

The end of an earnings season can be a great time to discover new stocks and assess how companies are handling the current business environment. Let’s take a look at how AMC Networks (NASDAQ:AMCX) and the rest of the consumer discretionary - broadcasting stocks fared in Q1. The Consumer Discretionary sector, by definition, is made up of companies selling non-essential goods and services. When economic conditions deteriorate or tastes shift, consumers can easily cut back or eliminate these purchases. For long-term investors with five-year holding periods, this creates a structural challenge: the sector is inherently hit-driven, with low switching costs and fickle customers. As a result, only a handful of companies can reliably grow demand and compound earnings over long periods, which is why our bar is high and High Quality ratings are rare. Broadcasting companies produce and distribute television and radio content, generating revenue primarily through advertising and, in some cases, retransmission fees (payments cable and satellite operators make to carry local channels). Tailwinds include resilient demand for live sports and event programming, which commands premium ad rates, and political advertising during election cycles. Headwinds, however, are substantial: secular cord-cutting (consumers canceling traditional pay-TV subscriptions) is shrinking linear audiences, digital platforms are capturing an increasing share of advertising budgets, and content production costs continue to rise. Regulatory scrutiny over media consolidation and spectrum ownership further constrains strategic flexibility. The 6 consumer discretionary - broadcasting stocks we track reported a satisfactory Q1. As a group, revenues beat analysts’ consensus estimates by 1.3% while next quarter’s revenue guidance was 0.6% below. Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 11.4% since the latest earnings results. Originally the joint-venture of four cable television companies, AMC Networks (NASDAQ:AMCX) is a broadcaster producing a diverse range of television shows and movies. AMC Networks reported revenues of $542.1 million, down 2.4% year on year. This print was in line with analysts’ expectations, and overall, it was a strong quarter for the company with a solid beat of analysts’ adjusted operating income estimates. Chief Executive Officer Kristin Dolan said: "AMC Global Media delivered another quarter of double-digit streaming revenue growth and robust free cash flow generation. We are tracking to plan across all key metrics and are pleased to reiterate our financial outlook for the year. During this changing time in media, we continue to follow our own differentiated playbook as a studio-driven owner of world-class IP, fully distributed across a wide range of owned and partner platforms." Interestingly, the stock is up 19.2% since reporting and currently trades at $10.21. Is now the time to buy AMC Networks? Access our full analysis of the earnings results here, it’s free. Founded in 1915, Fox (NASDAQ:FOXA) is a diversified media company, operating prominent cable news, television broadcasting, and digital media platforms. FOX reported revenues of $3.99 billion, down 8.6% year on year, outperforming analysts’ expectations by 4.7%. The business had a stunning quarter with a beat of analysts’ EPS and EBITDA estimates. FOX pulled off the biggest analyst estimate beat among its peers. The market seems happy with the results as the stock is up 9.3% since reporting. It currently trades at $68.78. Is now the time to buy FOX? Access our full analysis of the earnings results here, it’s free. Occasionally featuring celebrity hosts like Ryan Seacrest on its shows, iHeartMedia (NASDAQ:IHRT) is a leading multimedia company renowned for its extensive network of radio stations, digital platforms, and live events across the globe. iHeartMedia reported revenues of $884.2 million, up 9.6% year on year, exceeding analysts’ expectations by 1.7%. Still, it was a softer quarter as it posted a significant miss of analysts’ adjusted operating income and EPS estimates. As expected, the stock is down 29.1% since the results and currently trades at $3.89. Read our full analysis of iHeartMedia’s results here. Owner of Spongebob Squarepants and formerly known as ViacomCBS, Paramount Global (NASDAQ:PSKY) is a major media conglomerate offering television, film production, and digital content across various global platforms. Paramount reported revenues of $7.35 billion, up 2.2% year on year. This print surpassed analysts’ expectations by 1%. Overall, it was a very strong quarter as it also logged a beat of analysts’ EPS and EBITDA estimates. The stock is down 7.8% since reporting and currently trades at $10.26. Read our full, actionable report on Paramount here, it’s free. Specializing in local media coverage, Gray Television (NYSE:GTN) is a broadcast company supplying digital media to various markets in the United States. Gray Television reported revenues of $768 million, down 1.8% year on year. This number was in line with analysts’ expectations. More broadly, it was a softer quarter as it logged a significant miss of analysts’ EPS and adjusted operating income estimates. Gray Television had the weakest performance against analyst estimates among its peers. The stock is down 25.4% since reporting and currently trades at $4.13. Read our full, actionable report on Gray Television here, it’s free. Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure? These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability. 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NEW YORK, May 08, 2026 (GLOBE NEWSWIRE) -- AMC Global Media Inc. ("AMC Global Media" or the "Company") (NASDAQ: AMCX) today reported financial results for the first quarter ended March 31, 2026. Chief Executive Officer Kristin Dolan said: "AMC Global Media delivered another quarter of double-digit streaming revenue growth and robust free cash flow generation. We are tracking to plan across all key metrics and are pleased to reiterate our financial outlook for the year. During this changing time in media, we continue to follow our own differentiated playbook as a studio-driven owner of world-class IP, fully distributed across a wide range of owned and partner platforms." Operational Highlights: Expanded relationship with DISH and Sling TV through new long-term affiliate agreement. Expanded distribution of All Reality, our newest targeted streaming service, now available on Roku and Apple. Launched new prestige drama, The Audacity, and renewed the series for a second season. Greenlit Thunder Road, a new multi-generational racing drama produced in partnership with NASCAR, starring Dennis Quaid. Renewed sports docuseries Rise for a new season focused on the New Orleans Saints and the team’s historic run in the years following Hurricane Katrina. Announced a new partnership with Meta to make a number of our streaming apps available on the Meta Quest headset. Financial Highlights – First Quarter Ended March 31, 2026: Net cash provided by operating activities of $67 million; Free Cash Flow(1) of $65 million. Operating income of $31 million; Adjusted Operating Income(1) of $69 million, with a margin of 13%. Net revenues of $542 million decreased 2% from the prior year. Foreign currency translation represented a beneficial impact of approximately 1% to our first quarter growth rate. Streaming revenues of $174 million increased 11% from the prior year; representing over a third of our Domestic Operations segment revenues. Diluted EPS of $(0.43); Adjusted EPS(1) of $0.08. Consolidated Results: (1) See page 4 of this earnings release for a discussion of non-GAAP financial measures used in this release. This discussion includes the definition of Adjusted Operating Income, Adjusted EPS and Free Cash Flow. Segment Results – Domestic Operations: First Quarter Results Domestic Operations revenues decreased 3% from the prior year to $471 million. Subscription revenues decreased 3% to $305 million due to a decline in affiliate revenues, partially offset by streaming revenue growth. Streaming revenues increased 11% to $174 million primarily due to the impact of price increases across our services. Streaming subscribers decreased 1% to 10.1 million as compared to 10.2 million subscribers at March 31, 2025. Activations of ad-supported AMC+ under hard-bundle agreements increased 200% year over year to 1.8 million at March 31, 2026. These activations are in addition to our reported streaming subscriber count. Affiliate revenues declined 16% to $131 million primarily due to basic subscriber declines. Advertising revenues decreased 5% to $113 million primarily due to lower marketplace pricing, partially offset by digital advertising growth. Content licensing revenues decreased 2% to $53 million primarily due to the timing and availability of deliveries in the period. Segment Adjusted Operating Income decreased 26% to $92 million, with a margin of 20%. Segment Results – International: First Quarter Results International revenues increased 3% from the prior year to $72 million. Excluding the favorable impact of foreign currency translation, International revenues decreased 5%. Subscription revenues increased 4% to $46 million primarily due to the favorable impact of foreign currency translation, partially offset by lower revenues resulting from the previously disclosed wind-down of our CBS EMEA joint venture that operated primarily in Poland and Africa and was held by our UK business. Excluding the favorable impact of foreign currency translation, subscription revenues decreased 5%. Advertising revenues increased 3% to $23 million due to the favorable impact of foreign currency translation, partially offset by lower ratings and digital advertising in the UK. Excluding the favorable impact of foreign currency translation, advertising revenues decreased 5%. Segment Adjusted Operating Income decreased 45% to $5 million, with a margin of 8%. Other Matters: Exchange Offer and Redemption of 