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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 June 30, 2025
or

☐ | 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)

Nevada | 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 August 1, 2025:

Class A Common Stock par value $0.01 per share | 31,899,405
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 (Loss) | 2
Condensed Consolidated Statements of Comprehensive Incom e (Loss) | 3
Condensed Consolidated Statements of Stockholders' Equity | 4
Condensed Consolidated Statements of Cash Flows | 6
Notes to Condensed Consolidated Financial Statements | 7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 27
Item 3. Quantitative and Qualitative Disclosures About Market Risk | 43
Item 4. Controls and Procedures | 43
PART II. OTHER INFORMATION |
Item 1. Legal Proceedings | 44
Item 1A. Risk Factors | 44
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 44
Item 6. Exhibits | 45
SIGNATURES | 46

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
(unaudited)

| June 30, 2025 |  | December 31, 2024
ASSETS |  |  |
Current Assets: |  |  |
Cash and cash equivalents | $ | 866,407 |  |  | $ | 784,649 |
Accounts receivable, trade (less allowance for doubtful accounts of $8,944 and $9,468) | 614,887 |  |  | 623,898 |
Prepaid expenses and other current assets | 245,342 |  |  | 262,257 |
Total current assets | 1,726,636 |  |  | 1,670,804 |
Property and equipment, net of accumulated depreciation of $403,242 and $458,396 | 134,404 |  |  | 143,036 |
Program rights, net | 1,729,327 |  |  | 1,713,952 |
Intangible assets, net | 204,262 |  |  | 216,478 |
Goodwill | 259,438 |  |  | 246,304 |
Deferred tax assets, net | 15,789 |  |  | 13,183 |
Operating lease right-of-use assets | 51,649 |  |  | 58,390 |
Other assets | 300,062 |  |  | 300,074 |
Total assets | $ | 4,421,567 |  |  | $ | 4,362,221 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
Current Liabilities: |  |  |
Accounts payable | $ | 102,275 |  |  | $ | 88,570 |
Accrued liabilities | 291,987 |  |  | 290,718 |
Current portion of program rights obligations | 258,930 |  |  | 221,603 |
Deferred revenue | 68,525 |  |  | 61,838 |
Current portion of long-term debt | 77,500 |  |  | 7,500 |
Current portion of lease obligations | 34,161 |  |  | 32,439 |
Total current liabilities | 833,378 |  |  | 702,668 |
Program rights obligations | 190,392 |  |  | 144,476 |
Long-term debt, net | 2,127,822 |  |  | 2,328,719 |
Lease obligations | 51,446 |  |  | 64,581 |
Deferred tax liabilities, net | 111,602 |  |  | 121,302 |
Other liabilities | 40,190 |  |  | 60,334 |
Total liabilities | 3,354,830 |  |  | 3,422,080 |
Commitments and contingencies |  |  |
Redeemable noncontrolling interests | 59,030 |  |  | 55,881 |
Stockholders' equity: |  |  |
Class A Common Stock, $0.01 par value, 360,000 shares authorized: 66,730 and 66,730 shares issued and 31,899 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 | 433,374 |  |  | 437,860 |
Accumulated earnings | 2,155,064 |  |  | 2,092,229 |
Treasury stock, at cost (34,831 and 34,094 shares Class A Common Stock, respectively) | (1,399,599) |  |  | (1,408,307) |
Accumulated other comprehensive loss | (217,929) |  |  | (266,969) |
Total AMC Networks stockholders' equity | 971,692 |  |  | 855,595 |
Non-redeemable noncontrolling interests | 36,015 |  |  | 28,665 |
Total stockholders' equity | 1,007,707 |  |  | 884,260 |
Total liabilities and stockholders' equity | $ | 4,421,567 |  |  | $ | 4,362,221 |

See accompanying notes to condensed consolidated financial statements.
1

AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share amounts)
(unaudited)

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues, net | $ | 600,024 |  |  | $ | 625,934 |  |  | $ | 1,155,257 |  |  | $ | 1,222,395 |
Operating expenses: |  |  |  |  |  |  |
Technical and operating (excluding depreciation and amortization) | 283,876 |  |  | 280,727 |  |  | 551,222 |  |  | 552,303 |
Selling, general and administrative | 221,704 |  |  | 208,176 |  |  | 419,679 |  |  | 397,057 |
Depreciation and amortization | 26,446 |  |  | 26,493 |  |  | 47,372 |  |  | 52,319 |
Impairment and other charges | — |  |  | 96,819 |  |  | — |  |  | 96,819 |
Restructuring and other related charges | 3,529 |  |  | 2,931 |  |  | 8,318 |  |  | 2,931 |
Total operating expenses | 535,555 |  |  | 615,146 |  |  | 1,026,591 |  |  | 1,101,429 |
Operating income | 64,469 |  |  | 10,788 |  |  | 128,666 |  |  | 120,966 |
Other income (expense): |  |  |  |  |  |  |
Interest expense | (42,460) |  |  | (43,216) |  |  | (85,852) |  |  | (76,057) |
Interest income | 8,205 |  |  | 9,292 |  |  | 16,620 |  |  | 18,177 |
Gain on extinguishment of debt, net | 25,745 |  |  | 247 |  |  | 25,745 |  |  | 247 |
Miscellaneous, net | 12,819 |  |  | 1,493 |  |  | 20,707 |  |  | (3,697) |
Total other income (expense) | 4,309 |  |  | (32,184) |  |  | (22,780) |  |  | (61,330) |
Income (loss) from operations before income taxes | 68,778 |  |  | (21,396) |  |  | 105,886 |  |  | 59,636 |
Income tax expense | (16,072) |  |  | (10,893) |  |  | (31,027) |  |  | (34,542) |
Net income (loss) including noncontrolling interests | 52,706 |  |  | (32,289) |  |  | 74,859 |  |  | 25,094 |
Less: Net (income) loss attributable to noncontrolling interests | (2,417) |  |  | 3,055 |  |  | (6,521) |  |  | (8,525) |
Net income (loss) attributable to AMC Networks' stockholders | $ | 50,289 |  |  | $ | (29,234) |  |  | $ | 68,338 |  |  | $ | 16,569 |
Net income (loss) per share attributable to AMC Networks' stockholders:
Basic | $ | 1.12 |  |  | $ | (0.66) |  |  | $ | 1.52 |  |  | $ | 0.37 |
Diluted | $ | 0.91 |  |  | $ | (0.66) |  |  | $ | 1.25 |  |  | $ | 0.37 |
Weighted average common shares: |  |  |  |  |  |  |
Basic | 44,868 |  |  | 44,466 |  |  | 44,845 |  |  | 44,267 |
Diluted | 56,350 |  |  | 44,466 |  |  | 56,482 |  |  | 45,443 |

See accompanying notes to condensed consolidated financial statements.
2

AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
(unaudited)

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net income (loss) including noncontrolling interests | $ | 52,706 |  |  | $ | (32,289) |  |  | $ | 74,859 |  |  | $ | 25,094 |
Other comprehensive income (loss): |  |  |  |  |  |  |
Foreign currency translation adjustment | 34,509 |  |  | (2,269) |  |  | 52,310 |  |  | (15,566) |
Comprehensive income (loss) | 87,215 |  |  | (34,558) |  |  | 127,169 |  |  | 9,528 |
Less: Comprehensive (income) loss attributable to noncontrolling interests | (4,637) |  |  | 3,007 |  |  | (9,791) |  |  | (8,248) |
Comprehensive income (loss) attributable to AMC Networks' stockholders | $ | 82,578 |  |  | $ | (31,551) |  |  | $ | 117,378 |  |  | $ | 1,280 |

See accompanying notes to condensed consolidated financial statements.
3

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, March 31, 2025 | $ | 667 |  |  | $ | 115 |  |  | $ | 424,806 |  |  | $ | 2,104,801 |  |  | $ | (1,391,334) |  |  | $ | (250,218) |  |  | $ | 888,837 |  |  | $ | 32,296 |  |  | $ | 921,133 |
Net income attributable to AMC Networks’ stockholders | — |  |  | — |  |  | — |  |  | 50,289 |  |  | — |  |  | — |  |  | 50,289 |  |  | — |  |  | 50,289 |
Net income attributable to non-redeemable noncontrolling interests | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,499 |  |  | 1,499 |
Redeemable noncontrolling interest adjustment to redemption fair value | — |  |  | — |  |  | 2,964 |  |  | — |  |  | — |  |  | — |  |  | 2,964 |  |  | — |  |  | 2,964 |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 32,289 |  |  | 32,289 |  |  | 2,220 |  |  | 34,509 |
Share-based compensation expenses | — |  |  | — |  |  | 8,043 |  |  | — |  |  | — |  |  | — |  |  | 8,043 |  |  | — |  |  | 8,043 |
Treasury stock acquired | — |  |  | — |  |  | — |  |  | — |  |  | (10,329) |  |  | — |  |  | (10,329) |  |  | — |  |  | (10,329) |
Common stock issued under employee stock plans | — |  |  | — |  |  | (2,038) |  |  | (26) |  |  | 2,064 |  |  | — |  |  | — |  |  | — |  |  | — |
Tax withholding associated with shares issued under employee stock plans | — |  |  | — |  |  | (401) |  |  | — |  |  | — |  |  | — |  |  | (401) |  |  | — |  |  | (401) |
Balance, June 30, 2025 | $ | 667 |  |  | $ | 115 |  |  | $ | 433,374 |  |  | $ | 2,155,064 |  |  | $ | (1,399,599) |  |  | $ | (217,929) |  |  | $ | 971,692 |  |  | $ | 36,015 |  |  | $ | 1,007,707 |

| 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, March 31, 2024 | $ | 667 |  |  | $ | 115 |  |  | $ | 369,877 |  |  | $ | 2,365,524 |  |  | $ | (1,410,105) |  |  | $ | (245,803) |  |  | $ | 1,080,275 |  |  | $ | 26,630 |  |  | $ | 1,106,905 |
Net loss attributable to AMC Networks’ stockholders | — |  |  | — |  |  | — |  |  | (29,234) |  |  | — |  |  | — |  |  | (29,234) |  |  | — |  |  | (29,234) |
Net income attributable to non-redeemable noncontrolling interests | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,898 |  |  | 7,898 |
Distributions to noncontrolling member | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (6,193) |  |  | (6,193) |
Redeemable noncontrolling interest adjustment to redemption fair value | — |  |  | — |  |  | (2,807) |  |  | — |  |  | — |  |  | — |  |  | (2,807) |  |  | — |  |  | (2,807) |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,317) |  |  | (2,317) |  |  | 48 |  |  | (2,269) |
Share-based compensation expenses | — |  |  | — |  |  | 8,457 |  |  | — |  |  | — |  |  | — |  |  | 8,457 |  |  | — |  |  | 8,457 |
Common stock issued under employee stock plans | — |  |  | — |  |  | (509) |  |  | (764) |  |  | 1,273 |  |  | — |  |  | — |  |  | — |  |  | — |
Tax withholding associated with shares issued under employee stock plans | — |  |  | — |  |  | (665) |  |  | — |  |  | — |  |  | — |  |  | (665) |  |  | — |  |  | (665) |
Balance, June 30, 2024 | $ | 667 |  |  | $ | 115 |  |  | $ | 374,353 |  |  | $ | 2,335,526 |  |  | $ | (1,408,832) |  |  | $ | (248,120) |  |  | $ | 1,053,709 |  |  | $ | 28,383 |  |  | $ | 1,082,092 |

