AMC Global Media Inc 10-K for FY2024

AMC Global Media Inc. (AMCX)

10-K 2025-02-14 For: 2024-12-31

Added on April 12, 2026

About this 10-K

AMC Global Media Inc filed this 10-K on February 14, 2025, covering the fiscal year ended December 31, 2024 (FY2024).

Headline figures

Fiscal year ended December 31, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $2.42B; down 10.7% from $2.71B a year earlier
Net loss: $226.55M; compared with net income of $215.46M a year earlier
Diluted EPS: -$5.10; compared with $4.90 a year earlier

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Delaware						27-5403694
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

11 Penn Plaza, New York, NY						10001
(Address of principal executive offices)						(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, par value $0.01 per share	AMCX	The NASDAQ Stock Market LLC


Large accelerated filer	☐	Accelerated filer	☑

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐


Class A Common Stock par value $0.01 per share			32,651,186
Class B Common Stock par value $0.01 per share			11,484,408


		Page
FORWARD-LOOKING STATEMENTS		4
Part I
Item 1.	Business	5
Item 1A.	Risk Factors	17
Item 1B.	Unresolved Staff Comments	36
Item 1C.	Cybersecurity	36
Item 2.	Properties	36
Item 3.	Legal Proceedings	37
Item 4.	Mine Safety Disclosures	38
Part II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	39
Item 6.	[Reserved]	40
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	41
Item 7A.	Quantitative and Qualitative Disclosure About Market Risk	59
Item 8.	Financial Statements and Supplementary Data	60
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	60
Item 9A.	Controls and Procedures	60
Item 9B.	Other Information	61
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	61
Part III
Item 10.	Directors, Executive Officers and Corporate Governance	62
Item 11.	Executive Compensation	62
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	62
Item 13.	Certain Relationships and Related Transactions, and Director Independence	62
Item 14.	Principal Accountant Fees and Services	62
Part IV
Item 15.	Exhibits and Financial Statement Schedules	63
Item 16.	Form 10-K Summary	63
SIGNATURES		67


☑			Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


☐			Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


	INDEXED RETURNS Period Ended
Company Name / Index	Base Period 12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24
AMC Networks Inc.	100	90.56	87.19	39.67	47.57	25.06
S&P MidCap 400 Index	100	113.66	141.80	123.28	143.54	163.54
Russell 2000 Index	100	119.96	137.74	109.59	128.14	142.93
Peer Group	100	122.78	105.65	57.83	62.47	73.55


Dollars in thousands	Year Ended December 31,				Change
	2024		2023			2024 vs. 2023
Revenues, net
Domestic Operations	$	2,112,989	$	2,316,587		(8.8)	%
International	325,028		404,476			(19.6)	%
Inter-segment Eliminations	(16,703)		(9,186)			81.8	%
	$	2,421,314	$	2,711,877		(10.7)	%
Operating Income (Loss)
Domestic Operations	$	194,295	$	583,542		(66.7)	%
International	(56,604)		(9,624)			n/m
Corporate / Inter-segment Eliminations	(177,291)		(185,506)			(4.4)	%
	$	(39,600)	$	388,412		n/m
Adjusted Operating Income (Loss)
Domestic Operations	$	619,579	$	712,744		(13.1)	%
International	64,905		60,548			7.2	%
Corporate / Inter-segment Eliminations	(121,911)		(103,188)			18.1	%
	$	562,573	$	670,104		(16.0)	%


	Years Ended December 31,				Change
(In thousands)	2024		2023			2024 vs. 2023
Revenues, net:
Subscription	$	1,472,051	$	1,561,061		(5.7)	%
Advertising	676,634		715,646			(5.5)	%
Content licensing and other	272,629		435,170			(37.4)	%


Total revenues, net	2,421,314		2,711,877			(10.7)	%
Operating expenses:
Technical and operating (excluding depreciation and amortization)	1,132,593		1,327,500			(14.7)	%
Selling, general and administrative	781,329		764,087			2.3	%
Depreciation and amortization	98,015		107,402			(8.7)	%
Impairment and other charges	399,513		96,689			n/m
Restructuring and other related charges	49,464		27,787			78.0	%
Total operating expenses	2,460,914		2,323,465			5.9	%
Operating income (loss)	(39,600)		388,412			n/m
Other income (expense):
Interest expense	(166,186)		(152,703)			8.8	%
Interest income	36,803		37,018			(0.6)	%
Loss on extinguishment of debt, net	(105)		—			n/m
Miscellaneous, net	(5,409)		23,279			n/m
Total other income (expense)	(134,897)		(92,406)			46.0	%
Net income (loss) from operations before income taxes	(174,497)		296,006			n/m
Income tax (expense) benefit	(43,490)		(94,606)			(54.0)	%
Net income (loss) including noncontrolling interests	(217,987)		201,400			n/m
Net (income) loss attributable to noncontrolling interests	(8,559)		14,064			n/m
Net income (loss) attributable to AMC Networks' stockholders	$	(226,546)	$	215,464		n/m


