• A smaller version of Warner Bros. Discovery or Paramount Global.
• Like an HBO or FX that has expanded into its own portfolio of specialized streaming services such as Shudder for horror and Acorn TV for British dramas.

• Cable Television Networks: Provides linear broadcast television programming through a portfolio of popular cable channels, including AMC, BBC America, IFC, SundanceTV, and WE tv.
• Streaming Services: Offers subscription video-on-demand (SVOD) services, such as AMC+, Shudder, Acorn TV, SundanceNow, and ALLBLK, providing on-demand access to a diverse library of content.

AMC Networks (symbol: AMCX) primarily sells its linear television channels (such as AMC, BBC America, IFC, SundanceTV, and WE tv) to other companies known as multichannel video programming distributors (MVPDs) and virtual MVPDs (vMVPDs). These distributors pay affiliate fees to AMC Networks to carry its channels and make them available to their subscribers.

Its major customer companies include:

• Comcast Corporation (CMCSA) - Operates Xfinity cable television services.
• Charter Communications, Inc. (CHTR) - Operates Spectrum cable television services.
• DISH Network Corporation (DISH) - Operates DISH satellite television services and Sling TV, a virtual MVPD.
• Alphabet Inc. (GOOGL) - Owns and operates YouTube TV, a virtual MVPD.
• The Walt Disney Company (DIS) - Owns a majority stake in Hulu + Live TV, a virtual MVPD.

While AMC Networks also sells directly to individuals through its streaming services (e.g., AMC+, Shudder, Acorn TV), its traditional linear network business, which generates a significant portion of its revenue, relies on these large distributor companies.

• BBC Studios
• Akamai Technologies (AKAM)
• Nielsen (NLSN)

Kristin Dolan, Chief Executive Officer

Kristin Dolan has served as the Chief Executive Officer of AMC Networks since February 2023. She is a seasoned executive with over 30 years of experience in media and entertainment. Prior to her current role, Ms. Dolan founded 605, an audience measurement and data analytics firm, in 2016 and served as its CEO, leading all day-to-day business operations. 605 was later sold to iSpot.tv in 2023. Before founding 605, she spent 16 years in various operating roles at Cablevision Systems Corporation, including Chief Operating Officer, where she oversaw all aspects of the company's cable operations and more than 10,000 employees. Ms. Dolan was a key member of the leadership team that managed Cablevision's $17.7 billion sale to Altice USA in 2016. She began her career at AMC Networks (then Rainbow Media) in 1989 in affiliate marketing and distribution.

Patrick O'Connell, Executive Vice President and Chief Financial Officer

Patrick O'Connell has been the Executive Vice President and Chief Financial Officer of AMC Networks since August 2022, responsible for overseeing financial operations, investor relations, treasury, tax, accounting, and financial planning & analysis. Before joining AMC Networks, he was Chief Strategy Officer of the Branded Group from March 2021 to July 2022. Prior to that, he served as Executive Vice President, Head of Corporate Development at CBS Corporation from March 2017 to January 2020, where he led significant transactions, including the merger between CBS and Viacom and the divestiture of CBS Radio. Mr. O'Connell spent 14 years as a Managing Director in the Investment Banking Division's Telecom, Media & Technology (TMT) Group at Goldman Sachs & Co., where he advised on strategic transactions such as mergers, acquisitions, spin-offs, and IPOs. He started his career as an auditor at PricewaterhouseCoopers (PwC) in 1996. He holds an MBA from The Wharton School at the University of Pennsylvania.

Dan McDermott, President, Entertainment & AMC Studios

Dan McDermott has served as the President of Entertainment & AMC Studios since April 2020. In this role, he oversees original programming, production, AMC Studios operations, business affairs, acquisitions, scheduling, and consumer public relations functions. Before joining AMC Networks, Mr. McDermott was the head of the Lionsgate and BBC Studios scripted TV partnership. His career also includes experience as a producer, writer, and partner in Di Bonaventura Pictures Television. For nearly a decade, he was the first president of television at DreamWorks, where he oversaw acclaimed shows like *Spin City* and *Freaks and Geeks*. Additionally, he held various roles at the Fox Broadcasting Network, contributing to the development and oversight of series such as *In Living Color*, *Melrose Place*, *The X-Files*, and *The Simpsons*.