See accompanying notes to condensed consolidated financial statements.
4

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 | — |  |  | — |  |  | — |  |  | 68,338 |  |  | — |  |  | — |  |  | 68,338 |  |  | — |  |  | 68,338 |
Net income attributable to non-redeemable noncontrolling interests | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,080 |  |  | 4,080 |
Redeemable noncontrolling interest adjustment to redemption fair value | — |  |  | — |  |  | (708) |  |  | — |  |  | — |  |  | — |  |  | (708) |  |  | — |  |  | (708) |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 49,040 |  |  | 49,040 |  |  | 3,270 |  |  | 52,310 |
Share-based compensation expenses | — |  |  | — |  |  | 13,800 |  |  | — |  |  | — |  |  | — |  |  | 13,800 |  |  | — |  |  | 13,800 |
Treasury stock acquired | — |  |  | — |  |  | — |  |  | — |  |  | (10,329) |  |  | — |  |  | (10,329) |  |  | — |  |  | (10,329) |
Common stock issued under employee stock plans | — |  |  | — |  |  | (13,534) |  |  | (5,503) |  |  | 19,037 |  |  | — |  |  | — |  |  | — |  |  | — |
Tax withholding associated with shares issued under employee stock plans | — |  |  | — |  |  | (4,044) |  |  | — |  |  | — |  |  | — |  |  | (4,044) |  |  | — |  |  | (4,044) |
Balance, June 30, 2025 | $ | 667 |  |  | $ | 115 |  |  | $ | 433,374 |  |  | $ | 2,155,064 |  |  | $ | (1,399,599) |  |  | $ | (217,929) |  |  | $ | 971,692 |  |  | $ | 36,015 |  |  | $ | 1,007,707 |

| 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 | — |  |  | — |  |  | — |  |  | 16,569 |  |  | — |  |  | — |  |  | 16,569 |  |  | — |  |  | 16,569 |
Net income attributable to non-redeemable noncontrolling interests | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,958 |  |  | 8,958 |
Distributions to noncontrolling member | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (6,193) |  |  | (6,193) |
Redeemable noncontrolling interest adjustment to redemption fair value | — |  |  | — |  |  | (5,528) |  |  | — |  |  | — |  |  | — |  |  | (5,528) |  |  | — |  |  | (5,528) |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (15,289) |  |  | (15,289) |  |  | (277) |  |  | (15,566) |
Share-based compensation expenses | — |  |  | — |  |  | 14,532 |  |  | — |  |  | — |  |  | — |  |  | 14,532 |  |  | — |  |  | 14,532 |
Common stock issued under employee stock plans | — |  |  | — |  |  | (8,902) |  |  | (2,148) |  |  | 11,050 |  |  | — |  |  | — |  |  | — |  |  | — |
Tax withholding associated with shares issued under employee stock plans | — |  |  | — |  |  | (4,626) |  |  | — |  |  | — |  |  | — |  |  | (4,626) |  |  | — |  |  | (4,626) |
Balance, June 30, 2024 | $ | 667 |  |  | $ | 115 |  |  | $ | 374,353 |  |  | $ | 2,335,526 |  |  | $ | (1,408,832) |  |  | $ | (248,120) |  |  | $ | 1,053,709 |  |  | $ | 28,383 |  |  | $ | 1,082,092 |

See accompanying notes to condensed consolidated financial statements.
5

AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)

| Six Months Ended June 30,
| 2025 |  | 2024
Cash flows from operating activities: |  |  |
Net income including noncontrolling interests | $ | 74,859 |  |  | $ | 25,094 |
Adjustments to reconcile net income to net cash from operating activities: |  |  |
Depreciation and amortization | 47,372 |  |  | 52,319 |
Non-cash impairment and other charges | — |  |  | 96,819 |
Share-based compensation expenses related to equity classified awards | 13,800 |  |  | 14,532 |
Non-cash restructuring and other related charges | 5,320 |  |  | 2,199 |
Amortization and write-off of program rights | 409,631 |  |  | 414,716 |
Amortization of deferred carriage fees | 13,771 |  |  | 10,762 |
Unrealized foreign currency transaction (gain) loss | (14,861) |  |  | 2,640 |
Amortization of deferred financing costs and discounts on indebtedness | 3,935 |  |  | 3,371 |
Gain on extinguishment of debt, net | (25,745) |  |  | (247) |
Deferred income taxes | (11,156) |  |  | (5,705) |
Other, net | (6,233) |  |  | (883) |
Changes in assets and liabilities: |  |  |
Accounts receivable, trade (including amounts due from related parties, net) | 16,506 |  |  | 16,489 |
Prepaid expenses and other assets | 38,407 |  |  | 143,856 |
Program rights and obligations, net | (331,534) |  |  | (435,471) |
Deferred revenue | 7,567 |  |  | (8,047) |
Accounts payable, accrued liabilities and other liabilities | (30,043) |  |  | (77,172) |
Net cash provided by operating activities | 211,596 |  |  | 255,272 |
Cash flows from investing activities: |  |  |
Capital expenditures | (21,670) |  |  | (15,958) |
Other investing activities, net | (690) |  |  | 3,936 |
Net cash used in investing activities | (22,360) |  |  | (12,022) |
Cash flows from financing activities: |  |  |
Proceeds from the issuance of 10.25% Senior Secured Notes due 2029, net | — |  |  | 862,969 |
Proceeds from the issuance of 4.25% Convertible Senior Notes due 2029, net | — |  |  | 139,437 |
Tender and redemption of 4.75% Senior Notes due 2025 | — |  |  | (774,729) |
Principal payments on Term Loan A Facility | (36,250) |  |  | (190,625) |
Repurchase of 4.25% Senior Notes due 2029 | (72,405) |  |  | (10,129) |
Payments for financing costs | (763) |  |  | (9,424) |
Deemed repurchases of restricted stock units | (4,044) |  |  | (4,626) |
Purchase of treasury stock | (10,329) |  |  | — |
Principal payments on finance lease obligations | (2,439) |  |  | (2,275) |
Distributions to noncontrolling interests | — |  |  | (16,520) |
Net cash used in financing activities | (126,230) |  |  | (5,922) |
Net increase in cash and cash equivalents from operations | 63,006 |  |  | 237,328 |
Effect of exchange rate changes on cash and cash equivalents | 18,752 |  |  | (5,351) |
Cash and cash equivalents at beginning of period | 784,649 |  |  | 570,576 |
Cash and cash equivalents at end of period | $ | 866,407 |  |  | $ | 802,553 |

See accompanying notes to condensed consolidated financial statements.
6

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.
7

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 June 30, 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) |  | June 30, 2025 |  | December 31, 2024
Balances from contracts with customers: |  |  |  |
Accounts receivable (including long-term receivables within Other assets) |  | $ | 660,335 |  |  | $ | 674,631 |
Contract liabilities, short-term (Deferred revenue) |  | 68,525 |  |  | 61,838 |

Revenue recognized for the six months ended June 30, 2025 and 2024 relating to the contract liabilities at December 31, 2024 and 2023 was $32.3 million and $38.8 million, respectively.
For the three and six months ended June 30, 2024, we recognized revenues of $13.4 million for a one-time retroactive adjustment reported and paid by a third party, for which our performance obligation was satisfied in a prior period.
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 June 30, 2025, the Company had not yet sold any customer receivables under this agreement.
8

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 June 30, |  | Six Months Ended June 30,
2025 |  | 2024 |  | 2025 |  | 2024
Net income (loss) attributable to AMC Networks' stockholders used for basic net income (loss) per share | $ | 50,289 |  |  | $ | (29,234) |  |  | $ | 68,338 |  |  | $ | 16,569 |
Add: Convertible Notes interest expense, net of tax | 1,145 |  |  | — |  |  | 2,291 |  |  | 116 |
Net income (loss) attributable to AMC Networks' stockholders used for diluted net income (loss) per share | $ | 51,434 |  |  | $ | (29,234) |  |  | $ | 70,629 |  |  | $ | 16,685 |
Basic weighted average common shares outstanding | 44,868 |  |  | 44,466 |  |  | 44,845 |  |  | 44,267 |
Effect of dilution: |  |  |  |  |  |  |
Restricted stock units | 196 |  |  | — |  |  | 351 |  |  | 556 |
Convertible Notes | 11,286 |  |  | — |  |  | 11,286 |  |  | 620 |
Diluted weighted average common shares outstanding | 56,350 |  |  | 44,466 |  |  | 56,482 |  |  | 45,443 |
Net income (loss) per share attributable to AMC Networks' stockholders: |  |  |  |  |  |  |
Basic | $ | 1.12 |  |  | $ | (0.66) |  |  | $ | 1.52 |  |  | $ | 0.37 |
Diluted | $ | 0.91 |  |  | $ | (0.66) |  |  | $ | 1.25 |  |  | $ | 0.37 |

For the three and six months ended June 30, 2025, 4.2 million of restricted stock units ("RSUs") have been excluded from the diluted weighted average common shares outstanding, as their impact would have been antidilutive.
For the three months ended June 30, 2024, all 3.4 million of our RSUs and the weighted average impact of 11.3 million common shares related to the assumed conversion of the Convertible Notes were excluded from the calculation of diluted net income (loss) per share because their inclusion would have been antidilutive since we reported a net loss.
For the six months ended June 30, 2024, 0.2 million of 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 and six months ended June 30, 2025, the Company repurchased 1.6 million shares of its Class A Common Stock at an average purchase price of $6.48 per share. As of June 30, 2025, the Company had $124.9 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 $3.5 million and $8.3 million for t he three and six months ended June 30, 2025, respectively, primarily related to the planned wind-down of a U.K. joint venture in its International segment and 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 will incur additional restructuring charges in connection with the AMCNI Plan, which is expected to be substantially completed by the end of 2025.
9

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
Restructuring and other related charges were $2.9 million for t he three and six months ended June 30, 2024, consisting primarily of content impairments in connection wit h We TV shifting to a reduced originals strategy, a nd severance costs.
The following table summarizes the restructuring and other related charges (credits) recognized by operating segment:

| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Domestic Operations | $ | (850) |  |  | $ | 2,931 |  |  | $ | (2,421) |  |  | $ | 2,931 |
International | 4,379 |  |  | — |  |  | 10,739 |  |  | — |
Total restructuring and other related charges | $ | 3,529 |  |  | $ | 2,931 |  |  | $ | 8,318 |  |  | $ | 2,931 |

