NEW YORK, March 26, 2026 (GLOBE NEWSWIRE) -- AMC Networks Inc. (Nasdaq: AMCX) (“AMC Networks” or the “Company”) announced today that it has given notice of redemption of all of its outstanding 10.25% Senior Secured Notes due 2029 (CUSIP Nos. 00164V AG8 (144A) / U02400 AB2 (Reg S)) (the “Notes”) on April 6, 2026 (the “Redemption Date”). The Notes will be redeemed at a redemption price of 105.125% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to, but excluding, the Redem ...

Core Viewpoint - Streaming services and digital platforms are experiencing investor skepticism despite improvements in their fundamental business due to concerns over leverage, credit risk, and pandemic-era valuations affecting stock prices relative to forward earnings potential [1] Group 1: AMC Networks (AMCX) - AMC Networks has seen its stock decline by 89% over the past five years, with a current market cap of approximately $346 million and a trailing P/E ratio under 5x, indicating it is undervalued [1] - The company is undergoing a significant transition, with streaming now being the largest source of revenue in its domestic segment, generating $177 million in Q4 2025, a 14% increase year-over-year, while linear advertising and affiliate revenue have decreased by 10.2% and 13% respectively [1] - AMC Networks reported full-year free cash flow of $272 million for 2025, with guidance of at least $200 million for 2026, but faces a substantial debt load of $1.78 billion at interest rates between 10.25% and 10.50% [1] Group 2: Sea Limited (SE) - Sea Limited's stock has dropped 30% year-to-date, with a significant decline of over 16% following Q4 earnings due to an EPS miss, reporting $2.52 against an estimate of $3.50, a 28% shortfall [1] - The company is aggressively reinvesting, with its Monee loan book growing by 80.4% year-over-year to $9.2 billion, and provisions for credit losses reaching $1.4 billion for the full year [1] - Sea Limited's full-year revenue increased by 36.4% to $22.94 billion, with operating cash flow of $5.02 billion and net income of $1.61 billion, up 262% year-over-year, while the stock trades below the analyst consensus target of $146.59 [1] Group 3: Roku - Roku achieved its first profitable year since its IPO in 2025, reporting a net income of $88.4 million compared to a loss of $129 million in 2024, with a Q4 EPS of $0.53, exceeding the estimate of $0.27 by 95% [1] - The Roku Channel captured 6.3% of all U.S. TV streaming in December 2025, up from 4.6% the previous year, establishing it as the second-largest free ad-supported streaming app in the country [1] - For 2026, Roku is guiding for total revenue of $5.5 billion and net income of $325 million, targeting 100 million streaming households globally, despite the stock being down 72% from its 2021 highs [1]

Core Viewpoint - AMC Networks Inc. has successfully completed a consent solicitation for its 10.50% Senior Secured Notes due 2032, allowing for amendments to the indenture governing the Notes, including provisions for equity buybacks and changes to trademark licensing [1][2][3]. Group 1: Consent Solicitation Results - The consent solicitation expired on March 6, 2026, with approximately 99.8% of the holders of the outstanding Notes delivering valid consents [2]. - The company had previously received more than a majority of the required consents on February 23, 2026, leading to the execution of a supplemental indenture to implement the amendments [3]. Group 2: Financial Implications - AMC Networks plans to pay a total of $2,000,000 in cash consideration to the holders of Notes who validly delivered consents, equating to approximately $5.01 per $1,000 principal amount of the Notes, expected to be paid around March 10, 2026 [4]. Group 3: Company Overview - AMC Networks is a prominent media company that creates and curates a variety of television series and films, operating multiple streaming services and cable networks, and is known for its original franchises such as The Walking Dead Universe [7].

Core Insights - SCTE TechExpo26 will take place from September 29 to October 1, 2026, at the Georgia World Congress Center in Atlanta, co-hosted by AMC Networks and Charter Communications, marking a significant milestone in the broadband telecommunications industry [1][7] - The event's theme, "Network (R)evolution: Convergence Powered. Experience Perfected," emphasizes the alignment of network innovation with viewer experiences, showcasing how intelligent networks are transforming service delivery [2][3] Industry Trends - The convergence of broadband, mobile, Wi-Fi, and edge networks is reshaping the industry, with streaming influencing network architecture and consumer experiences [3] - SCTE TechExpo will focus on converged architecture that supports high-performance streaming, low-latency applications, and AI-driven optimization, aligning with SCTE's SCTE 301 video streaming standard [3][4] Event Agenda - The program will include dynamic tracks such as Multi-Access Convergence, AI Infrastructure & Autonomous Networks, and New Growth Opportunities, addressing topics like monetization of NaaS and AI-driven services [4][5] - Attendees will have opportunities for interactive experiences, including meetups, focus forums, and hands-on training bootcamps in high-demand areas like DOCSIS 4.0 technology [5][6] Call for Content - SCTE invites operators, programmers, vendors, and innovators to submit technical papers and innovative solutions until April 3, 2026, seeking fresh ideas and real-world success stories [4][5]