Kim Kelleher, Chief Commercial Officer

Kim Kelleher is the Chief Commercial Officer for AMC Networks, responsible for all commercial revenue across the company's portfolio. She joined the company in 2019. Prior to her role at AMC Networks, Ms. Kelleher held various positions, including Chief Business Officer of GQ, GQ Style, Golf Digest, Golf World, Pitchfork, and Wired Media Group.

James Gallagher, Executive Vice President and General Counsel

James Gallagher is the Executive Vice President and General Counsel of AMC Networks, a position he has held since joining the company in 2008. He is responsible for all legal matters at the corporate level and across the entertainment businesses, including securities, governance, corporate transactions, litigation, and compliance. Mr. Gallagher is set to retire at the end of 2024. During his tenure, he played a crucial role in significant company milestones, such as AMC Networks going public in 2011, the creation of AMC Studios, and the establishment of its targeted streaming portfolio. Before AMC Networks, he served as executive vice president and general counsel for Tommy Hilfiger Corporation, and spent six years as executive vice president and general counsel at HSN (Home Shopping Network). He also served for eight years as group counsel at American Express Travel Related Services and began his career as an associate at Kelley Drye & Warren.

The key risks to AMC Networks' business (AMCX) are primarily driven by industry-wide shifts and the company's financial structure:

1. Cord-Cutting and Decline of Linear TV: AMC Networks faces significant challenges from the ongoing trend of "cord-cutting," where consumers cancel traditional television subscriptions in favor of streaming services. This trend has led to declining non-streaming subscription revenues and overall revenue decreases for the company's legacy linear TV business.
2. Heavy Debt Load and Financial Pressures: The company carries a substantial debt load, which has contributed to market pessimism and concerns about potential bankruptcy. Rising interest expenses have negatively impacted AMC Networks' financial performance since 2022, and there is a risk of future dilution from convertible bonds and refinancing debt at higher interest rates.
3. Reliance on Key Content Franchises: AMC Networks' business is heavily reliant on a few major shows and franchises, notably "The Walking Dead" and its spin-offs. A decrease in interest or viewership for these core properties could lead to significant declines in revenue, particularly from content licensing.

• Accelerated Decline of the Linear Television Ecosystem: The ongoing and accelerating trend of cord-cutting and cord-shaving directly impacts AMC Networks' traditional television channels, leading to significant erosion of affiliate fees from cable and satellite providers and decreasing linear advertising revenue. This foundational business model is under increasing pressure.
• Intensifying Competition and Escalating Content Costs in the Streaming Market: AMC Networks' streaming services face formidable competition from significantly larger, better-funded players with vast content libraries (e.g., Netflix, Disney+, Max, Amazon Prime Video). This competitive landscape drives up the cost of acquiring and producing premium content, making it increasingly difficult for AMCX to attract and retain subscribers profitably and scale their direct-to-consumer business to offset declines in their linear segment.

The addressable markets for AMC Networks' main products and services vary across traditional television and the growing streaming sector, both globally and within the United States.

Linear Television Networks (e.g., AMC, BBC America, IFC, SundanceTV, We TV)

• Globally, the traditional TV and home video market was valued at approximately USD 421.2 billion in 2021 and is projected to reach USD 485.85 billion by 2028, with a compound annual growth rate (CAGR) of 2.1% from 2022 to 2028. Another estimate places the global traditional TV and home video market at USD 444.88 billion in 2024, expected to reach USD 533.65 billion by 2032, growing at a CAGR of 2.3%. Global linear TV advertising spend is forecast to decrease to USD 139.1 billion in 2026 from USD 143.9 billion in 2025.
• In the U.S., the traditional TV and home video market is expected to reach approximately USD 139.8 billion by 2028, showing a CAGR of 1.1% from 2022 to 2028. North America represented over 35% of the global traditional TV and home video market in 2021.