10.25% Senior Secured Notes due 2029 In March, the Company completed an exchange offer and issued approximately $915 million in aggregate principal amount of add-on notes to its 10.50% Senior Secured Notes due 2032 in exchange for approximately $861 million in aggregate principal amount of the Company’s outstanding 10.25% Senior Secured Notes due 2029 ("2029 Secured Notes"). All 2029 Secured Notes exchanged were cancelled. Following such cancellation, approximately $14 million in aggregate principal amount of 2029 Secured Notes remained outstanding as of March 31, 2026. In April, the Company redeemed all of its remaining outstanding 2029 Secured Notes, totaling approximately $14 million in aggregate principal amount, at a redemption price equal to 105.125% of the principal amount, plus accrued and unpaid interest to the redemption date. Repayment of Term Loan A Facility & Termination of Credit Facility Today, the Company announced plans to repay the remaining balance under the Term Loan A Facility and terminate its Credit Facility. Accelerated Share Repurchase Program, Stock Repurchase Program & Outstanding Shares Today, the Company announced plans to repurchase approximately $30 million of Class A Common Stock under an Accelerated Share Repurchase ("ASR") program as part of its existing Stock Repurchase Program, which as of March 31, 2026, had $117 million of authorization remaining for repurchase. The Company expects to fund the ASR program through available cash on hand. The Company did not repurchase any Class A Common Stock in the first quarter. As of May 1, 2026, the Company had 32,443,304 shares of Class A Common Stock and 11,484,408 shares of Class B Common Stock outstanding. Restructuring and Other Related Charges Restructuring and other related charges were $4 million for the three months ended March 31, 2026, with approximately $3 million related to the Company's voluntary buyout program for U.S. employees, and approximately $2 million was related to the Company’s restructuring plan in its International segment, which for the quarter consisted primarily of office closures in Latin America. Corporate Name Change In April, AMC Networks Inc. filed Amended and Restated Articles of Incorporation with the Nevada Secretary of State to effect a change of its corporate name from AMC Networks Inc. to AMC Global Media Inc. Please see the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2026, which will be filed later today, for further details regarding the above matters. Description of Non-GAAP Measures Internally, the Company uses Adjusted Operating Income (Loss) and Free Cash Flow measures as the most important indicators of its business performance and evaluates management’s effectiveness with specific reference to these indicators. The Company defines Adjusted Operating Income (Loss), which is a non-GAAP financial measure, as operating income (loss) before share-based compensation expense 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, the Company may exclude the impact of certain events, gains, losses, or other charges (such as significant legal settlements) from Adjusted Operating Income (Loss) that affect the Company's operating performance. Because it is based upon operating income (loss), Adjusted Operating Income (Loss) also excludes interest expense (including cash interest expense) and other non-operating income and expense items. The Company believes that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of the various operating units of the business without regard to the effect of the settlement of an obligation that is not expected to be made in cash. The Company believes that Adjusted Operating Income (Loss) is an appropriate measure for evaluating the operating performance of the business segments and the Company on a consolidated basis. Adjusted Operating Income (Loss) and similar measures with similar titles are common performance measures used by investors, analysts, and peers to compare performance in the industry. Adjusted Operating Income (Loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), and other measures of performance presented in accordance with U.S. generally accepted accounting principles ("GAAP"). Since Adjusted Operating Income (Loss) 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. For a reconciliation of operating income (loss) to Adjusted Operating Income (Loss), please see page 10 of this release. The Company defines 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 the Company's Consolidated Statement of Cash Flows. The Company believes the most comparable GAAP financial measure of its liquidity is net cash provided by operating activities. The Company believes that Free Cash Flow is useful as an indicator of its 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. The Company also believes that Free Cash Flow is one of several benchmarks used by analysts and investors who follow the industry for comparison of its liquidity with other companies in the industry, although the