AMC Networks Announces Expiration of Consent Solicitation to Amend its 10.50% Senior Secured Notes due 2032

AMC Networks (Nasdaq: AMCX) announced the expiration and results of its consent solicitation to amend its 10.50% Senior Secured Notes due 2032.

Rhea-AI Summary

AMC Networks (Nasdaq: AMCX) announced the expiration and results of its consent solicitation to amend its 10.50% Senior Secured Notes due 2032. Holders representing approximately 99.8% of outstanding Notes delivered valid consents before March 6, 2026. The Amendments permit up to $50,000,000 of equity repurchases, limit trademark transfers to non-exclusive licenses, and narrow permitted investments in unrestricted subsidiaries. A supplemental indenture was entered on February 23, 2026; the Amendments become operative when the Company notifies the trustee that the Consent Fee has been paid. The Company expects to pay consenting holders aggregate cash consideration of $2,000,000 (about $5.01 per $1,000 principal) on or about March 10, 2026.

Positive

• Holders representing 99.8% of Notes delivered valid consents
• Amendment permits up to $50,000,000 in equity buybacks

Negative

• Company to pay an aggregate $2,000,000 Consent Fee
• Trademark transfers limited to non-exclusive licenses, reducing flexibility
• Permitted investments in unrestricted subsidiaries are narrowed

Argus Mar 9 session

-3.01% close to close Open Argus

Details

News Market Reaction – AMCX

On Mar 9, the first trading day after this news, AMCX closed 3.01% below the previous close.

Data tracked by StockTitan Argus for the Mar 9 session.

Market Context

This announcement finalizes the consent solicitation for AMC Networks’ 10.50% Senior Secured Notes d...

Analysis

This announcement finalizes the consent solicitation for AMC Networks’ 10.50% Senior Secured Notes due 2032, with holders representing about 99.8% of the outstanding principal (excluding company-held notes) agreeing to covenant changes. The amendments permit up to $50,000,000 in equity repurchases while tightening rules on trademarks and unrestricted subsidiary investments. In recent months, the company has repeatedly adjusted its note terms and launched an exchange offer, so investors may focus on how these steps interact with earnings trends and overall leverage.

Key Figures

Coupon rate: 10.50% Equity buyback capacity: $50,000,000 Consent participation: 99.8% +5 more

Coupon rate

10.50%

Senior Secured Notes due 2032

Equity buyback capacity

$50,000,000

Aggregate limit for equity repurchases under amended covenant

Consent participation

99.8%

Aggregate principal amount of outstanding Notes (excluding company-held) consenting

Aggregate consent fee

$2,000,000

Total cash consideration to consenting noteholders

Consent fee per $1,000

$5.01

Approximate cash per $1,000 principal for consenting holders

Consent expiration time

5:00 p.m. March 6, 2026

Expiration of consent solicitation

Notes maturity

2032

Maturity year of 10.50% Senior Secured Notes

Expected payment date

On or about March 10, 2026

Timing of consent fee payment to holders

Historical Context

5 past events · Latest: Feb 23

5 events

1. Feb 23

   Debt exchange offer

   24h Move

   -5.5%

   Announced exchange of 10.25% 2029 notes into 10.50% 2032 notes with consent terms.

2. Feb 23

   Note amendments

   24h Move

   -5.5%

   Reported effectiveness of amendments to 10.50% 2032 notes and extension of consent.

3. Feb 12

   Consent solicitation

   24h Move

   -2.3%

   Launched consent solicitation to amend 10.50% 2032 notes and enable buybacks.

4. Feb 11

   Earnings release

   24h Move

   -2.3%

   Reported 2025 revenue decline, lower adjusted EPS, but solid free cash flow.