	Estimated U.S. Subscribers as measured by Nielsen
(In thousands)	December 31, 2024	December 31, 2023
National Programming Networks:
AMC	59,800	65,100
We TV	58,800	63,700
BBCA	55,600	60,000
IFC	51,700	56,200
SundanceTV	49,500	53,900


(In thousands)	December 31, 2024		December 31, 2023
Senior Secured Credit Facility:(a)
Term Loan A Facility	$	365,625	$	607,500
Senior Notes:
4.75% Senior Notes due August 2025	—		774,729
10.25% Senior Secured Notes due January 2029	875,000		—
4.25% Senior Notes due February 2029	985,010		1,000,000
4.25% Convertible Senior Notes due February 2029	143,750		—

Principal amount of debt	$	2,369,385	$	2,382,229


Income Statement
(In thousands)	Year Ended December 31, 2024				Year Ended December 31, 2023
	Parent Company		Guarantor Subsidiaries		Parent Company		Guarantor Subsidiaries
Revenues	$	—	$	1,764,795	$	—	$	1,935,082
Operating expenses	—		1,693,206		—		1,559,083
Operating income	$	—	$	71,589	$	—	$	375,999
Income (loss) before income taxes	$	(199,080)	$	(21,569)	$	284,660	$	444,647
Net income (loss)	(226,546)		(32,249)		215,464		435,328


Balance Sheet	December 31, 2024				December 31, 2023
(In thousands)	Parent Company		Guarantor Subsidiaries		Parent Company		Guarantor Subsidiaries
Assets
Amounts due from subsidiaries	$	4,483	$	82,342	$	—	$	—
Current assets	31,727		1,386,554		61,931		1,156,533
Non-current assets	3,467,276		2,718,427		3,676,129		3,301,046

Liabilities and equity:
Amounts due to subsidiaries	$	80,983	$	733	$	54,627	$	2,456
Current liabilities	168,903		473,418		173,031		666,783
Non-current liabilities	2,474,505		228,778		2,516,977		224,051


Supplemental Cash Flow Information	Year Ended December 31,
	2024		2023
Restructuring initiatives	$	(13,295)	$	(112,550)
Distributions to noncontrolling interests	(23,992)		(72,876)


	Years Ended December 31,
(In thousands)	2024		2023
Cash provided by operating activities	$	375,615	$	203,919
Cash used in investing activities	(40,376)		(24,322)
Cash used in financing activities	(110,223)		(544,435)
Net increase (decrease) in cash and cash equivalents	$	225,016	$	(364,838)


	Year Ended December 31,
(In thousands)	2024		2023
Net cash provided by operating activities	$	375,615	$	203,919
Less: capital expenditures	(44,775)		(35,207)
Free cash flow	$	330,840	$	168,712


	2024		2023
ASSETS
Current Assets:
Cash and cash equivalents	$	784,649	$	570,576
Accounts receivable, trade (less allowance for doubtful accounts of $9,468 and $9,488)	623,898		664,396

Prepaid expenses and other current assets	262,257		388,398
Total current assets	1,670,804		1,623,370
Property and equipment, net of accumulated depreciation of $458,396 and $403,708	143,036		159,237
Program rights, net	1,713,952		1,802,653
Intangible assets, net	216,478		268,558
Goodwill	246,304		626,496
Deferred tax assets, net	13,183		11,456
Operating lease right-of-use assets	58,390		71,163
Other assets	300,074		406,854
Total assets	$	4,362,221	$	4,969,787
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	88,570	$	89,469
Accrued liabilities	290,718		385,838
Current portion of program rights obligations	221,603		301,221
Deferred revenue	61,838		65,736
Current portion of long-term debt	7,500		67,500
Current portion of lease obligations	32,439		33,659
Total current liabilities	702,668		943,423
Program rights obligations	144,476		150,943
Long-term debt, net	2,328,719		2,294,249
Lease obligations	64,581		87,240
Deferred tax liabilities, net	121,302		160,383
Other liabilities	60,334		74,306
Total liabilities	3,422,080		3,710,544
Commitments and contingencies
Redeemable noncontrolling interests	55,881		185,297
Stockholders' equity:
Class A Common Stock, $0.01 par value, 360,000 shares authorized: 66,730 and 66,670 shares issued and 32,636 and 32,077 shares outstanding, respectively	667		667
Class B Common Stock, $0.01 par value, 90,000 shares authorized: 11,484 shares issued and outstanding	115		115
Preferred stock, $0.01 par value, 45,000 shares authorized; none issued	—		—
Paid-in capital	437,860		378,877
Accumulated earnings	2,092,229		2,321,105


Exhibit Number						Description of Exhibit

2.1						Agreement and Plan of Merger, dated as of July 29, 2018, by and among RLJE, the Company (solely for the purposes of Section 10.7 thereof), DEH and Merger Sub (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed July 30, 2018).