Company’s measure of Free Cash Flow may not be directly comparable to similar measures reported by other companies. For a reconciliation of net cash provided by operating activities to Free Cash Flow, please see page 10 of this release. The Company defines Adjusted Earnings per Diluted Share (“Adjusted EPS”), which is a non-GAAP financial measure, as earnings per diluted share excluding the following items: amortization of acquisition-related intangible assets; impairment and other charges (including gains or losses on sales or dispositions of businesses); non-cash impairments of goodwill, intangible and fixed assets; restructuring and other related charges; and the impact associated with the modification of debt arrangements, including gains and losses related to the extinguishment of debt; as well as the impact of taxes on the aforementioned items and other one-time tax charges/benefits. The Company believes the most comparable GAAP financial measure is earnings per diluted share. The Company believes that Adjusted EPS is one of several benchmarks used by analysts and investors who follow the industry for comparison of its performance with other companies in the industry, although the Company’s measure of Adjusted EPS may not be directly comparable to similar measures reported by other companies. For a reconciliation of earnings per diluted share to Adjusted EPS, please see page 11 of this release. Forward-Looking Statements This earnings release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors 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 those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the Company and its business, operations, financial condition and the industries in which it operates and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections entitled "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein. Conference Call Information AMC Global Media will host a conference call today at 8:30 a.m. ET to discuss its first quarter 2026 results. To listen to the call, please visit investors.amcglobalmedia.com. About AMC Global Media AMC Global Media (Nasdaq: AMCX) is home to many of the greatest stories and characters in TV and film and the premier destination for passionate and engaged fan communities around the world. The Company creates and curates celebrated series and films across distinct brands and makes them available to audiences everywhere. Its portfolio includes targeted streaming services AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK, HIDIVE and All Reality; cable networks AMC, BBC AMERICA (which includes U.S. distribution and sales responsibilities for BBC News), IFC, SundanceTV and We TV; and film distribution label Independent Film Company. The Company also operates AMC Studios, its in-house studio, production and distribution operation behind acclaimed and fan-favorite original franchises including The Walking Dead Universe and the Anne Rice Immortal Universe. AMC Global Media is headquartered in the United States, with international operations in Iberia, Latin America, Central Europe, the U.K., Australia and New Zealand. Contact (a) Represents the aggregate principal amount of the debt, with the Term Loan A. The Company also had commitments under its undrawn $175.0 million Revolving Credit Facility. The Company gave notice on May 6, 2026 of its intention to repay the Term Loan A Facility and terminate the Senior Secured Credit Facility on May 12, 2026. (b) Subject to the terms of the indenture for the Convertible Notes, the Convertible Notes may be converted at an initial conversion rate of 78.5083 shares of Class A Common Stock per $1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of approximately $12.74 per share of Class A Common Stock). (c) Represents the aggregate principal amount of the debt. (d) Represents net debt and finance leases divided by Adjusted Operating Income for the twelve months ended March 31, 2026. This ratio differs from the calculation contained in the Company's credit facility. No adjustments have been made for consolidated entities that are not 100% owned. AMC Global Media was in compliance with all of its financial covenants under the Company's credit facility as of March 31, 2026. As of March 31, 2026, as determined for purposes of the Company’s credit facility, the Net Leverage Ratio was approximately 5.11:1.00 and the Interest Coverage Ratio was approximately 1.85:1.00. (1) For the reconciliation of Adjusted EPS to GAAP EPS, the item “Dilutive income and share basis difference - GAAP vs. Adjusted” represents the impact of the adjustments from a net loss to net income position, which required an adjustment for the interest expense associated with the convertible debt and a change in the dilutive shares outstanding to reflect additional dilutive shares associated with restricted stock units and convertible debt that were considered anti-dilutive on a GAAP basis. (1) Includes the required adjustment for interest expense associated with the convertible debt.