Core Insights - AMC Networks is expanding its outcome-based advertising efforts to include movie theaters and consumer locations, leveraging data from Fandango and iSpot [1][4] - The company introduced its attribution product, AMC Networks Outcomes, during an ad tech breakfast event, highlighting innovations in AI through a partnership with Runway [2][6] - AMC Networks is navigating a significant transition from linear TV to streaming, with digital now representing the largest share of total revenue, despite overall advertising declines [3] Advertising Innovations - AMC Networks Outcomes is integrated into the Audience+ ad platform, allowing ad buyers to measure consumer location and visitation through partnerships with Fandango, iSpot, and Cuebiq [3][4] - A case study presented at the event demonstrated a successful cross-platform campaign for a horror film, resulting in a 25% increase in visits to the film's Fandango page and a 46% increase in ticket purchases [5] AI Integration - The company is collaborating with Runway to utilize generative AI for programming development and marketing needs, incorporating this technology into its in-house branded content studio, Content Room [6][7] - AMC Networks is indexing its entire library of original content using AI, enabling advertisers to search for specific moments or sentiments in scenes near ad breaks, optimizing ad placements [7] Strategic Focus - AMC Networks emphasizes its commitment to outcomes-based advertising, with plans for a main upfront presentation scheduled for April 29, where clients will invest in this advertising model [8]

Core Viewpoint - AMC Networks Inc. has initiated an exchange offer for its outstanding 10.25% Senior Secured Notes due 2029, allowing eligible holders to exchange these for newly issued 10.50% Senior Secured Notes due 2032, as detailed in the Offering Memorandum dated February 23, 2026 [1]. Exchange Offer Details - The total consideration for the exchange is set at $1,065 for each $1,000 principal amount of Old Notes validly tendered, with an exchange consideration of $1,015 for those tendered after the early tender time [2]. - The exchange offer will expire on March 23, 2026, with an early tender time set for March 6, 2026, where holders can receive the total consideration including an early tender premium of $50 [4][3]. - The company may opt for early settlement of the exchange offer, expected to occur on or after March 13, 2026, if conditions are met [5]. Consent Solicitation - Concurrently, the company is soliciting consents to amend the indenture governing the Old Notes, allowing for restricted payments up to $50 million [8]. - Holders can deliver consents either by tendering Old Notes or through a consent-only option, with a requirement for a majority consent from holders of the Old Notes [9]. New Notes Characteristics - The New Notes will mature on July 15, 2032, with an interest rate of 10.50% per annum, accruing from January 15, 2026, and payable semi-annually [13]. - The New Notes will be a further issuance of the previously issued 10.50% Senior Secured Notes due 2032, expected to be fungible with the original notes [12]. Eligibility and Distribution - The exchange offer is exclusively available to "Eligible Holders," defined as qualified institutional buyers or non-U.S. persons purchasing in offshore transactions [15][21]. - J.P. Morgan Securities LLC is acting as the lead dealer manager for the exchange offer, with several co-dealer managers assisting [17].

Core Viewpoint - AMC Networks Inc. has received the necessary consents from holders of its 10.50% Senior Secured Notes due 2032 to amend certain covenants in the indenture governing the Notes, allowing for equity buybacks and other changes [1][4]. Group 1: Amendments to the Indenture - The amendments permit buybacks, purchases, redemptions, retirements, or other acquisitions of AMC Networks' equity interests up to an aggregate amount of $50 million [1]. - The revisions to the covenant regarding transfers or licenses of certain trademarks now only allow for non-exclusive licenses to be transferred to unrestricted subsidiaries [1]. - Investments in unrestricted subsidiaries under the definition of "Permitted Investments" are now restricted to specific clauses within that definition [1]. Group 2: Consent Solicitation Details - The consent solicitation is being extended, with the new expiration time set for March 6, 2026, at 5:00 p.m. New York City time [5]. - As of February 23, 2026, approximately 94% of the outstanding Notes holders had validly delivered their consents, allowing the company to enter into a first supplemental indenture to effectuate the amendments [4]. - Holders of the Notes who have already consented do not need to take further action in response to this announcement [6].