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 | 3,362 |  |  | 4,956 |  |  | 8,318 |
Cash payments | (7,178) |  |  | (742) |  |  | (7,920) |
Non-cash content impairment adjustments | — |  |  | (5,320) |  |  | (5,320) |
Other | (28) |  |  | 1,681 |  |  | 1,653 |
Balance at June 30, 2025 | $ | 1,040 |  |  | $ | 1,912 |  |  | $ | 2,952 |

Accrued restructuring and other related costs of $3.0 million and $6.2 million are included in Accrued liabilities in the condensed consolidated balance sheets at June 30, 2025 and December 31, 2024, respectively.
Note 5. Program Rights
Total capitalized produced and licensed content by predominant monetization strategy is as follows:

| June 30, 2025
(In thousands) | Predominantly Monetized Individually |  | Predominantly Monetized as a Group |  | Total
Owned original program rights, net: |  |  |  |  |
Completed | $ | 48,615 |  |  | $ | 608,671 |  |  | $ | 657,286 |
In-production and in-development | — |  |  | 258,920 |  |  | 258,920 |
Total owned original program rights, net | $ | 48,615 |  |  | $ | 867,591 |  |  | $ | 916,206 |
Licensed program rights, net: |  |  |  |  |
Licensed film and acquired series | $ | 119 |  |  | $ | 621,013 |  |  | $ | 621,132 |
Licensed originals | — |  |  | 129,191 |  |  | 129,191 |
Advances and other production costs | — |  |  | 66,890 |  |  | 66,890 |
Total licensed program rights, net | 119 |  |  | 817,094 |  |  | 817,213 |
Program rights, net | $ | 48,734 |  |  | $ | 1,684,685 |  |  | $ | 1,733,419 |
Current portion of program rights, net |  |  |  |  | $ | 4,092 |
Program rights, net (long-term) |  |  |  |  | 1,729,327 |
|  |  |  |  | $ | 1,733,419 |

10

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 (loss), is as follows:

| Three Months Ended June 30, 2025 |  | Six Months Ended June 30, 2025
(In thousands) | Predominantly Monetized Individually |  | Predominantly Monetized as a Group |  | Total |  | Predominantly Monetized Individually |  | Predominantly Monetized as a Group |  | Total
Owned original program rights | $ | 11,645 |  |  | $ | 91,290 |  |  | $ | 102,935 |  |  | $ | 15,538 |  |  | $ | 178,433 |  |  | $ | 193,971 |
Licensed program rights | 63 |  |  | 108,752 |  |  | 108,815 |  |  | 142 |  |  | 215,518 |  |  | 215,660 |
| $ | 11,708 |  |  | $ | 200,042 |  |  | $ | 211,750 |  |  | $ | 15,680 |  |  | $ | 393,951 |  |  | $ | 409,631 |

| Three Months Ended June 30, 2024 |  | Six Months Ended June 30, 2024
(In thousands) | Predominantly Monetized Individually |  | Predominantly Monetized as a Group |  | Total |  | Predominantly Monetized Individually |  | Predominantly Monetized as a Group |  | Total
Owned original program rights | $ | 17,313 |  |  | $ | 78,564 |  |  | $ | 95,877 |  |  | $ | 42,165 |  |  | $ | 138,670 |  |  | $ | 180,835 |
Licensed program rights | 201 |  |  | 116,086 |  |  | 116,287 |  |  | 1,832 |  |  | 232,049 |  |  | 233,881 |
| $ | 17,514 |  |  | $ | 194,650 |  |  | $ | 212,164 |  |  | $ | 43,997 |  |  | $ | 370,719 |  |  | $ | 414,716 |

There were no significant program rights write-offs included in technical and operating expenses f or the three and six months ended June 30, 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 June 30, 2025 consisted of $175.2 million recorded in Prepaid expenses and other current assets and $42.7 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.
11

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 $89.9 million and $81.8 million at June 30, 2025 and December 31, 2024, respectively. Investments in non-marketable equity securities were $44.6 million and $43.9 million a t June 30, 2025 and December 31, 2024, respectively.
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 | — |  |  | 13,134 |  |  | 13,134 |
June 30, 2025 | $ | 80,038 |  |  | $ | 179,400 |  |  | $ | 259,438 |

As of June 30, 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) | June 30, 2025 |  |
Gross |  | Accumulated Amortization |  | Net |  | Estimated Useful Lives
Amortizable intangible assets: |  |  |  |  |  |  |
Affiliate and customer relationships | $ | 629,607 |  |  | $ | (486,355) |  |  | $ | 143,252 |  |  | 6 to 25 years
Advertiser relationships | 46,282 |  |  | (46,282) |  |  | — |  |  | 11 years
Trade names and other amortizable intangible assets | 91,858 |  |  | (50,748) |  |  | 41,110 |  |  | 3 to 20 years
Total amortizable intangible assets | 767,747 |  |  | (583,385) |  |  | 184,362 |  |  |
Indefinite-lived intangible assets: |  |  |  |  |  |  |
Trademarks | 19,900 |  |  | — |  |  | 19,900 |  |  |
Total intangible assets | $ | 787,647 |  |  | $ | (583,385) |  |  | $ | 204,262 |  |  |

(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 June 30, 2025 and 2024 was $8.0 million and $9.6 million, respectively, and for the six months ended June 30, 2025 and 2024 was $15.8 million and $18.2 million, respectively.
12

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 | $ | 31,031 |
2026 | 30,087 |
2027 | 25,344 |
2028 | 23,139 |
2029 | 19,858 |

Note 8. Accrued Liabilities
Accrued liabilities consist of the following:

(In thousands) | June 30, 2025 |  | December 31, 2024
Employee related costs | $ | 60,905 |  |  | $ | 79,873 |
Participations and residuals | 130,057 |  |  | 118,101 |
Interest | 57,972 |  |  | 60,485 |
Other accrued expenses | 43,053 |  |  | 32,259 |
Total accrued liabilities | $ | 291,987 |  |  | $ | 290,718 |

Note 9. Long-term Debt
The Company's long-term debt consists of:

(In thousands) | June 30, 2025 |  | December 31, 2024
Senior Secured Credit Facility: (a) |  |  |
Term Loan A Facility | $ | 329,375 |  |  | $ | 365,625 |
Senior Notes: |  |  |
10.25% Senior Secured Notes due January 2029 | 875,000 |  |  | 875,000 |
4.25% Senior Notes due February 2029 | 885,866 |  |  | 985,010 |
4.25% Convertible Senior Notes due February 2029 | 143,750 |  |  | 143,750 |
Total long-term debt | 2,233,991 |  |  | 2,369,385 |
Unamortized discount | (21,325) |  |  | (25,014) |
Unamortized deferred financing costs | (7,344) |  |  | (8,152) |
Long-term debt, net | 2,205,322 |  |  | 2,336,219 |
Current portion of long-term debt | 77,500 |  |  | 7,500 |
Noncurrent portion of long-term debt | $ | 2,127,822 |  |  | $ | 2,328,719 |

(a)Represents the aggregate principal amount of the debt, with the Term Loan A (non-extended) of $70.0 million maturing in February 2026, the Term Loan A (extended) of $259.4 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.
Senior Secured Credit Facility
During 2025, the Company voluntarily prepaid the remaining $90.0 million of borrowings under the Term Loan A Facility (non-extended), $20.0 million of which was paid in May 2025 and the remaining $70.0 million of which was paid in July 2025 with the proceeds from the issuance of the 2032 Secured Notes offering described below. During the six months ended June 30, 2025, the Company also continued to make quarterly payments of the principal amount of the Term Loan A Facility (extended) totaling $16.3 million.
13

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
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 June 30, 2025.
4.25% Senior Notes due 2029
During the second quarter of 2025, the Company repurchased $99.1 million principal amount of its 4.25% Senior Notes due February 2029 (the "Senior Notes") through open market repurchases, at a discount of $26.7 million, and retired the repurchased notes. The discount, net of a $0.9 million write-off of unamortized discount and deferred financing costs associated with the Senior Notes, was recognized as a gain on extinguishment of debt in the condensed consolidated statements of income (loss) during the second quarter of 2025.
Utilizing proceeds from the July 3, 2025 offering of 2032 Secured Notes described below, the Company completed a cash tender offer on July 17, 2025 to purchase an additional $600.0 million of Senior Notes at a discount of $111.0 million. The discount, net of a $5.2 million write-off of 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 (loss) during the third quarter of 2025.
2032 Secured Notes Offering
On July 3, 2025, AMC Networks completed an offering of $400 million aggregate principal amount of its 10.500% Senior Secured Notes due 2032 (the “2032 Secured Notes”). AMC Networks received net proceeds of $394.5 million, after deducting initial purchaser discounts. The 2032 Secured Notes are guaranteed by AMC Network Entertainment and AMC Networks' subsidiaries that guarantee the Credit Agreement (the "Guarantors").
The 2032 Secured Notes were issued pursuant to an Indenture, dated as of July 3, 2025 (the “2032 Secured Notes Indenture”), among AMC Networks, the Guarantors and U.S. Bank Trust Company, National Association, as Trustee.
The 2032 Secured Notes accrue interest at a rate of 10.500% per annum and mature on July 15, 2032. Interest is payable semiannually on January 15 and July 15 of each year, commencing on January 15, 2026. The 2032 Secured Notes are AMC Networks’ general senior secured obligations, secured on a first-priority basis by substantially all of AMC Networks’ and the Guarantors’ assets and property (the “Collateral”), subject to certain liens permitted under the 2032 Secured Notes Indenture, and will rank equally with all of AMC Networks’ existing and future senior indebtedness, senior in right of payment to AMC Networks’ future subordinated indebtedness and effectively senior to any of AMC Networks’ existing and future unsecured indebtedness or indebtedness that is secured by a lien ranking junior to the lien securing the 2032 Secured Notes, in each case, to the extent of the value of the Collateral.
On or after July 15, 2028, AMC Networks may redeem the 2032 Secured Notes, at its option, in whole or in part, at any time and from time to time, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest thereon, to the applicable redemption date, if redeemed during the twelve month period beginning on July 15 of the years indicated below:

Year |  |  | Percentage
2028 |  |  | 105.250%
2029 |  |  | 102.625%
2030 and thereafter |  |  | 100.000%

In addition to the optional redemption of the 2032 Secured Notes described above, at any time prior to July 15, 2028, AMC Networks may redeem up to 40% of the aggregate principal amount of the 2032 Secured Notes at a redemption price equal to 110.500% of the principal amount thereof, plus accrued and unpaid interest and additional interest, if any, using the net proceeds of certain equity offerings. At any time prior to July 15, 2028, AMC Networks may also redeem up to 10% of the aggregate principal amount of the 2032 Secured Notes during any twelve month period at a redemption price equal to 103.000% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon to, but excluding, the redemption date.
14