Targeted Streaming Services (e.g., AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK, HIDIVE)

• The global streaming services market is anticipated to be valued at USD 138.92 billion in 2024 and is projected to grow to USD 255.04 billion by 2033, with a CAGR of 7.89%. The global online TV streaming service market was valued at USD 280.1 billion in 2023 and is projected to reach USD 1,391.3 billion by 2033, demonstrating a substantial CAGR of 17.5% from 2024 to 2033. Another report estimates the global video streaming market size at USD 157.71 billion in 2025, predicted to reach around USD 865.85 billion by 2034 with a CAGR of 20.90% from 2025 to 2034. The global media streaming market is projected to grow to USD 285.4 billion by 2034 from USD 104.2 billion in 2024, with a CAGR of 10.6% from 2025 to 2034. The global Video-on-Demand (VoD) subscription market was valued at USD 64.98 billion in 2024 and is projected to reach USD 245.15 billion by 2034, growing at a CAGR of 14.2%.
• In the U.S., the Video on Demand (VoD) market is expected to reach USD 70.9 billion by 2030, with an 11.4% CAGR. The U.S. video streaming market size reached USD 25.9 billion in 2024 and is expected to reach USD 137.2 billion by 2033, exhibiting a growth rate (CAGR) of 18.15% during 2025-2033. The U.S. video streaming market size was estimated at USD 38.73 billion in 2024 and is projected to be worth around USD 225.43 billion by 2034, with a CAGR of 19.26% from 2025 to 2034. The USA holds a dominant position in the global streaming services market, accounting for over 35.8% of global streaming consumption.

• Growth in Streaming Subscribers and Revenue: AMC Networks is prioritizing the expansion of its targeted streaming services such as AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK, and HIDIVE. The company expects streaming revenue to become its largest revenue source, driven by subscriber acquisition, price increases across platforms, and expanded distribution.
• Content Licensing and Syndication: AMC Networks plans to continue generating revenue by licensing its extensive content library, including popular franchises like "The Walking Dead Universe" and the "Anne Rice Immortal Universe," to third-party platforms. This strategy helps monetize existing intellectual property and broaden audience reach.
• Expansion into FAST Channels and Digital Advertising: The company is focused on growing its presence in Free Ad-Supported Streaming TV (FAST) channels and enhancing its digital and advanced advertising capabilities. This diversification aims to increase advertising revenue and reach a wider audience with targeted ad solutions.
• Strategic Partnerships: Forming and expanding partnerships with major industry players, including distributors like Charter Communications and streaming platforms such as Netflix and Amazon, is a key driver. These collaborations enable AMC Networks to broaden the distribution of its content and services.
• Leveraging and Expanding Valuable Intellectual Property (IP): A core part of the growth strategy involves developing and expanding upon its valuable intellectual property and established franchises. This focus on strong, fan-favorite content aims to attract and retain subscribers for its streaming services and bolster content licensing opportunities.

Share Repurchases

• In September 2020, AMC Networks announced plans for a modified Dutch-auction tender offer to repurchase up to $250 million of its Class A shares.
• As of December 31, 2024, the company had $135 million of authorization remaining under its Stock Repurchase Program, although no shares were repurchased during the year ended December 31, 2024.
• During the second quarter of 2025, AMC Networks repurchased 1.6 million shares of its Class A Common Stock at an average price of $6.48 per share, with $125 million of authorization remaining under the program as of June 30, 2025.

Share Issuance

• In June 2024, AMC Networks privately offered $125 million in aggregate principal amount of convertible senior notes due 2029, with an option for initial purchasers to acquire an additional $18.75 million. The net proceeds were intended for general corporate purposes, including potential debt repayment.
• For the nine months ended September 30, 2024, units with an aggregate value of $4.6 million were surrendered to satisfy employees' statutory minimum tax withholding obligations related to equity-based awards.
• The issuance of common stock by AMC Networks peaked in December 2021 at $9.795 million.

Capital Expenditures

• AMC Networks' capital expenditures for the fiscal years 2020, 2021, 2022, 2023, and 2024 were $47 million, $43 million, $44 million, $35 million, and $45 million, respectively.
• The company's latest twelve months capital expenditures amounted to $50.487 million.
• Projected capital expenditures are $35 million for 2025, with similar amounts expected through 2029.