Core Viewpoint - AMC Networks Inc. is soliciting consents from holders of its existing 10.50% Senior Secured Notes due 2032 to amend certain covenants in the indenture governing the Notes, allowing for specific financial maneuvers and investments [1][2]. Group 1: Proposed Amendments - The proposed amendments include allowing buybacks and other acquisitions of equity interests up to $50 million [1]. - The revision of the covenant regarding transfers or licenses of certain trademarks will only permit non-exclusive licenses to unrestricted subsidiaries [1]. - Investments in unrestricted subsidiaries will be restricted to certain specified clauses in the definition of "Permitted Investments" [1]. Group 2: Consent Solicitation Details - The consent solicitation will expire on February 23, 2026, at 5:00 p.m. New York City time [3]. - To approve the proposed amendments, the company needs the consents of at least a majority of the outstanding Notes, excluding those owned by the company or its affiliates [3][4]. - A cash payment, termed the "Consent Fee," totaling $2 million will be allocated pro rata among consenting holders of the Notes [5]. Group 3: Financial Implications - The aggregate principal amount of the outstanding Notes is $400 million, which means the Consent Fee could range from $5.00 to $10.00 per $1,000 principal amount depending on the number of valid consents received [5].

Core Insights - AMC Networks experienced a significant transformation in 2025, with streaming becoming the largest source of domestic revenue, ending the year with 10.4 million streaming subscribers, which remained flat compared to the previous quarter and year [4][7][21] Financial Performance - For the full year 2025, AMC Networks reported consolidated revenue of $2.3 billion, adjusted operating income (AOI) of $412 million, representing an 18% margin, and free cash flow of $272 million, exceeding previous forecasts [7][8] - Domestic revenue declined by 5% to $2.0 billion for the year, with subscription revenue stabilizing, declining less than 1% for the year and remaining flat in the fourth quarter [9][10] - Affiliate revenue fell by 13% for both the full year and fourth quarter, but streaming growth of 12% for the year offset these declines [10][11] Strategic Initiatives - The company emphasized a targeted streaming approach, focusing on specific genres, lower pricing, and efficient windowing, which contributed to improved engagement and retention trends [3][5] - AMC Networks completed a transaction to acquire full ownership of RLJ Entertainment for $75 million, enhancing operational clarity [17] Future Outlook - Management guided for 2026 consolidated revenue of approximately $2.25 billion and AOI of about $350 million, with expectations of a low double-digit decline in domestic linear advertising revenue [6][20] - The company anticipates free cash flow of at least $200 million in 2026, with stable domestic subscription revenue expected to offset linear headwinds [21]

Financial Data and Key Metrics Changes - AMC Networks generated consolidated revenue of $2.3 billion for 2025, with adjusted operating income of $412 million, reflecting an 18% margin [15] - Free cash flow reached $272 million, exceeding previous forecasts, with expectations of at least $200 million for 2026 [4][14] - Domestic operations revenue decreased by 5% to $2 billion for the full year, while subscription revenue stabilized with a decrease of less than 1% [15][16] Business Line Data and Key Metrics Changes - Streaming revenue became the largest single source of domestic revenue, growing by 12% for the full year and 14% in the fourth quarter, offsetting declines in linear affiliate revenue [16][17] - Domestic advertising revenue decreased by 15% for the year, primarily due to linear ratings declines [17] - International revenue decreased by 4% for both the year and the quarter, but advertising revenues grew by 6% for the full year [18] Market Data and Key Metrics Changes - The company ended 2025 with 10.4 million streaming subscribers, flat compared to the previous year [16] - The advertising market saw a significant influx of digital inventory, impacting pricing negatively in the first half of 2025, but recovery was noted in the latter half [29][33] Company Strategy and Development Direction - AMC Networks is focusing on a streaming strategy that emphasizes genre-specific content curation and efficient content delivery [4][5] - The company aims to strengthen its balance sheet and reduce gross debt, having reduced it by almost $600 million in 2025 [18][19] - The acquisition of RLJ Entertainment is expected to enhance operational clarity and simplify the business structure [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing the company's independence as a strength in a changing industry landscape [11] - The outlook for 2026 includes expectations of approximately $2.25 billion in consolidated revenue, with stable domestic subscription revenue anticipated [21][22] - Management acknowledged the challenges in the advertising market but highlighted improvements in digital advertising performance [29][33] Other Important Information - The company repurchased approximately 850,000 shares of Class A common stock for about $7.5 million in the fourth quarter [19] - AMC Networks is committed to maintaining a healthy cash position, ending the year with approximately $675 million in total liquidity [19] Q&A Session Summary Question: Advertising performance and expectations for 2026 - Management acknowledged that advertising performance was below expectations in 2025 but expressed confidence in a recovery strategy for 2026, focusing on digital and streaming [26][29] Question: The value of The Walking Dead rights - Management confirmed ongoing conversations regarding the monetization of The Walking Dead rights, expressing optimism about their value [28] Question: Ad contributions from streaming and FAST channels - Management noted that digital advertising is a significant portion of revenue, with strong performance in Q4, and emphasized the importance of cross-platform buying [33][35] Question: Affiliate revenue outlook and content spend - Management highlighted positive trends in affiliate revenue and confirmed continued investment in premium programming while maintaining free cash flow [40][41]