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.
  • The Walking Dead, in its entirety, will begin streaming on AMC+ for the first time early next year.
• 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.
  • Renewed distribution agreements with four of the top five major domestic MVPDs in the last 12 months including Comcast, DirecTV, DISH, and YouTube.

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.
  • Subscription revenue decreased 5% to $306 million primarily due to a decline in affiliate revenue, partially offset by streaming revenue growth.
    • Streaming revenue represented over a third of our Domestic Operations segment revenue in the second quarter. Streaming revenue increased 6% to $180 million primarily due to the impact of price increases across our services.
    • Affiliate revenue declined 17% to $126 million primarily due to basic subscriber declines.
  • Advertising revenue decreased 11% to $109 million. Advertising revenue included the one-time impact of a now resolved system integration issue in the second quarter. Excluding this one-time impact, advertising revenue declined in the mid-single digit percent area, due to lower ratings and marketplace pricing, partially offset by digital advertising growth.
  • Content licensing revenue decreased 34% to $56 million primarily due to the timing and availability of deliveries in the period.
• 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%.
  • Subscription revenue decreased 1% to $47 million primarily due to the previously disclosed wind-down of a joint venture that operated primarily in Poland and Africa, partially offset by the favorable impact of foreign currency translation. Excluding the favorable impact of foreign currency translation, subscription revenue decreased 3%.
  • Advertising revenue increased 13% to $29 million primarily related to revenue from the outperformance of advertising in the fourth quarter of 2025 that has since returned to normal levels and the favorable impact of foreign currency translation. Excluding the impact of foreign currency translation, advertising revenue increased 11%.
• 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.

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(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.