Amc Networks SEC Filings

AMC Networks Inc. outlines its business, strategy and risks in its annual report. The company runs U.S. cable networks like AMC, WE tv and BBC America, a growing portfolio of streaming services, and international channels under AMC Networks International.

As of December 31, 2025, Class A and Class B shares outstanding totaled 42.7 million, with non‑affiliate equity valued at about $194 million. AMC’s U.S. flagship channel reached roughly 55 million subscribers, and its streaming services, including AMC+, Acorn TV, Shudder and others, ended 2025 with about 10.4 million subscribers worldwide.

The filing emphasizes a strategy built on owned original content, multi‑platform distribution, targeted streaming brands and tight cost control to support free cash flow, while highlighting significant risks from industry competition, cord‑cutting, heavy debt, technology change, cybersecurity and evolving privacy regulation.

AMC Networks Inc. reported fourth-quarter and full-year 2025 results showing ongoing business transition toward streaming alongside weaker traditional revenue and profits. For 2025, net revenues were $2.31 billion, down 4.5% from 2024, while operating income improved to $133 million from a prior-year loss.

Adjusted Operating Income for the year was $412 million with an 18% margin, down 26.8%, and Adjusted EPS declined to $2.03 from $3.86. Free cash flow remained solid at $272 million, and net cash from operating activities was $306 million.

Streaming revenue grew 12% for the year to $677 million and is now the largest revenue component in the Domestic Operations segment, though domestic advertising revenues fell 15% and affiliate revenues declined 13%. International results were pressured by lower advertising and subscription revenues, retroactive adjustments in 2024, and foreign currency dynamics.

The company recorded $98 million of impairment and other charges in 2025, including $93 million of goodwill impairment for AMC Networks International, and incurred $27 million of restructuring and related charges tied to workforce reductions and restructuring in several regions. AMC Networks also acquired the remaining 17% of RLJ Entertainment for $75 million and repurchased about 855,000 Class A shares for $7.5 million in the fourth quarter.

A California investment adviser and two principals report beneficial ownership of 1,526,100 AMC Networks Inc. Class A shares, equal to 4.76% of the class as of December 31, 2025. The shares are held in client accounts for which the adviser acts as investment manager.

The adviser has sole power to dispose of 1,526,100 shares, while the individuals share dispositive power over the same amount and one individual holds 2,980 shares with sole voting power. The filing states the position is held in the ordinary course of business and not to change or influence control of AMC Networks Inc.

AMC Networks Inc. disclosed that Chief Financial Officer Patrick O’Connell will leave the company to pursue an opportunity outside the media industry. The company stated that his decision is not related to any disagreement over operations, policies, or practices. O’Connell has agreed to remain in his current role through March to help transition his responsibilities, and AMC Networks has begun a search for his successor.

AMC Networks Inc. (AMCX) reported an insider equity award for Chief Content Officer Dan McDermott. On November 18, 2025, he received 39,165 restricted stock units (RSUs) under the AMC Networks Inc. A&R 2016 Employee Stock Plan. Each RSU represents a right to receive one share of Class A Common Stock or the cash equivalent.

The RSUs vest in three equal installments: one-third on March 9, 2026, one-third on March 9, 2027, and one-third on March 9, 2028. Following this grant, McDermott holds 39,165 derivative securities directly, as reflected in the Form 4.

AMC Networks Inc. (AMCX) entered into a new employment agreement with Dan McDermott to continue as Chief Content Officer and President of AMC Studios from November 18, 2025 through December 31, 2028. The contract sets a minimum annual base salary of $1,625,000, retroactive to July 1, 2025, and an annual target bonus of at least 130% of actual salary paid, retroactive to January 1, 2025.

McDermott is expected to receive long-term cash and equity incentives with a yearly target value of at least $1,600,000, split evenly between cash and equity. For the 2025 award cycle he received additional long-term incentives with a total target value of $600,000, including a $300,000 cash performance award and $300,000 in restricted stock units. The agreement provides substantial severance, bonus, and vesting protections if he is terminated without cause, resigns for good reason, or separates due to death or disability, along with covenants limiting competitive activities through the contract term.

AMC Networks reported Q3 2025 results with net income attributable to stockholders of $76.5 million and diluted EPS of $1.38. Revenue was $561.7 million, down from $599.6 million a year ago, while operating income was $55.5 million.

Results were boosted by debt actions: the company recorded a net gain on extinguishment of debt of $105.3 million in the quarter, primarily from repurchasing portions of its 4.25% Senior Notes due 2029 at a discount. Interest expense was $44.6 million, and income tax expense was $42.8 million, reflecting impacts from tax law changes.

Cash and cash equivalents were $716.8 million as of September 30, 2025. Long-term debt, net, was $1.91 billion after issuing $400.0 million of 10.500% Senior Secured Notes due 2032 and repurchasing and retiring portions of 2029 notes. Operating cash flow for the first nine months was $256.4 million. The company repurchased 1.6 million Class A shares in Q2 at an average price of $6.48 and had $124.9 million remaining under its authorization.

AMC Networks Inc. furnished an 8-K announcing it issued a press release with financial results for the quarter ended September 30, 2025. The release is provided as Exhibit 99.1 and is incorporated by reference in the report for informational purposes.

The company states the information under Item 2.02, including Exhibit 99.1, is being furnished, not filed, and therefore is not subject to liability under Section 18 of the Exchange Act nor incorporated into other Securities Act or Exchange Act filings. The filing also includes Exhibit 104, the cover page Inline XBRL data file.

AMC Networks amended its credit agreement to extend the maturity of $111.8 million of revolving credit commitments to the earlier of October 29, 2030 or 90 days before any capital markets debt over $50.0 million matures. The remaining $63.2 million of revolver commitments keep their existing maturity of April 9, 2028.

The company also repurchased and permanently retired term loans totaling $165.7 million at par plus accrued interest, leaving approximately $85.6 million of term loans outstanding. Covenant terms were modified, including reducing the minimum interest coverage ratio from 2.00:1.00 to 1.50:1.00, with a step-up to 1.75:1.00 for fiscal quarters ending on or after December 31, 2028.