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
Finally, at any time prior to July 15, 2028, AMC Networks may redeem the 2032 Secured Notes, at its option in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount thereof to be redeemed plus the “Applicable Premium” calculated as described in the 2032 Secured Notes Indenture at the Treasury rate + 50 basis points, and accrued and unpaid interest thereon, if any, to, but excluding, the redemption date.
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 |  | June 30, 2025 |  | December 31, 2024
Assets |  |  |  |  |
Operating | Operating lease right-of-use assets |  | $ | 51,649 |  |  | $ | 58,390 |
Finance | Property and equipment, net |  | 11,069 |  |  | 11,695 |
Total lease assets |  |  | $ | 62,718 |  |  | $ | 70,085 |
Liabilities |  |  |  |  |
Current: |  |  |  |  |
Operating | Current portion of lease obligations |  | $ | 30,246 |  |  | $ | 27,798 |
Finance | Current portion of lease obligations |  | 3,915 |  |  | 4,641 |
|  |  | $ | 34,161 |  |  | $ | 32,439 |
Noncurrent: |  |  |  |  |
Operating | Lease obligations |  | $ | 39,928 |  |  | $ | 51,929 |
Finance | Lease obligations |  | 11,518 |  |  | 12,652 |
|  |  | $ | 51,446 |  |  | $ | 64,581 |
Total lease liabilities |  |  | $ | 85,607 |  |  | $ | 97,020 |

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.
15

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
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 June 30, 2025 and December 31, 2024:

(In thousands) |  | Level I |  | Level II |  | Level III |  | Total
At June 30, 2025: |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 295,542 |  |  | $ | — |  |  | $ | — |  |  | $ | 295,542 |
Foreign currency derivatives |  | — |  |  | 7,525 |  |  | — |  |  | 7,525 |
Liabilities |  |  |  |  |  |  |  |
Foreign currency derivatives |  | — |  |  | 6,740 |  |  | — |  |  | 6,740 |
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.
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) | June 30, 2025
Carrying Amount |  | Estimated Fair Value
Debt instruments: |  |  |
Term Loan A Facility | $ | 324,598 |  |  | $ | 329,375 |
10.25% Senior Secured Notes due 2029 | 862,605 |  |  | 907,813 |
4.25% Senior Notes due 2029 | 878,233 |  |  | 706,478 |
4.25% Convertible Senior Notes due 2029 | 139,886 |  |  | 120,753 |
| $ | 2,205,322 |  |  | $ | 2,064,419 |

16

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)

(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 |  | June 30, 2025 |  | December 31, 2024
Derivatives not designated as hedging instruments: |  |  |  |  |
Assets: |  |  |  |  |
Foreign currency derivatives | Prepaid expenses and other current assets |  | $ | 1,950 |  |  | $ | 944 |
Foreign currency derivatives | Other assets |  | 5,575 |  |  | 3,945 |
Liabilities: |  |  |  |  |
Foreign currency derivatives | Accrued liabilities |  | $ | 1,894 |  |  | $ | 945 |
Foreign currency derivatives | Other liabilities |  | 4,846 |  |  | 1,385 |

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 June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Foreign currency derivatives | Miscellaneous, net |  | $ | (2,390) |  |  | $ | 4,239 |  |  | $ | (2,480) |  |  | $ | (791) |

Note 13. Income Taxes
For the three and six months ended June 30, 2025, income tax expense was $16.1 million on income from operations before income taxes of $68.8 million, and $31.0 million on income from operations before income taxes of $105.9 million, respectively, representing an effective rate of 23% and 29%, respectively. The variance from the federal statutory rate of 21% for the three months ended June 30, 2025 primarily consists of state and local income tax expense. Items resulting in variances from the federal statutory rate of 21% for the six months ended June 30, 2025 primarily consist of state and local income tax expense, tax expense for shortfalls related to share-based compensation, tax expense for an increase in the valuation allowance
17

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
for foreign taxes and tax expense related to non-deductible compensation.
For the three and six months ended June 30, 2024, income tax expense was $10.9 million on income (loss) from operations before income taxes of $(21.4) million, and $34.5 million on income from operations before income taxes of $59.6 million, respectively, representing an effective tax rate of (51)% and 58%, respectively. The effective tax rate for both the three and six months ended June 30, 2024 was impacted by the $68.0 million nondeductible goodwill impairment charge at AMCNI. Inclusive of the nondeductible goodwill impairment charge, items resulting in variances from the federal statutory rate of 21% for the three and six months ended June 30, 2024 primarily consist of state and local income tax expense, tax expense from foreign operations, tax expense for an increase in the valuation allowance for foreign taxes and tax expense related to non-deductible compensation.
At June 30, 2025, the Company had foreign tax credit carryforwards of approximately $50.1 million, expiring on various dates from 2025 through 2035. These carryforwards have been reduced to zero by a valuation allowance of $50.1 million as it is more likely than not that these carryforwards will not be realized.
As of June 30, 2025, the Company’s cash and cash equivalents balance of $866.4 million included approximately $139.2 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 June 30, 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.
On July 4, 2025, the “One Big Beautiful Bill” act was signed into law in the U.S., which contains a broad range of tax reform provisions impacting companies. The Company is currently evaluating the impact this legislation will have on its results of operations and financial position. As the legislation was signed into law subsequent to quarter end, the impacts are not included in the Company’s operating results for the six months ended June 30, 2025.
Note 14. Commitments and Contingencies
Commitments
As of June 30, 2025, the Company's contractual obligations not reflected on the Company's condensed consolidated balance sheets decreased $79.8 million, as compared to December 31, 2024, to $515.5 million. The decrease was primarily related to payments for program rights and third-party service contracts.
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 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
18

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
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 second quarter of 2025, AMC Networks granted 275,522 RSUs to non-employee directors under the 2011 Stock Plan for Non-Employee Directors that vested on the date of grant.
During the first quarter of 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 June 30, 2025, 103,070 RSUs previously issued to employees of the Company vested. On the vesting dat e, 52,281 RSUs were surrendered to AMC Networks to cover the required statutory tax withholding obligations an d 50,789 shares of AMC Networks' Class A Common Stock were issued. During the six months ended June 30, 2025, 1,397,031 RSUs previously issued to employees of the Company vested. On the vesting dat e, 566,095 RSUs were surrendered to AMC Networks to cover the required statutory tax withholding obligations an d 830,936 shares of AMC Networks' Class A Common Stock were issued. Units are surrendered to satisfy the employees' statutory minimu m tax withholding obligations for the applicable income and other employment tax. The units surrendered during the six months ended June 30, 2025 h ad an aggregate value of $4.0 million, which has been reflected as a financing activity in the condensed consolidated statements of cash flows for the six months ended June 30, 2025.
The Company recorded share-based compensation expenses of $8.0 million and $13.8 million for the three and six months ended June 30, 2025, respectively, and $8.5 million and $14.5 million for the three and six months ended June 30, 2024, respectively. Share-based compensation expenses are recognized in the condensed consolidated statements of income (loss) as part of Selling, general and administrative expenses.
19

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
As of June 30, 2025, there was $30.0 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 2.2 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, within ninety days following October 31, 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 (loss). 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 and six months ended June 30, 2025 and 2024:

(In thousands) | Three Months Ended June 30, 2025
March 31, 2025 | $ | 61,076 |
Net earnings | 918 |
Adjustment to redemption fair value | (2,964) |
June 30, 2025 | $ | 59,030 |

(In thousands) | Three Months Ended June 30, 2024
March 31, 2024 | $ | 197,370 |
Net earnings (loss) | (10,953) |
Distributions | (9,159) |
Adjustment to redemption fair value | 2,807 |
June 30, 2024 | $ | 180,065 |

(In thousands) | Six Months Ended June 30, 2025
December 31, 2024 | $ | 55,881 |
Net earnings | 2,441 |
Adjustment to redemption fair value | 708 |
June 30, 2025 | $ | 59,030 |

20

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)

(In thousands) | Six Months Ended June 30, 2024
December 31, 2023 | $ | 185,297 |
Net earnings (loss) | (433) |
Distributions | (10,327) |
Adjustment to redemption fair value | 5,528 |
June 30, 2024 | $ | 180,065 |

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 June 30, 2025 and 2024, respectively, and $2.4 million and $2.6 million for the six months ended June 30, 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 $0.4 million and $0.1 million for the three months ended June 30, 2025 and 2024, respectively, and $0.9 million and $0.5 million for the six months ended June 30, 2025 and 2024, respectively.
Note 18. Cash Flows
The following table details the Company's non-cash investing and financing activities and other supplemental data:

(In thousands) | Six Months Ended June 30,
2025 |  | 2024
Non-Cash Investing and Financing Activities: |  |  |
Operating lease additions | $ | 3,626 |  |  | $ | 2,974 |
Capital expenditures incurred but not yet paid | 1,307 |  |  | 1,911 |
Supplemental Data: |  |  |
Cash interest paid | 84,394 |  |  | 67,731 |
Income tax payments (refunds), net | 17,686 |  |  | (4,738) |

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.
21

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)

(In thousands) | Three Months Ended June 30, 2025
Domestic Operations |  | International |  | Total
Revenues, net from external customers |  |  |  |  |
Subscription | $ | 320,359 |  |  | $ | 47,069 |  |  | $ | 367,428 |
Advertising | 122,606 |  |  | 26,003 |  |  | 148,609 |
Content licensing and other | 82,277 |  |  | 1,710 |  |  | 83,987 |
| 525,242 |  |  | 74,782 |  |  | 600,024 |
Inter-segment revenues (Content licensing and other) (a) | 1,611 |  |  | 753 |  |  | 2,364 |
| $ | 526,853 |  |  | $ | 75,535 |  |  | 602,388 |
Reconciliation of revenue |  |  |  |  |
Elimination of inter-segment revenues (a) |  |  |  |  | (2,364) |
Total consolidated revenues, net |  |  |  |  | $ | 600,024 |
Less: (b) |  |  |  |  |
Content expenses | 215,673 |  |  | 16,754 |  |  |
Marketing, research, and advertising sales expenses | 90,804 |  |  | 4,802 |  |  |
Other (c) | 94,037 |  |  | 39,242 |  |  |
Segment adjusted operating income | $ | 126,339 |  |  | $ | 14,737 |  |  | $ | 141,076 |
Reconciliation of total segment adjusted operating income |  |  |  |  |
Elimination of inter-segment profits |  |  |  |  | (1,095) |
Unallocated corporate overhead costs (d) |  |  |  |  | (30,595) |
Share-based compensation expenses |  |  |  |  | (8,043) |
Depreciation and amortization |  |  |  |  | (26,446) |
Restructuring and other related charges |  |  |  |  | (3,529) |
Cloud computing amortization |  |  |  |  | (2,725) |
Majority-owned equity investees AOI |  |  |  |  | (4,174) |
Operating income |  |  |  |  | 64,469 |
Other income (expense): |  |  |  |  |
Interest expense |  |  |  |  | (42,460) |
Interest income |  |  |  |  | 8,205 |
Gain on extinguishment of debt, net |  |  |  |  | 25,745 |
Miscellaneous, net |  |  |  |  | 12,819 |
Income from operations before income taxes |  |  |  |  | $ | 68,778 |