3.1(i)						Amended and Restated Certificate of Incorporation of AMC Networks Inc. (incorporated by reference to Exhibit 99.4 to the Company's Current Report on Form 8-K filed on July 1, 2011).

3.1(ii)						Amended and Restated By-Laws of AMC Networks Inc. (incorporated by reference to Exhibit 99.5 to the Company's Current Report on Form 8-K filed on July 1, 2011).

4.1						Form of Registration Rights Agreement between AMC Networks Inc. and The Charles F. Dolan Children Trusts (incorporated by reference to Exhibit 3.5 to the Company's Amendment No. 5 to Registration Statement on Form 10 filed on June 6, 2011).

4.2						Form of Registration Rights Agreement between AMC Networks Inc. and The Dolan Family Affiliates (incorporated by reference to Exhibit 3.6 to the Company's Amendment No. 5 to Registration Statement on Form 10 filed on June 6, 2011).

4.3						Registration Rights Agreement, dated as of June 30, 2011, among AMC Networks Inc., the subsidiary guarantors named therein, Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities LLC, as representatives of the several initial purchasers (incorporated by reference to Exhibit 99.2 to the Company's Current Report on Form 8-K filed on July 1, 2011).

4.6						Indenture, dated as of March 30, 2016, by and among AMC Networks Inc., as issuer, each of the guarantors party thereto and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on July 28, 2017).

4.8						Third Supplemental Indenture, dated as of February 8, 2021, to the Indenture, dated as of March 30, 2016, among AMC Networks, as issuer, each of the guarantors party thereto and U.S. Bank National Association, as Trustee, relating to AMC Networks Inc.’s 4.25% Senior Notes due 2029, and Form of Notes (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on February 8, 2021).

4.9						Indenture, dated as of April 9, 2024, by and among AMC Networks, as issuer, each of the guarantors party thereto and U.S. Bank Trust Company, National Association, as Trustee, relating to AMC Networks Inc.’s 10.25% Senior Secured Notes due 2029, and Form of Notes (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on April 10, 2024).

4.10						Indenture, dated as of June 21, 2024, by and among AMC Networks, as issuer, each of the guarantors party thereto and U.S. Bank Trust Company, National Association, as Trustee, relating to AMC Networks Inc.’s 4.25% Convertible Senior Notes due 2029, and Form of Notes (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on June 21, 2024).

4.11						Description of AMC Networks Inc.'s Securities Registered under Section 12 of the Exchange Act (incorporated by reference to Exhibit 4.10 to the Company's Annual Report on Form 10-K for the year ended December 31, 2020).

10.1						Form of Standstill Agreement by and among AMC Networks Inc. and The Dolan Family Group (incorporated by reference to Exhibit 10.5 to the Company's Amendment No. 5 to Registration Statement on Form 10 filed on June 6, 2011).

10.2						Second Amended and Restated Credit Agreement, dated as of July 28, 2017, among AMC Networks and its subsidiary, AMC Network Entertainment LLC, as the initial borrowers, certain of AMC Networks’ subsidiaries, as restricted subsidiaries, JPMorgan Chase Bank, N.A., as Administrative Agent, Collateral Agent and an L/C Issuer and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on July 28, 2017).

10.3						Amendment No. 1, dated as of February 8, 2021, to the Second Amended and Restated Credit Agreement, dated as of July 28, 2017, in each case, among AMC Networks and its subsidiary, AMC Network Entertainment LLC, as the initial borrowers, certain of AMC Networks’ subsidiaries, as restricted subsidiaries, Bank of America, N.A., as an L/C Issuer, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent, Collateral Agent and an L/C Issuer (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on February 8, 2021).


10.4						Amendment No. 2, dated as of April 19, 2023, to the Second Amended and Restated Credit Agreement, dated as of July 28, 2017, as amended by that certain Amendment No. 1 to the Second Amended and Restated Credit Agreement, dated as of February 8, 2021, by and among AMC Networks and its subsidiary, AMC Network Entertainment LLC, as the initial borrowers, certain of AMC Networks’ subsidiaries, as restricted subsidiaries, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on April 24, 2023).

