Investors in AMC Networks Inc. (AMCX) need to pay close attention to the stock based on moves in the options market lately. That is because the Jun 18, 2026 $2.5 Put had some of the highest implied volatility of all equity options today.What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also m ...

NEW YORK, Jan. 28, 2026 (GLOBE NEWSWIRE) -- AMC Networks Inc. (NASDAQ: AMCX) will host a conference call to discuss results for the fourth quarter and full year 2025 on Wednesday, February 11, 2026 at 4:30 p.m. Eastern Time. AMC Networks will issue a press release reporting its results after the market closes. The conference call will be webcast live via the company’s website at investors.amcnetworks.com. To access the conference call via telephone, please pre-register for the call to obtain the dial-in num ...

NEW YORK, Jan. 22, 2026 (GLOBE NEWSWIRE) -- AMC Networks Inc. [NASDAQ: AMCX] announced today that Patrick O’Connell, Chief Financial Officer, will be departing the company to pursue an opportunity outside of the media industry. Mr. O’Connell will remain with AMC Networks through March and participate in the company’s 2025 Fourth Quarter and Year-End earnings call. The company has initiated a search for Mr. O’Connell’s successor. “On behalf of the Board and the entire company, I want to thank Patrick for his ...

On its face, there is a simple bull case for AMC Networks ( AMCX ). Shares look extraordinarily cheap: based on guidance for 2025, AMCX is trading at 1.7x free cash flow. A leveraged balance sheet admittedly is a factor there, but even the EV/EBITDAI've been contributing to Seeking Alpha and other investment websites since 2011, with a general (though far from rigid) focus on value over growth. I got my Series 7 and 63 back in 1999, and watched the dot-com bubble peak and then burst in real time at a small, ...

Group 1 - AMC Networks has extended the contract of Chief Content Officer Dan McDermott through the end of 2028, with a base salary of $1.625 million per year and additional cash grants and equity awards expected to be around $1.6 million annually [1] - AMC Networks is facing challenges due to cord cutting and declining viewership and advertising on traditional linear TV, prompting a shift towards streaming with a total of 10.4 million subscribers across niche properties like Shudder, AMC+, and AcornTV [2] - Streaming is anticipated to surpass linear TV in annual revenue, although the economic models for streaming are still being developed [2] Group 2 - McDermott has been instrumental in developing popular franchises such as the Anne Rice and Walking Dead universes, as well as the anthology mystery Dark Winds [3] - AMC Studios has also produced content for third parties, including the show Silo for Apple TV [3] - Prior to AMC Networks, McDermott held significant roles in various production companies, including Lionsgate-BBC Studios and DreamWorks, where he oversaw notable shows like Spin City and Band of Brothers [4]

Core Insights - AMC Networks is launching a new streaming service called All Reality, dedicated entirely to reality programming, priced at $4.99 [1] - The company has over 11 million subscribers across its various streaming platforms, and streaming revenue is expected to surpass that of its traditional cable networks [2] - AMC Networks has a strong portfolio of reality franchises, utilizing its first-party IP to provide 2,500 hours of programming for All Reality [3] Industry Context - The launch of All Reality addresses a gap in the market for subscription-based reality content, which has proven to be a durable genre in television ratings [4] - Reality programming has gained traction in the streaming space, particularly as viewers shift away from traditional cable [4] - AMC Networks' FAST channel strategy will complement All Reality, with reality content generating over 10 billion minutes of viewership on FAST platforms in the past year [5]

Core Insights - AMC Networks reported Q3 CY2025 results that exceeded Wall Street's revenue expectations, with revenue of $561.7 million, a 6.3% decline year-on-year, but a 2.7% beat against analyst estimates of $547.2 million [1][6] - The company's non-GAAP profit was $0.18 per share, which was 47.4% below analysts' consensus estimates of $0.34 [1][6] - The market responded positively to the results, driven by streaming revenue growth that helped offset declines in traditional linear business [3] Revenue and Financial Performance - Revenue for Q3 CY2025 was $561.7 million, reflecting a 6.3% year-on-year decline but beating analyst expectations [6] - Adjusted EPS was $0.18, significantly missing the expected $0.34, marking a 47.4% shortfall [6] - Adjusted EBITDA reached $104.7 million, surpassing analyst estimates of $74.71 million, with an 18.6% margin [6] - Operating margin decreased to 9.9% from 15.6% in the same quarter last year [6] - Market capitalization stood at $326.2 million [6] Strategic Initiatives - Management highlighted the importance of strategic partnerships, including an expanded licensing agreement with Netflix and new distribution deals with DirecTV and Cox, to support subscription stability [3] - The CEO noted that streaming is set to become the largest revenue source in the domestic segment, with ongoing investments in original content and promotional events [3] - The company is focused on maximizing free cash flow and maintaining a technology-driven operating model [3] Future Outlook - AMC Networks' guidance emphasizes the need for further streaming acceleration and disciplined cost management amid challenges in linear advertising and affiliate revenues [4] - The company expects consolidated revenue of approximately $2.3 billion, with continued linear headwinds partially offset by streaming and content licensing strength [4] - The CFO indicated that margin expansion will depend on strong free cash flow while investing in premium programming [4] - The focus remains on expanding digital ad inventory and leveraging strategic partnerships to adapt to changing consumer viewing habits [4][5]