(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.
22

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)

(In thousands) | Three Months Ended June 30, 2024
Domestic Operations |  | International |  | Total
Revenues, net from external customers |  |  |  |  |
Subscription | $ | 322,576 |  |  | $ | 49,604 |  |  | $ | 372,180 |
Advertising | 149,200 |  |  | 37,523 |  |  | 186,723 |
Content licensing and other | 65,072 |  |  | 1,959 |  |  | 67,031 |
| 536,848 |  |  | 89,086 |  |  | 625,934 |
Inter-segment revenues (Content licensing and other) (a) | 1,443 |  |  | 1,009 |  |  | 2,452 |
| $ | 538,291 |  |  | $ | 90,095 |  |  | 628,386 |
Reconciliation of revenue |  |  |  |  |
Elimination of inter-segment revenues (a) |  |  |  |  | (2,452) |
Total consolidated revenues, net |  |  |  |  | $ | 625,934 |
Less: (b) |  |  |  |  |
Content expenses | 206,242 |  |  | 16,306 |  |  |
Marketing, research, and advertising sales expenses | 83,320 |  |  | 5,242 |  |  |
Other (c) | 93,381 |  |  | 39,282 |  |  |
Segment adjusted operating income | $ | 155,348 |  |  | $ | 29,265 |  |  | $ | 184,613 |
Reconciliation of total segment adjusted operating income |  |  |  |  |
Elimination of inter-segment profits |  |  |  |  | (370) |
Unallocated corporate overhead costs (d) |  |  |  |  | (31,436) |
Share-based compensation expenses |  |  |  |  | (8,457) |
Depreciation and amortization |  |  |  |  | (26,493) |
Impairment and other charges |  |  |  |  | (96,819) |
Restructuring and other related charges |  |  |  |  | (2,931) |
Cloud computing amortization |  |  |  |  | (3,283) |
Majority-owned equity investees AOI |  |  |  |  | (4,036) |
Operating income |  |  |  |  | 10,788 |
Other income (expense): |  |  |  |  |
Interest expense |  |  |  |  | (43,216) |
Interest income |  |  |  |  | 9,292 |
Gain on extinguishment of debt, net |  |  |  |  | 247 |
Miscellaneous, net |  |  |  |  | 1,493 |
Income (loss) from operations before income taxes |  |  |  |  | $ | (21,396) |

(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 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.
23

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)

(In thousands) | Six Months Ended June 30, 2025
Domestic Operations |  | International |  | Total
Revenues, net from external customers |  |  |  |  |
Subscription | $ | 633,732 |  |  | $ | 91,771 |  |  | $ | 725,503 |
Advertising | 241,854 |  |  | 48,611 |  |  | 290,465 |
Content licensing and other | 135,643 |  |  | 3,646 |  |  | 139,289 |
| 1,011,229 |  |  | 144,028 |  |  | 1,155,257 |
Inter-segment revenues (Content licensing and other) (a) | 1,931 |  |  | 1,453 |  |  | 3,384 |
| $ | 1,013,160 |  |  | $ | 145,481 |  |  | 1,158,641 |
Reconciliation of revenue |  |  |  |  |
Elimination of inter-segment revenues (a) |  |  |  |  | (3,384) |
Total consolidated revenues, net |  |  |  |  | $ | 1,155,257 |
Less: (b) |  |  |  |  |
Content expenses | 413,762 |  |  | 35,005 |  |  |
Marketing, research, and advertising sales expenses | 171,469 |  |  | 9,081 |  |  |
Other (c) | 177,666 |  |  | 76,807 |  |  |
Segment adjusted operating income | $ | 250,263 |  |  | $ | 24,588 |  |  | $ | 274,851 |
Reconciliation of total segment adjusted operating income |  |  |  |  |
Elimination of inter-segment profits |  |  |  |  | (1,097) |
Unallocated corporate overhead costs (d) |  |  |  |  | (59,883) |
Share-based compensation expenses |  |  |  |  | (13,800) |
Depreciation and amortization |  |  |  |  | (47,372) |
Restructuring and other related charges |  |  |  |  | (8,318) |
Cloud computing amortization |  |  |  |  | (5,938) |
Majority-owned equity investees AOI |  |  |  |  | (9,777) |
Operating income |  |  |  |  | 128,666 |
Other income (expense): |  |  |  |  |
Interest expense |  |  |  |  | (85,852) |
Interest income |  |  |  |  | 16,620 |
Gain on extinguishment of debt, net |  |  |  |  | 25,745 |
Miscellaneous, net |  |  |  |  | 20,707 |
Income from operations before income taxes |  |  |  |  | $ | 105,886 |

(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 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.
24

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)

(In thousands) | Six Months Ended June 30, 2024
Domestic Operations |  | International |  | Total
Revenues, net from external customers |  |  |  |  |
Subscription | $ | 645,134 |  |  | $ | 100,453 |  |  | $ | 745,587 |
Advertising | 289,054 |  |  | 59,047 |  |  | 348,101 |
Content licensing and other | 125,041 |  |  | 3,666 |  |  | 128,707 |
| 1,059,229 |  |  | 163,166 |  |  | 1,222,395 |
Inter-segment revenues (Content licensing and other) (a) | 3,288 |  |  | 2,534 |  |  | 5,822 |
| $ | 1,062,517 |  |  | $ | 165,700 |  |  | 1,228,217 |
Reconciliation of revenue |  |  |  |  |
Elimination of inter-segment revenues (a) |  |  |  |  | (5,822) |
Total consolidated revenues, net |  |  |  |  | $ | 1,222,395 |
Less: (b) |  |  |  |  |
Content expenses | 407,213 |  |  | 33,509 |  |  |
Marketing, research, and advertising sales expenses | 162,585 |  |  | 9,105 |  |  |
Other (c) | 175,052 |  |  | 80,421 |  |  |
Segment adjusted operating income | $ | 317,667 |  |  | $ | 42,665 |  |  | $ | 360,332 |
Reconciliation of total segment adjusted operating income |  |  |  |  |
Elimination of inter-segment profits |  |  |  |  | (670) |
Unallocated corporate overhead costs (d) |  |  |  |  | (57,731) |
Share-based compensation expenses |  |  |  |  | (14,532) |
Depreciation and amortization |  |  |  |  | (52,319) |
Impairment and other charges |  |  |  |  | (96,819) |
Restructuring and other related charges |  |  |  |  | (2,931) |
Cloud computing amortization |  |  |  |  | (6,831) |
Majority-owned equity investees AOI |  |  |  |  | (7,533) |
Operating income |  |  |  |  | 120,966 |
Other income (expense): |  |  |  |  |
Interest expense |  |  |  |  | (76,057) |
Interest income |  |  |  |  | 18,177 |
Gain on extinguishment of debt, net |  |  |  |  | 247 |
Miscellaneous, net |  |  |  |  | (3,697) |
Income from operations before income taxes |  |  |  |  | $ | 59,636 |

(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 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.
Subscription revenues in the Domestic Operations segment include revenues related to the Company's streaming services of $169.0 million and $150.2 million for the three months ended June 30, 2025 and 2024, respectively, and $326.1 million and $295.3 million for the six months ended June 30, 2025 and 2024, respectively.
25

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
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.
The table below summarizes revenues based on customer location:

(In thousands) | Three Months Ended June 30, |  | Six Months Ended June 30,
2025 |  | 2024 |  | 2025 |  | 2024
Revenues |  |  |  |  |  |  |
United States | $ | 481,821 |  |  | $ | 487,414 |  |  | $ | 929,211 |  |  | $ | 971,507 |
Europe | 81,627 |  |  | 102,875 |  |  | 155,726 |  |  | 180,126 |
Other | 36,576 |  |  | 35,645 |  |  | 70,320 |  |  | 70,762 |
| $ | 600,024 |  |  | $ | 625,934 |  |  | $ | 1,155,257 |  |  | $ | 1,222,395 |

One customer within the Domestic Operations segment accounted for approximately 18% of consolidated revenues, net for the three and six months ended June 30, 2025. For the three and six months ended June 30, 2024, one customer within the Domestic Operations segment accounted for approximately 15% of consolidated revenues.
The table below summarizes property and equipment based on asset location:

(In thousands) | June 30, 2025 |  | December 31, 2024
Property and equipment, net |  |  |
United States | $ | 117,930 |  |  | $ | 127,881 |
Europe | 15,317 |  |  | 13,634 |
Other | 1,157 |  |  | 1,521 |
| $ | 134,404 |  |  | $ | 143,036 |

26

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 June 30, 2025.
We disclaim any obligation to update or revise the forward-looking statements contained herein, except as otherwise required by applicable federal securities laws.
27

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 and six months ended June 30, 2025 compared to the three and six months ended June 30, 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 June 30, 2025, as well as an analysis of our cash flows for the six months ended June 30, 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 June 30, 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 and adjusted operating income ("AOI")1, for the periods indicated.