5. Jan 28

   Earnings timing

   24h Move

   -0.6%

   Announced date and logistics for Q4 and full-year 2025 earnings call.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

senior secured notes, indenture, restricted payments, unrestricted subsidiaries, +2 more

6 terms

senior secured notes financial

"existing 10.50% Senior Secured Notes due 2032 (the “Notes”) to amend the indenture"

Senior secured notes are loans a company sells to investors that are backed by specific assets and given first priority for repayment if the company defaults. Because they have a claim on collateral and are paid before other debts, they usually offer lower risk and correspondingly lower interest than unsecured debt; investors use them to judge how safe repayment and recovery of principal might be, like holding a mortgage instead of an unsecured credit card balance.

indenture regulatory

"to amend the indenture governing the Notes to (1) amend the covenant"

An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.

restricted payments financial

"amend the covenant that limits restricted payments in order to permit buybacks"

Restricted payments are cash or asset transfers that a company is contractually barred or limited from making, such as dividends, stock buybacks, certain investments or returns of capital, typically under loan agreements or bond covenants. Investors care because these limits protect creditors by keeping cash in the business, and they directly affect shareholder returns and a company’s flexibility to reward owners or pursue opportunities — like rules on withdrawals from a shared bank account.

unrestricted subsidiaries financial

"transfers or licenses of certain trademarks to unrestricted subsidiaries to only permit"

A company’s unrestricted subsidiaries are units that the parent treats as legally separate and does not bind to its debt covenants or other lender-imposed rules. Think of them as rooms in a house the owner can renovate or rent out without asking mortgage lenders; that freedom can let the parent pursue opportunities but can also shift risk away from creditors and change the parent’s reported leverage, so investors watch them for hidden liabilities and impacts on credit protection.

consent solicitation regulatory

"announced today the expiration and results of the previously announced and extended consent solicitation"

A consent solicitation is a formal request sent to shareholders or creditors asking them to sign off on a proposed corporate change—such as altering governance rules, approving a deal, or waiving contract terms—without holding a full meeting. It matters to investors because it can quickly change their rights, voting power or the company’s direction, much like asking neighbors to sign a petition to alter a shared fence rather than discussing it at a community meeting.

supplemental indenture regulatory

"the Company entered into a supplemental indenture to the indenture governing the Notes"

A supplemental indenture is a written amendment to the original bond agreement that changes specific terms of a debt contract, such as payment schedules, interest rates, collateral or covenant protections. Investors care because it alters the legal rights and risks tied to a security — like renegotiating a mortgage where the lender and borrower agree to new rules — and can affect a bond’s credit quality, yield and market value.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, March 06, 2026 (GLOBE NEWSWIRE) --  AMC Networks Inc. (“AMC Networks” or the “Company”) (Nasdaq: AMCX) announced today the expiration and results of the previously announced and extended consent solicitation (the “Consent Solicitation”) soliciting consents (“Consents”) from the holders of its existing 10.50% Senior Secured Notes due 2032 (the “Notes”) to amend the indenture governing the Notes to (1) amend the covenant that limits restricted payments in order to permit buybacks, purchases, redemptions, retirements or other acquisitions of AMC Networks Inc.’s equity interests in an aggregate amount not to exceed $50,000,000; (2) revise the covenant that limits transfers or licenses of certain trademarks to unrestricted subsidiaries to only permit transfers of non-exclusive licenses; and (3) restrict investments in unrestricted subsidiaries made pursuant to the definition of “Permitted Investments” to certain specified clauses in such definition (the “Amendments”).

The Consent Solicitation expired at 5:00 p.m., New York City time, on March 6, 2026 (the “Expiration Date”). As of the Expiration Date, the Company has been advised by D.F. King & Co., Inc., the Information, Tabulation and Paying Agent for the Consent Solicitation, that Consents of the holders of approximately 99.8% in aggregate principal amount of the outstanding Notes (other than the Notes beneficially owned by the Company or its affiliates) voting as a single class were validly delivered and not validly revoked.