Financial Performance - Consolidated revenues for Q3 2025 were $561,741,000, a decrease of 6.3% from $599,614,000 in Q3 2024[130]. - Operating income for Q3 2025 was $55,518,000, down 40.6% from $93,653,000 in Q3 2024[130]. - Adjusted operating income for Q3 2025 was $94,446,000, a decline of 28.2% compared to $131,476,000 in Q3 2024[130]. - Total revenues for the nine months ended September 30, 2025, were $1,716,998,000, down 5.8% from $1,822,009,000 in the same period of 2024[130]. - Total net revenues for Q3 2025 decreased by 6.3% to $561.7 million compared to $599.6 million in Q3 2024, with a 1.8% decline in subscription revenues and a 12.6% drop in advertising revenues[150]. - For the nine months ended September 30, 2025, total revenues decreased by 5.9% to $1.5 billion compared to $1.6 billion for the same period in 2024[193]. - Segment adjusted operating income for the three months ended September 30, 2025, was $112.2 million, a decrease of 25.3% from $150.2 million in 2024[193]. - Operating income for the nine months ended September 30, 2025, was $175,080, down from $233,137 in 2024, representing a decline of 25%[244]. - Net income for the nine months ended September 30, 2025, was $144,867, compared to $222,139 in 2024, indicating a decrease of 34.8%[244]. - Free cash flow for the nine months ended September 30, 2025, was $231,922, down from $293,255 in 2024, a decline of 20.9%[251]. Revenue Sources - The Domestic Operations segment includes five programming networks and various streaming services, contributing significantly to subscription revenues[131]. - Subscription revenues are primarily based on a per-subscriber fee, with variations depending on distributor agreements and subscriber counts[136]. - The International segment generates revenue mainly from subscription fees paid by distributors, with a focus on Europe and Latin America[144]. - Subscription revenues for the Domestic Operations segment increased by 0.1% due to higher streaming revenues, while International segment subscription revenues decreased by 0.9% primarily due to a non-renewal of a distribution agreement in Spain[151]. - Advertising revenues decreased by 17.4% in the Domestic Operations segment, while increasing by 15.3% in the International segment, driven by higher pricing in the U.K. and Ireland[152]. - Content licensing and other revenues fell by 26.7% in the Domestic Operations segment, attributed to lower licensing sales of key shows[153]. Expenses - Content expenses represent the largest expense in both Domestic and International segments, primarily due to amortization of program rights[140][145]. - Total operating expenses for Q3 2025 were $506.2 million, a slight increase of 0.1% compared to $506.0 million in Q3 2024[150]. - Selling, general and administrative expenses increased by 4.6% to $412.3 million for the nine months ended September 30, 2025, compared to $394.1 million in 2024[193]. - Selling, general and administrative expenses increased primarily due to higher corporate overhead costs and marketing costs, with a notable increase in the nine months ended September 30, 2025 compared to 2024[211][212]. - Technical and operating expenses (excluding depreciation and amortization) decreased by 0.3% to $738.5 million for the nine months ended September 30, 2025, compared to $740.5 million in 2024[193]. Financial Position - As of September 30, 2025, cash and cash equivalents totaled $716.8 million, with $146.0 million held by foreign subsidiaries[216]. - The company had $1.9 billion of debt outstanding as of September 30, 2025, with approximately 87% of this debt being fixed rate[253]. - The fair value of the company's fixed rate debt was estimated at $1.72 billion, which is $48.9 million higher than its carrying value of $1.67 billion[252]. - The total net leverage ratio as of September 30, 2025 was approximately 4.33:1.00, below the maximum allowed ratio of 5.75:1.00[227]. - The company has authorized a stock repurchase program of up to $1.5 billion, with $124.9 million remaining for repurchase as of September 30, 2025[231][230]. - Contractual obligations decreased by $44.6 million to $550.7 million as of September 30, 2025, primarily due to payments for program rights[240]. Risks and Future Outlook - The company faces risks from economic conditions, including high inflation and interest rates, which may impact operations and financial position[146]. - Future performance may be affected by market volatility and economic downturns, leading to lower demand for products and services[147]. - The company expects continued linear subscriber declines in the Domestic Operations segment, consistent with trends across the cable ecosystem[151]. Other Financial Activities - The company repurchased $99.1 million principal amount of Senior Notes at a discount of $26.7 million during the second quarter of 2025, recording a gain of $25.8 million[180]. - Interest expense for Q3 2025 decreased by 1.2% to $44.6 million, while interest income decreased by 34.3% to $6.1 million[175][176]. - The company recognized a foreign currency transaction loss of $3.3 million for the three months ended September 30, 2025, and a gain of $13.4 million for the nine months ended September 30, 2025[256]. - Net cash provided by operating activities was $256.4 million, down from $317.5 million in 2024[233]. - Net cash used in financing activities for the nine months ended September 30, 2025 was $317.2 million, primarily related to the tender offer for Senior Notes and principal payments on the Term Loan A Facility[237][238].