(In thousands) | Three Months Ended June 30, |  | Six Months Ended June 30,
2025 |  | 2024 |  | 2025 |  | 2024
Revenues, net | $ | 600,024 |  |  | $ | 625,934 |  |  | $ | 1,155,257 |  |  | $ | 1,222,395 |
Operating Income | $ | 64,469 |  |  | $ | 10,788 |  |  | $ | 128,666 |  |  | $ | 120,966 |
Adjusted Operating Income | $ | 109,386 |  |  | $ | 152,807 |  |  | $ | 213,871 |  |  | $ | 301,931 |

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 ("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.
1 Adjusted Operating Income (Loss), is a non-GAAP financial measure. See the "Non-GAAP Financial Measures" section on page 42 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.
28

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.
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.
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
29

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 (loss). 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 (loss). 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.
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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 (loss) 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 (loss).
Three and Six Months Ended June 30, 2025 and 2024
The following table sets forth our consolidated results of operations for the periods indicated.

| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2025 |  | 2024 |  | Change |  | 2025 |  | 2024 |  | Change
Revenues, net: |  |  |  |  |  |  |  |  |  |  |
Subscription | $ | 367,428 |  |  | $ | 372,180 |  |  | (1.3) | % |  | $ | 725,503 |  |  | $ | 745,587 |  |  | (2.7) | %
Advertising | 148,609 |  |  | 186,723 |  |  | (20.4) | % |  | 290,465 |  |  | 348,101 |  |  | (16.6) | %
Content licensing and other | 83,987 |  |  | 67,031 |  |  | 25.3 | % |  | 139,289 |  |  | 128,707 |  |  | 8.2 | %
Total revenues, net | 600,024 |  |  | 625,934 |  |  | (4.1) | % |  | 1,155,257 |  |  | 1,222,395 |  |  | (5.5) | %
Operating expenses: |  |  |  |  |  |  |  |  |  |  |
Technical and operating (excluding depreciation and amortization) | 283,876 |  |  | 280,727 |  |  | 1.1 | % |  | 551,222 |  |  | 552,303 |  |  | (0.2) | %
Selling, general and administrative | 221,704 |  |  | 208,176 |  |  | 6.5 | % |  | 419,679 |  |  | 397,057 |  |  | 5.7 | %
Depreciation and amortization | 26,446 |  |  | 26,493 |  |  | (0.2) | % |  | 47,372 |  |  | 52,319 |  |  | (9.5) | %
Impairment and other charges | — |  |  | 96,819 |  |  | n/m |  | — |  |  | 96,819 |  |  | n/m
Restructuring and other related charges | 3,529 |  |  | 2,931 |  |  | 20.4 | % |  | 8,318 |  |  | 2,931 |  |  | n/m
Total operating expenses | 535,555 |  |  | 615,146 |  |  | (12.9) | % |  | 1,026,591 |  |  | 1,101,429 |  |  | (6.8) | %
Operating income | 64,469 |  |  | 10,788 |  |  | n/m |  | 128,666 |  |  | 120,966 |  |  | 6.4 | %
Other income (expense): |  |  |  |  |  |  |  |  |  |  |
Interest expense | (42,460) |  |  | (43,216) |  |  | (1.7) | % |  | (85,852) |  |  | (76,057) |  |  | 12.9 | %
Interest income | 8,205 |  |  | 9,292 |  |  | (11.7) | % |  | 16,620 |  |  | 18,177 |  |  | (8.6) | %
Gain on extinguishment of debt, net | 25,745 |  |  | 247 |  |  | n/m |  | 25,745 |  |  | 247 |  |  | n/m
Miscellaneous, net | 12,819 |  |  | 1,493 |  |  | n/m |  | 20,707 |  |  | (3,697) |  |  | n/m
Total other income (expense) | 4,309 |  |  | (32,184) |  |  | n/m |  | (22,780) |  |  | (61,330) |  |  | (62.9) | %
Income (loss) from operations before income taxes | 68,778 |  |  | (21,396) |  |  | n/m |  | 105,886 |  |  | 59,636 |  |  | 77.6 | %
Income tax expense | (16,072) |  |  | (10,893) |  |  | 47.5 | % |  | (31,027) |  |  | (34,542) |  |  | (10.2) | %
Net income (loss) including noncontrolling interests | 52,706 |  |  | (32,289) |  |  | n/m |  | 74,859 |  |  | 25,094 |  |  | n/m
Less: Net (income) loss attributable to noncontrolling interests | (2,417) |  |  | 3,055 |  |  | n/m |  | (6,521) |  |  | (8,525) |  |  | (23.5) | %
Net income (loss) attributable to AMC Networks' stockholders | $ | 50,289 |  |  | $ | (29,234) |  |  | n/m |  | $ | 68,338 |  |  | $ | 16,569 |  |  | n/m
n/m - Absolute percentages greater than 100% and comparisons between positive and negative values or zero values are considered not meaningful.

