AMC Networks(AMCX) - 2025 Q4 - Annual Report

Subscriber Growth and Programming - As of December 31, 2025, AMC reached approximately 55 million subscribers across its programming networks and streaming services [31]. - AMC+ ended 2025 with approximately 10.4 million streaming subscribers, showcasing a strong growth trajectory [41]. - In 2025, Acorn TV's new series "Irish Blood" became the service's largest acquisition driver to date, contributing to a multi-year high in subscriber acquisition [43]. - The AMC programming network includes five channels and various streaming services, providing a diverse range of content to subscribers [30]. - AMC's partnership with TNA Wrestling has expanded its programming offerings, including the new home for "Thursday Night iMPACT" [35]. - In late 2025, the Company launched a new targeted streaming service, All Reality, featuring popular unscripted content, including the return of Bridezillas [51]. Content Production and Distribution - AMC's film distribution business includes brands like Independent Film Company, RLJE Films, and Shudder, focusing on quality and commercial content [48]. - AMC Studios has produced several critically acclaimed originals, including "The Walking Dead" and "Anne Rice's Interview with the Vampire," contributing to its reputation for high-quality programming [35]. - In 2026, AMC is set to introduce new series such as "The Audacity" and "Dark Winds" season 4, continuing its commitment to original content [32]. - Independent Film Company released 21 new theatrical films in 2025, showcasing its leadership in high-quality independent film distribution [52]. International Expansion - AMC's international programming businesses, AMCNI, distribute a portfolio of channels worldwide, enhancing its global reach [30]. - AMC+ is available in several international markets, including Canada, Spain, Australia, and New Zealand, reflecting its global expansion strategy [41]. - AMCNI launched four new pay-TV channels and six pop-up channels in Spain in 2025, expanding its service offerings in Southern Europe [56]. - The AMC Series linear channel was recently launched in Latin America, featuring over 650 hours of original series, enhancing AMC's regional channel lineup [58]. - AMCNI U.K. has partnerships with major streaming platforms, making a significant portion of its content library available through AVOD and FAST channels [55]. Financial Performance and Debt Management - The fair value of the company's fixed rate debt was $1.73 billion, exceeding its carrying value of $1.67 billion by $56.3 million [369]. - The company has $1.78 billion of debt outstanding, with $82.8 million subject to variable interest rates [370]. - A hypothetical 100 basis point increase in interest rates would raise the company's annual interest expense by approximately $0.8 million [370]. - The company recognized foreign currency transaction gains of $13.3 million for the year ended December 31, 2025 [373]. - The company engages in foreign currency contracts to manage exposure to fluctuations in foreign currency exchange rates [372]. - Approximately 95% of the company's debt is fixed rate as of December 31, 2025 [370]. Corporate Culture and Workforce - As of December 31, 2025, the company had a global workforce of 1,738 employees, with 1,675 being full-time employees [81]. - The company aims to attract and retain talent through competitive rewards and professional growth opportunities [82]. - The company emphasizes a positive, inclusive, and collaborative corporate culture to enhance employee engagement [82]. - The company supports community impact through philanthropic efforts and matches employee donations [88]. Regulatory and Competitive Environment - The Company faces intense competition in programming services, competing for distribution and viewer engagement against larger publicly held companies [70]. - Regulatory compliance is a significant aspect of the Company's operations, affecting its programming and distribution strategies [59]. - The Company is focused on increasing content licensing revenues by expanding opportunities through various media platforms [76].