Financial Data and Key Metrics Changes - The company reported a consolidated net revenue decline of 6% year-over-year to $562 million, with a consolidated AOI decline of 28% to $94 million and an adjusted EPS of $0.18 per share [15][20]. - Free cash flow totaled $42 million in the third quarter, with an increased guidance of approximately $250 million for the full year [4][15]. Business Line Data and Key Metrics Changes - Domestic operations revenue decreased 8% to $486 million, with subscription revenue flat year-over-year and streaming revenue growth of 14%, partially offset by a 13% decline in affiliate revenue [15][16]. - The company ended the third quarter with 10.4 million streaming subscribers, reflecting a year-over-year growth of 2% [16]. Market Data and Key Metrics Changes - International revenues for the third quarter were $77 million, with subscription revenue, excluding foreign exchange, decreasing 6% due to the non-renewal with Movistar in Spain [18]. - Advertising revenue, excluding foreign exchange, increased 10% due to strong performance in the U.K. and Ireland [18]. Company Strategy and Development Direction - The company is transitioning from a cable networks business to a global streaming and technology-focused content company, with streaming expected to be the largest source of revenue in the domestic segment this year [4][5]. - The company has renewed and expanded its licensing agreement with Netflix, which is beneficial for both parties, and has also renewed a long-term distribution agreement with DirecTV [6][7]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the full-year outlook of approximately $250 million in free cash flow, emphasizing the importance of free cash flow generation [15][20]. - The company remains focused on reducing gross debt and extending maturities, with a net debt of approximately $1.2 billion and a consolidated net leverage ratio of 2.8 times [19]. Other Important Information - The company has launched new programming initiatives, including a new series called "The Audacity" and a franchise focused on John Steinbeck's "The Grapes of Wrath" [11][12]. - The company has implemented a voluntary buyout program resulting in a less than 5% reduction in the total employee base to strengthen its talent base [12][13]. Q&A Session Summary Question: Discussion on partnership with Sphere and AOI margins - Management highlighted the attractiveness of integrating with Sphere for advertisers and mentioned ongoing discussions for future promotions [24][25][26]. - Regarding AOI margins, management indicated a focus on free cash flow generation while investing in premium programming, with a current conversion rate over 60% [27][28]. Question: Impact of becoming less linear and more streaming on cost structure - Management stated that the company has an efficient model where programming dollars work across multiple platforms, and emphasized the cost advantages of targeted streaming services like Acorn [30][31][32]. Question: Advertising growth potential with increased streaming presence - Management pointed to a 40% growth in digital advertising and the expansion of inventory through AMC+ as key factors for future advertising growth [36][37]. Question: Advertising revenue from FAST channels and overall advertising landscape - Management confirmed that streaming revenue does not include digital advertising, which is captured separately, and emphasized the promotional opportunities provided by FAST channels [40][41][42].

Core Insights - AMC Networks is transitioning from linear TV to streaming, announcing a 5% reduction in its global workforce of 1,800 employees through voluntary buyouts [1][2] - The company reported mixed quarterly results, with advertising revenue down 17% and streaming revenue up 14% [1][2] - CEO Kristin Dolan emphasized the importance of this transition, describing the quarterly performance as a key milestone in becoming a global streaming and technology-focused content company [2] Company Overview - AMC Networks operates several cable networks including AMC, IFC, Sundance TV, We TV, and BBC America, along with niche streaming services such as AMC+, Shudder, and Acorn TV, totaling 10.4 million subscribers [3] Industry Context - The downsizing at AMC Networks reflects a broader trend in the entertainment sector, with other companies like Paramount, Warner Bros. Discovery, and Disney also implementing significant layoffs [4] - The impact of artificial intelligence advancements is leading to job cuts in various sectors, including Big Tech, with Amazon recently announcing a reduction of 14,000 corporate employees [5]