Revenues, net
Three months ended June 30, 2025 vs. 2024
Subscription revenues de creased 0.7% 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 primarily due to the impact of price increases across our services. Subscription revenues de creased 5.1% in our International segment primarily due to the non-renewal of a distribution agreement in Spain in the fourth quarter of 2024. We expect linear subscriber declines to continue in our Domestic Operations segment, consistent with the declines across the cable ecosystem.
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Advertising revenues decreased 17.8% in our Domestic Operations segment primarily due to linear ratings declines and lower marketplace pricing, including digital pricing. Advertising revenues decreased 30.7% in our International segment primarily due to the recognition of a $13.4 million retroactive adjustment reported and paid by a third party in the second quarter of 2024. We expect advertising revenue to continue to decline as the advertising market gravitates toward other distribution platforms.
Content licensing and other revenues increased 26.1% in our Domestic Operations segment primarily due to the sale of our music catalog. We expect content licensing revenues to vary in 2025 based on the timing and availability of our programming to distributors.
Six months ended June 30, 2025 vs. 2024
Subscription revenues de creased 1.8% 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 primarily due to the impact of price increases across our services. Subscription revenues de creased 8.6% in our International segment primarily due to the non-renewal of a distribution agreement in Spain in the fourth quarter of 2024.
Advertising revenues decreased 16.3% in our Domestic Operations segment primarily due to linear ratings declines and lower marketplace pricing, including digital pricing. Advertising revenues decreased 17.7% in our International segment primarily due to the recognition of a $13.4 million retroactive adjustment reported and paid by a third party in the second quarter of 2024.
Content licensing and other revenues increased 7.2% in our Domestic Operations segment primarily due to the sale of our music catalog during the second quarter of 2025, partially offset by 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)
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.
Three months ended June 30, 2025 vs. 2024
Technical and operating expenses (excluding depreciation and amortization) increased 1.0% in our Domestic Operations segment primarily due to higher participation and residuals costs, partially offset by a decrease in other direct programming costs and program rights amortization. Technical and operating expenses (excluding depreciation and amortization) decreased 0.9% in our International segment primarily due to a decrease in other direct programming costs.
Six months ended June 30, 2025 vs. 2024
Technical and operating expenses (excluding depreciation and amortization) decreased 0.9% in our Domestic Operations segment primarily due to a decrease in other direct programming costs and program rights amortization, partially offset by higher participation and residuals costs. Technical and operating expenses (excluding depreciation and amortization) increased 1.8% in our International segment primarily due to higher content expenses, 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.
Three months ended June 30, 2025 vs. 2024
Selling, general and administrative expenses increased 10.9% in our Domestic Operations segment primarily due to higher marketing expenses mainly driven by increased paid media spend for AMC+, higher employee related costs, and an increase in legal costs related to outstanding litigation. Selling, general and administrative expenses increased 0.9% in our International segment primarily due to higher selling expenses.
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Selling, general and administrative expenses, excluding share-based compensation, also include 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 decreased 2.7% to $30.6 million primarily due to lower employee related costs.
Six months ended June 30, 2025 vs. 2024
Selling, general and administrative expenses increased 9.2% in our Domestic Operations segment primarily due to higher marketing expenses mainly driven by increased paid media spend for AMC+, higher employee related costs, and an increase in legal costs related to outstanding litigation. Selling, general and administrative expenses decreased 5.9% in our International segment primarily due to a decrease in corporate overhead costs allocated to AMCNI and lower selling expenses, including commissions.
Unallocated corporate overhead costs increased 3.7% to $59.9 million primarily due to higher employee related costs, including higher bonus and severance expenses.
Impairment and other charges
Three and six months ended June 30, 2025
There were no impairment and other charges for the three and six months ended June 30, 2025.
Three and six months ended June 30, 2024
During the second quarter of 2024, we determined that the decline in our stock price was an indicator of potential impairment of goodwill. Accordingly, we performed quantitative assessments for all of our reporting units and concluded that the fair value of the AMCNI reporting unit declined to less than its carrying amount. As a result, we recognized an impairment charge of $68.0 million, which is included in Impairment and other charges in the condensed consolidated statements of income (loss).
Additionally, during the second quarter of 2024, given continued market challenges and linear declines, we determined that sufficient indicators of potential impairment of long-lived assets existed at BBCA, and concluded that the carrying amount of the BBCA asset group was not recoverable. The carrying value of the BBCA asset group exceeded its fair value, and accordingly an impairment charge of $29.2 million was recorded for identifiable intangible assets and other long-lived assets, which is included in Impairment and other charges in the condensed consolidated statements of income (loss) within the Domestic Operations operating segment.
Restructuring and other related charges
Three and six months ended June 30, 2025
Restructuring and other related charges were $3.5 million and $8.3 million for t he three and six months ended June 30, 2025, respectively, primarily related to the planned wind-down of a U.K. joint venture in our International segment and a restructuring plan related to our International segment designed to achieve cost reductions and streamline operations in Southern Europe, including channel re-branding and a reduction of workforce.
Three and six months ended June 30, 2024
For the three and six months ended June 30, 2024, restructuring and other related charges of $2.9 million in our Domestic Operations segment primarily consisted of content impairments in connection with We TV shifting to a reduced o riginals strategy, and severance costs.
Operating income
Three months ended June 30, 2025 vs. 2024
The increase in operating income was primarily attributable to a $96.8 million decrease in impairment and other charges, partially offset by a $25.9 million decrease in revenues, net and a $13.5 million increase in selling, general and administrative costs.
Six months ended June 30, 2025 vs. 2024
The increase in operating income was primarily attributable to a $96.8 million decrease in impairment and other charges, partially offset by a $67.1 million decrease in revenues, net and a $22.6 million increase in selling, general and administrative costs.
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Interest expense
Three months ended June 30, 2025 vs. 2024
The decrease in interest expense was primarily due to lower outstanding balances under our Term Loan A Facility and 4.25% Senior Notes due February 2029 (the "Senior Notes"), partially offset by the impact of a full quarter of interest expense for the 4.25% Convertible Senior Notes due 2029 (the "Convertible Notes") and 10.25% Senior Secured Notes due 2029 that were issued in June 2024 and April 2024, respectively.
Six months ended June 30, 2025 vs. 2024
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 and the impact of a full year of interest expense for the Convertible Notes that were issued in June 2024, partially offset by the impact of lower outstanding balances under our Term Loan A Facility and the Senior Notes.
Interest income
Three and six months ended June 30, 2025 vs. 2024
The decrease in interest income was primarily attributable to interest received in connection with a one-time retroactive adjustment reported and paid by a third party during the second quarter of 2024, as well as lower interest income recognized in connection with our long-term content licensing receivables.
Gain on extinguishment of debt, net
Three and six months ended June 30, 2025
During the second quarter of 2025, we repurchased $99.1 million principal amount of our outstanding Senior Notes through open market repurchases, at a discount of $26.7 million, and retired the repurchased notes. We recorded a $25.8 million gain which reflects the discount, net of $0.9 million to write-off a portion of the unamortized discount and deferred financing costs associated with the Senior Notes.
Three and six months ended June 30, 2024
In June 2024, we repurchased $15.0 million of our outstanding Senior Notes through open market repurchases, at a discount of $4.9 million, and retired the repurchased notes. We recorded a $4.7 million gain which reflects the discount, net of $0.2 million to write-off a portion of the unamortized discount and deferred financing costs associated with the notes.
On April 22, 2024, we completed a cash tender offer (the "2025 Senior Notes Tender Offer") to purchase any and all outstanding 4.75% Senior Notes due 2025 and redeemed all 4.75% Senior Notes due 2025 that remained outstanding after completion of the 2025 Senior Notes Tender Offer at a price of 100.000% of their principal amount, plus accrued and unpaid interest to, but not including, the redemption date. In connection with the 2025 Senior Notes Tender Offer and redemption, we recorded a charge of $3.1 million to write-off the remaining unamortized discount and deferred financing costs associated with the 4.75% Senior Notes due 2025.
On April 9, 2024, we entered into Amendment No. 3 ("Amendment No. 3") to the Second Amended and Restated Credit Agreement, dated as of July 28, 2017 (as amended to date and by Amendment No. 3, the "Credit Agreement"). In connection with Amendment No. 3, we made a $165.6 million partial prepayment of the Term Loan A facility under the Credit Agreement (the “Term Loan A Facility”), bringing the total principal amount outstanding under the Term Loan A Facility to $425 million, and reduced the revolving credit facility under the Credit Agreement (the “Revolving Credit Facility”) to $175 million. In connection with the partial prepayment of the Term Loan A Facility and reduction of the revolving loan commitments, the Company recorded a charge of $1.3 million to write-off a portion of the unamortized discount and deferred financing costs associated with the Credit Agreement.
Miscellaneous, net
Three and six months ended June 30, 2025 vs. 2024
The increase in miscellaneous, net was primarily related to the impact of foreign currency fluctuations and the impact of prior year costs incurred in connection with the second quarter 2024 refinancing transactions.
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Income tax expense
Three months ended June 30, 2025 vs. 2024
For the three months ended June 30, 2025, income tax expense was $16.1 million on income from operations before income taxes of $68.8 million, representing an effective tax rate of 23%. The variance from the federal statutory rate of 21% primarily consists of state and local income tax expense.
For the three months ended June 30, 2024, income tax expense was $10.9 million on income (loss) from operations before income taxes of $(21.4) million, representing an effective tax rate of (51)%. The effective tax rate for the three months ended June 30, 2024 was impacted by the $68.0 million nondeductible goodwill impairment charge at AMCNI. Inclusive of the nondeductible goodwill impairment charge, items resulting in variances from the federal statutory rate of 21% primarily consist of state and local income tax expense, tax expense from foreign operations, tax expense for an increase in the valuation allowance for foreign taxes and tax expense related to non-deductible compensation.
Six months ended June 30, 2025 vs. 2024
For the six months ended June 30, 2025, income tax expense was $31.0 million on income from operations before income taxes of $105.9 million, representing an effective tax rate of 29%. Items resulting in variances from the federal statutory rate of 21% primarily consist of state and local income tax expense, tax expense for shortfalls related to share-based compensation, tax expense for an increase in the valuation allowance for foreign taxes and tax expense related to non-deductible compensation.
For the six months ended June 30, 2024, income tax expense was $34.5 million on income from operations before income taxes of $59.6 million, representing an effective tax rate of 58%. The effective tax rate for the six months ended June 30, 2024 was impacted by the $68.0 million nondeductible goodwill impairment charge at AMCNI. Inclusive of the nondeductible goodwill impairment charge, items resulting in variances from the federal statutory rate of 21% primarily consist of state and local income tax expense, tax expense from foreign operations, tax expense for an increase in the valuation allowance for foreign taxes and tax expense related to non-deductible compensation.
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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 June 30, |  | Six Months Ended June 30,
(In thousands) | 2025 |  | 2024 |  |  | Change |  | 2025 |  | 2024 |  |  | Change
Revenues, net: |  |  |  |  |  |  |  |  |  |  |  |  |
Subscription | $ | 320,359 |  |  | $ | 322,576 |  |  |  | (0.7) | % |  | $ | 633,732 |  |  | $ | 645,134 |  |  |  | (1.8) | %
Advertising | 122,606 |  |  | 149,200 |  |  |  | (17.8) |  |  | 241,854 |  |  | 289,054 |  |  |  | (16.3) |
Content licensing and other | 83,888 |  |  | 66,515 |  |  |  | 26.1 |  |  | 137,574 |  |  | 128,329 |  |  |  | 7.2 |
Total revenues, net | 526,853 |  |  | 538,291 |  |  |  | (2.1) |  |  | 1,013,160 |  |  | 1,062,517 |  |  |  | (4.6) |
Technical and operating expenses (excluding depreciation and amortization)(a) | 250,579 |  |  | 247,989 |  |  |  | 1.0 |  |  | 482,302 |  |  | 486,559 |  |  |  | (0.9) |
Selling, general and administrative expenses(b) | 154,109 |  |  | 138,990 |  |  |  | 10.9 |  |  | 290,372 |  |  | 265,824 |  |  |  | 9.2 |
Majority-owned equity investees AOI | 4,174 |  |  | 4,036 |  |  |  | 3.4 |  |  | 9,777 |  |  | 7,533 |  |  |  | 29.8 |
Segment adjusted operating income | $ | 126,339 |  |  | $ | 155,348 |  |  |  | (18.7) | % |  | $ | 250,263 |  |  | $ | 317,667 |  |  |  | (21.2) | %
(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
Three months ended June 30, 2025 vs. 2024
Subscription revenues decreased due to a 12.2% decline in affiliate revenues, partially offset by a 12.5% 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 $169.0 million and $150.2 million for the three months ended June 30, 2025 and 2024, respectively. Streaming subscribers were 10.4 million at June 30, 2025, an increase of 2% compared to 10.2 million streaming subscribers at March 31, 2025 and June 30, 2024.
Advertising revenues decreased primarily due to linear ratings declines and lower marketplace pricing, including digital pricing.
Content licensing and other revenues increased primarily due to the sale of our music catalog and additional revenues earned in connection with the continued success and production of Silo, a series originally produced by AMC Studios for a third party, partially offset by the impact of timing and availability of deliveries in the period.
Six months ended June 30, 2025 vs. 2024
Subscription revenues decreased due to a 12.1% decline in affiliate revenues, partially offset by a 10.4% 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 $326.1 million and $295.3 million for the six months ended June 30, 2025 and 2024, respectively.
Advertising revenues decreased primarily due to linear ratings declines and lower marketplace pricing, including digital pricing.
Content licensing and other revenues increased primarily due to the sale of our music catalog and additional revenues earned in connection with the continued success and production of Silo, a series originally produced by AMC Studios for a third
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party, partially offset by 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)
Three months ended June 30, 2025 vs. 2024
Technical and operating expenses (excluding depreciation and amortization) increased primarily due to higher participation and residuals costs, partially offset by a decrease in other direct programming costs and program rights amortization.
Six months ended June 30, 2025 vs. 2024
Technical and operating expenses (excluding depreciation and amortization) decreased primarily due to a decrease in other direct programming costs and program rights amortization, partially offset by higher participation and residuals costs.
Selling, general and administrative expenses
Three and six months ended June 30, 2025 vs. 2024
Selling, general and administrative expenses increased primarily due to higher marketing expenses mainly driven by increased paid media spend for AMC+, higher employee related costs, and an increase in legal costs related to outstanding litigation.
Segment adjusted operating income
Three and six months ended June 30, 2025 vs. 2024
The decrease in segment adjusted operating income was primarily attributable to the continued revenue headwinds in our linear businesses, partially offset by the favorable impact of selling our music catalog.
International
The following table sets forth our International segment results for the periods indicated.

| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2025 |  | 2024 |  |  | Change |  | 2025 |  | 2024 |  |  | Change
Revenues, net: |  |  |  |  |  |  |  |  |  |  |  |  |
Subscription | $ | 47,069 |  |  | $ | 49,604 |  |  |  | (5.1) | % |  | $ | 91,771 |  |  | $ | 100,453 |  |  |  | (8.6) | %
Advertising | 26,003 |  |  | 37,523 |  |  |  | (30.7) |  |  | 48,611 |  |  | 59,047 |  |  |  | (17.7) |
Content licensing and other | 2,463 |  |  | 2,968 |  |  |  | (17.0) |  |  | 5,099 |  |  | 6,200 |  |  |  | (17.8) |
Total revenues, net | 75,535 |  |  | 90,095 |  |  |  | (16.2) |  |  | 145,481 |  |  | 165,700 |  |  |  | (12.2) |
Technical and operating expenses (excluding depreciation and amortization) | 32,777 |  |  | 33,061 |  |  |  | (0.9) |  |  | 67,902 |  |  | 66,699 |  |  |  | 1.8 |
Selling, general and administrative expenses(a) | 28,021 |  |  | 27,769 |  |  |  | 0.9 |  |  | 52,991 |  |  | 56,336 |  |  |  | (5.9) |
Segment adjusted operating income | $ | 14,737 |  |  | $ | 29,265 |  |  |  | (49.6) | % |  | $ | 24,588 |  |  | $ | 42,665 |  |  |  | (42.4) | %
(a) Selling, general and administrative expenses exclude share-based compensation expenses