The Company previously announced the receipt of more than a majority in aggregate principal amount of the outstanding Notes (other than the Notes beneficially owned by the Company or its affiliates) voting as a single class (the “Requisite Consents”) on February 23, 2026. Following receipt of the Requisite Consents, on February 23, 2026, the Company entered into a supplemental indenture to the indenture governing the Notes to give effect to the Amendments, provided that the Amendments will become operative when the Company notifies the trustee for the Notes that the Consent Fee (as defined in the Consent Solicitation Statement) has been paid.

The Company expects to pay the holders of Notes who validly delivered (and did not validly revoke) Consents prior to the Expiration Date, aggregate cash consideration of $2,000,000, or approximately $5.01 per $1,000 principal amount of the Notes, on or about March 10, 2026, subject to the terms and conditions described in the Consent Solicitation Statement.

This press release is not an offer to sell or purchase, or a solicitation of an offer to sell or purchase, any securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom such an offer, solicitation or sale would be unlawful.

Any inquiries regarding the Consent Solicitation may be directed to D.F. King & Co., Inc., the Information, Tabulation and Paying Agent for the Consent Solicitation, at amcx@dfking.com or (646) 989-1649 (collect) or (800) 967-7510 (toll free), or to J.P. Morgan Securities LLC, the Solicitation Agent for the Consent Solicitation, at (212) 834-3554 (collect) or (866) 834-4666 (toll free).

About AMC Networks

AMC Networks (Nasdaq: AMCX) is home to many of the greatest stories and characters in TV and film and the premier destination for passionate and engaged fan communities around the world. The Company creates and curates celebrated series and films across distinct brands and makes them available to audiences everywhere. Its portfolio includes targeted streaming services AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK, HIDIVE and All Reality; cable networks AMC, BBC AMERICA (which includes U.S. distribution and sales responsibilities for BBC News), IFC, SundanceTV and We TV; and film distribution labels Independent Film Company and RLJE Films. The Company also operates AMC Studios, its in-house studio, production and distribution operation behind acclaimed and fan-favorite original franchises including The Walking Dead Universe and the Anne Rice Immortal Universe; and AMC Networks International, its international programming business.

This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements concerning the timing, terms and completion of the Consent Solicitation. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the Company and its business, operations, financial condition and the industries in which it operates and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.

Contacts

Investor Relations	Corporate Communications
Nicholas Seibert	Georgia Juvelis
nicholas.seibert@amcnetworks.com	georgia.juvelis@amcnetworks.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many AMC Networks (AMCX) noteholders approved the 2032 indenture amendments on March 6, 2026?

Approximately 99.8% of outstanding Notes delivered valid consents. According to AMC Networks, that percentage excludes Notes beneficially owned by the company or its affiliates and met the approval threshold by the Expiration Date.

What do the Amendments to AMC Networks' (AMCX) 10.50% notes allow regarding share buybacks?

They permit equity repurchases up to $50,000,000 in aggregate. According to AMC Networks, this change amends the restricted payments covenant to allow buybacks, purchases, redemptions, retirements or other acquisitions of equity within that cap.

When will consenting AMCX noteholders receive the Consent Fee and how much is it?

Consenting holders are expected to receive $2,000,000 aggregate (about $5.01 per $1,000). According to AMC Networks, the payment is expected on or about March 10, 2026, subject to terms in the Consent Solicitation Statement.

How did the Amendments change AMC Networks' (AMCX) trademark licensing restrictions?

The covenant now permits only non-exclusive trademark licenses to unrestricted subsidiaries. According to AMC Networks, this narrows prior transfer or licensing flexibility and limits exclusive transfers to affiliates outside the restricted framework.

What makes the Amendments operative under AMC Networks' (AMCX) supplemental indenture filed February 23, 2026?

The Amendments become operative when AMC Networks notifies the trustee that the Consent Fee has been paid. According to AMC Networks, a supplemental indenture was entered on February 23, 2026 to implement the agreed changes upon payment confirmation.