Revenues, net
Three months ended June 30, 2025 vs. 2024
Subscription revenues de creased primarily due to the non-renewal of a distribution agreement in Spain in the fourth quarter of 2024 partially offset by the favorable impact of foreign currency translation.
Advertising revenues decreased primarily due to the recognition of a $13.4 million retroactive adjustment reported and paid by a third party in the second quarter of 2024 and lower digital and advanced advertising revenue in the U.K., partially offset by the impact of higher pricing in the U.K. linear advertising market and the favorable impact of foreign currency translation.
Six months ended June 30, 2025 vs. 2024
Subscription revenues de creased primarily due to the non-renewal of a distribution agreement in Spain in the fourth quarter of 2024.
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Advertising revenues decreased primarily due to the recognition of a $13.4 million retroactive adjustment reported and paid by a third party in the second quarter of 2024 and lower digital and advanced advertising revenue in the U.K., partially offset by the impact of higher pricing in the U.K. linear advertising market and the favorable impact of foreign currency translation.
Technical and operating expenses (excluding depreciation and amortization)
Three months ended June 30, 2025 vs. 2024
Technical and operating expenses (excluding depreciation and amortization) decreased primarily due to a decrease in other direct programming costs.
Six months ended June 30, 2025 vs. 2024
Technical and operating expenses (excluding depreciation and amortization) increased due to higher content expenses, primarily driven by increased program investment.
Selling, general and administrative expenses
Three months ended June 30, 2025 vs. 2024
Selling, general and administrative expenses increased primarily due to higher selling expenses.
Six months ended June 30, 2025 vs. 2024
Selling, general and administrative expenses decreased primarily due to a decrease in corporate overhead costs allocated to AMCNI and lower selling expenses, including commissions.
Segment adjusted operating income
Three and six months ended June 30, 2025 vs. 2024
The decrease in segment adjusted operating income was primarily due to the recognition of a retroactive adjustment reported and paid by a third party for $13.4 million in the second quarter of 2024 and 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 June 30, 2025, our cash and cash equivalents balance of $866.4 million included approximately $139.2 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 June 30, 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.
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We are currently evaluating our liquidity profile in connection with our consideration of our funding and investment needs. Depending on market conditions, we may purchase, redeem, prepay, refinance, amend, exchange, extend or otherwise retire any amount of our outstanding indebtedness at any time and from time to time, in open market or privately negotiated transactions with the holders of such indebtedness or otherwise. We may not proceed with any of such transactions in light of market conditions or other relevant factors and, if we do proceed, the terms of any such transaction would be subject to market and other conditions.
Our Credit Agreement generally requires us and our 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 June 30, 2025, the total net leverage ratio was approximately 4.45:1.00. In addition, the Credit Agreement requires a minimum interest coverage ratio of 2.00:1.00 for us and our 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 June 30, 2025, the interest coverage ratio was approximately 2.46:1.00. 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.
We were in compliance with all of our debt covenants as of June 30, 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.
During the second quarter of 2025, we repurchased $99.1 million principal amount of our Senior Notes through open market repurchases, at a discount of $26.7 million, and retired the repurchased notes. Additionally, in May 2025, we voluntarily prepaid $20.0 million of borrowings under the Term Loan A Facility (non-extended).
On July 3, 2025, we issued $400 million aggregate principal amount of 10.500% Senior Secured Notes due 2032 (the “2032 Secured Notes”). We received net proceeds of $394.5 million, after deducting initial purchaser discounts. The 2032 Secured Notes are guaranteed by AMC Network Entertainment and AMC Networks' subsidiaries that guarantee the Credit Agreement. The proceeds were used to facilitate the completion of a cash tender offer on July 17, 2025 to purchase $600.0 million of our Senior Notes, at a discount of $111.0 million, and to voluntary prepay the remaining $70.0 million of borrowings under the Term Loan A (non-extended) on July 3, 2025 with the proceeds from the issuance of the 2032 Secured Notes and cash-on-hand.
On July 4, 2025, the “One Big Beautiful Bill” act was signed into law and, while we are still evaluating the impacts of this legislation, we expect it to result in additional cash tax savings for the year ending December 31, 2025.
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 and six months ended June 30, 2025, the Company repurchased 1.6 million shares of its Class A Common Stock at an average purchase price of $6.48 per share. As of June 30, 2025, the Company had $124.9 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) | Six Months Ended June 30,
2025 |  | 2024
Net cash provided by operating activities | $ | 211,596 |  |  | $ | 255,272 |
Net cash used in investing activities | (22,360) |  |  | (12,022) |
Net cash used in financing activities | (126,230) |  |  | (5,922) |
Net increase in cash and cash equivalents from operations | $ | 63,006 |  |  | $ | 237,328 |

Operating Activities
Net cash provided by operating activities f or the six months ended June 30, 2025 and 2024 amounted to $211.6 million and $255.3 million, respectively.
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For the six months ended June 30, 2025, net cash provided by operating activities primarily resulted from $510.7 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 $331.5 million. Changes in all other assets and liabilities resulted in a net cash inflow of $32.4 million.
For the six months ended June 30, 2024, net cash provided by operating activities primarily resulted from $615.6 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 $435.5 million. Changes in all other assets and liabilities resulted in a net cash inflow of $75.2 million.
Investing Activities
Net cash used in investing activities f or the six months ended June 30, 2025 and 2024 amounted to $22.4 million and $12.0 million, respectively, and primarily consisted of capital expenditures.
Financing Activities
Net cash used in financing activities f or the six months ended June 30, 2025 and 2024 amounted to $126.2 million and $5.9 million, respectively.
For the six months ended June 30, 2025, net cash used in financing activities primarily related to open-market repurchases of our Senior Notes of $72.4 million, principal payments on the Term Loan A Facility of $36.3 million and the purchase of treasury stock for $10.3 million.
For the six months ended June 30, 2024, net cash used in financing activities primarily related to long-term debt refinancing transactions and the Convertible Notes issuance as well as distributions to noncontrolling interests of $16.5 million.
Contractual Obligations
As of June 30, 2025, our contractual obligations not reflected on the condensed consolidated balance sheets decreased $79.8 million, as compared to December 31, 2024, to $515.5 million. The decrease was primarily related to payments for program rights and third-party service contracts.
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 June 30, 2025 for which AMC Networks is the issuer.
Note Guarantees
Debt of AMC Networks as of June 30, 2025 included $875.0 million of 10.25% Senior Secured Notes due 2029, $885.9 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.
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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) | Six Months Ended June 30, 2025 |  | Six Months Ended June 30, 2024
Parent Company |  | Guarantor Subsidiaries |  | Parent Company |  | Guarantor Subsidiaries
Revenues | $ | — |  |  | $ | 890,226 |  |  | $ | — |  |  | $ | 875,842 |
Operating expenses | — |  |  | 764,865 |  |  | — |  |  | 718,568 |
Operating income | $ | — |  |  | $ | 125,361 |  |  | $ | — |  |  | $ | 157,274 |
Income before income taxes | $ | 92,949 |  |  | $ | 156,500 |  |  | $ | 41,117 |  |  | $ | 125,128 |
Net income | 68,338 |  |  | 152,838 |  |  | 16,569 |  |  | 118,673 |

Balance Sheet | June 30, 2025 |  | December 31, 2024
(In thousands) | Parent Company |  | Guarantor Subsidiaries |  | Parent Company |  | Guarantor Subsidiaries
Assets |  |  |  |  |  |  |
Amounts due from subsidiaries | $ | — |  |  | $ | 92,613 |  |  | $ | 4,483 |  |  | $ | 82,342 |
Current assets | 8,813 |  |  | 1,435,157 |  |  | 31,727 |  |  | 1,386,554 |
Non-current assets | 3,452,459 |  |  | 2,730,843 |  |  | 3,467,276 |  |  | 2,718,427 |
Liabilities and equity: |  |  |  |  |  |  |
Amounts due to subsidiaries | $ | 77,361 |  |  | $ | 4,411 |  |  | $ | 80,983 |  |  | $ | 733 |
Current liabilities | 236,859 |  |  | 527,558 |  |  | 168,903 |  |  | 473,418 |
Non-current liabilities | 2,252,721 |  |  | 245,333 |  |  | 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.
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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 June 30, |  | Six Months Ended June 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Operating income | $ | 64,469 |  |  | $ | 10,788 |  |  | $ | 128,666 |  |  | $ | 120,966 |
Share-based compensation expenses | 8,043 |  |  | 8,457 |  |  | 13,800 |  |  | 14,532 |
Depreciation and amortization | 26,446 |  |  | 26,493 |  |  | 47,372 |  |  | 52,319 |
Restructuring and other related charges | 3,529 |  |  | 2,931 |  |  | 8,318 |  |  | 2,931 |
Impairment and other charges | — |  |  | 96,819 |  |  | — |  |  | 96,819 |
Cloud computing amortization | 2,725 |  |  | 3,283 |  |  | 5,938 |  |  | 6,831 |
Majority owned equity investees AOI | 4,174 |  |  | 4,036 |  |  | 9,777 |  |  | 7,533 |
Adjusted operating income | $ | 109,386 |  |  | $ | 152,807 |  |  | $ | 213,871 |  |  | $ | 301,931 |

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:

|  |  | Six Months Ended June 30,
(In thousands) |  |  |  |  | 2025 |  | 2024
Net cash provided by operating activities |  |  |  |  | $ | 211,596 |  |  | $ | 255,272 |
Less: capital expenditures |  |  |  |  | (21,670) |  |  | (15,958) |
Free cash flow |  |  |  |  | $ | 189,926 |  |  | $ | 239,314 |

Supplemental Cash Flow Information |  | Six Months Ended June 30,
(In thousands) |  | 2025 |  | 2024
Restructuring initiatives |  | $ | (7,920) |  |  | $ | (8,103) |
Distributions to noncontrolling interests |  | — |  |  | (16,520) |

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Fair Value of Debt
Based on the level of interest rates prevailing at June 30, 2025, the carrying value of our fixed rate debt of $1.88 billion was more than its fair value of $1.74 billion by $145.7 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 June 30, 2025 would increase the estimated fair value of our fixed rate debt by $5.9 million.
Managing our Interest Rate Risk
As of June 30, 2025, we had $2.2 billion of debt outstanding (excluding finance leases), of which $329.4 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 June 30, 2025 would increase our annual interest expense by $3.3 million. The interest rate paid on approximately 85% of our debt (excluding finance leases) as of June 30, 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 of $12.9 million and $16.7 million for the three and six months ended June 30, 2025, respectively, and l osses of $1.2 million and $3.9 million for the three and six months ended June 30, 2024, respectively, related to foreign currency transactions. Such amounts are included in miscellaneous, net in the condensed consolidated statements of income (loss).
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 June 30, 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 June 30, 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.
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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 following table provides information with respect to shares of common stock that we repurchased during the second quarter of 2025:

Period |  | Total Number of Shares Purchased |  | Average Price Paid Per Share |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1) |  | Maximum Dollar Amount of Shares that May Yet Be Purchased Under the Program(1)
April 1, 2025 to April 30, 2025 |  | — |  |  | $ | — |  |  | — |  |  | $ | 135,254,803 |
May 1, 2025 to May 31, 2025 |  | 1,194,254 |  |  | $ | 6.42 |  |  | 1,194,254 |  |  | $ | 127,583,878 |
June 1, 2025 to June 30, 2025 |  | 400,000 |  |  | $ | 6.65 |  |  | 400,000 |  |  | $ | 124,925,858 |
Total |  | 1,594,254 |  |  |  |  | 1,594,254 |  |  |

_____________
(1) 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.
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Item 6. Exhibits.
(a)Index to Exhibits.

Exhibit Number |  | Description of Exhibit
2.1 |  | Plan of Conversion (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed on June 6, 2025).
3.1 |  | Articles of Incorporation of AMC Networks Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on June 6, 2025).
3.2 |  | Bylaws of AMC Networks Inc. (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed on June 6, 2025).
10.1 |  | Indenture, dated as of July 3, 2025, among AMC Networks, as issuer, each of the g uarantors party thereto and U.S. Bank Trust Company, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on July 3, 2025).
10.2 |  | AMC Networks Inc. Amended and Restated 2016 Employee Stock Plan.
22 |  | Guarantor Subsidiaries of the Registrant.
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.
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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: | August 8, 2025 |  | By: | /s/ Patrick O'Connell
|  |  |  | Patrick O'Connell
|  |  |  | Executive Vice President and Chief Financial Officer
Date: | August 8, 2025 |  | By: | /s/ Michael J. Sherin III
|  |  |  | Michael J. Sherin III
|  |  |  | Executive Vice President and Chief Accounting Officer

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