10.5						Amendment No. 3, dated as of April 9, 2024, to the Second Amended and Restated Credit Agreement, dated as of July 28, 2017, by and among AMC Networks and its subsidiary, AMC Network Entertainment LLC, as the initial borrowers, certain of AMC Networks’ subsidiaries, as restricted subsidiaries, Bank of America N.A., as an L/C Issuer, the lenders party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent, Collateral Agent and an L/C Issuer (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on April 10, 2024).

10.6						AMC Networks Inc. Amended and Restated 2011 Stock Plan For Non-Employee Directors (incorporated by reference to Annex B to the Company’s Definitive Proxy Statement on Schedule 14A filed on August 26, 2024).

10.7						Employment Agreement, dated August 4, 2022, by and between AMC Networks Inc. and Patrick O'Connell (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2022).

10.8						Employment Agreement, dated October 19, 2022, by and between AMC Networks Inc. and James G. Gallagher (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2022).

10.9						Form of AMC Networks Inc. Non-Employee Director Agreement (incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012).

10.10						AMC Networks Inc. Amended and Restated 2016 Employee Stock Plan (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on August 5, 2020).

10.11						Form of Performance Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.21 on Form 10-K for the year ended December 31, 2017).

10.12						Form of Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.22 on Form 10-K for the year ended December 31, 2017).

10.13						Form of Performance Cash Award Agreement (incorporated by reference to Exhibit 10.27 to the Company's Annual Report on Form 10-K for the year ended December 31, 2021).

10.14						AMC Networks Inc. Executive Deferred Compensation Plan (incorporated by reference to Exhibit 10.29 to the Company's Annual Report on Form 10-K for the year ended December 31, 2021).

10.15						Employment Agreement, dated February 15, 2023, by and between AMC Networks Inc. and Kristin Dolan (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023).

10.16						Amended & Restated Employment Agreement dated September 2, 2022, between AMC Networks Inc. and Kim Kelleher (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023).

10.17						Employment Agreement dated August 15, 2023, between AMC Networks Inc. and Michael J. Sherin III (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023).

10.18						Employment Agreement, dated March 16, 2020, between AMC Networks Inc. and Dan McDermott (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024).

10.19						Amendment to Employment Agreement, dated October 20, 2021, between AMC Networks Inc. and Dan McDermott (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024).

10.20						Separation Agreement, dated July 26, 2024, by and between AMC Networks Inc. and James G. Gallagher (incorporated by reference to Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024).


19		AMC Networks Inc. Insider Trading Policy.

21		Subsidiaries of the Registrant.

22		List of Guarantor Subsidiaries.

23		Consent of Independent Registered Public Accounting Firm.

24		Power of Attorney (included on the signature page to this Annual Report on Form 10-K).

31.1		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32	*	Certifications of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350.

97		Accounting Policy for Clawbacks of Erroneously Awarded Compensation (incorporated by reference to Exhibit 97 to the Company's Annual Report on Form 10-K for the year ended December 31, 2023).

101.INS		XBRL Instance Document.

101.SCH		XBRL Taxonomy Extension Schema Document.

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF		XBRL Taxonomy Extension Definition Linkbase.

101.LAB		XBRL Taxonomy Extension Label Linkbase Document.

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document.


Consolidated Financial Statements as of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023 and 2022

Reports of Independent Registered Public Accounting Firm (PCAOB ID:185)			F-1
Consolidated Balance Sheets			F-4
Consolidated Statements of Income (Loss)			F-5
Consolidated Statements of Comprehensive Income (Loss)			F-6
Consolidated Statements of Stockholders’ Equity			F-7
Consolidated Statements of Cash Flows			F-8
Notes to Consolidated Financial Statements			F-9
Schedule II—Valuation and Qualifying Accounts			S-1


	2024		2023		2022
Revenues, net	$	2,421,314	$	2,711,877	$	3,096,545
Operating expenses:
Technical and operating (excluding depreciation and amortization)	1,132,593		1,327,500		1,515,902
Selling, general and administrative	781,329		764,087		896,817
Depreciation and amortization	98,015		107,402		107,227
Impairment and other charges	399,513		96,689		40,717
Restructuring and other related charges	49,464		27,787		448,966
Total operating expenses	2,460,914		2,323,465		3,009,629
Operating income (loss)	(39,600)		388,412		86,916
Other income (expense):
Interest expense	(166,186)		(152,703)		(133,762)
Interest income	36,803		37,018		13,326
Loss on extinguishment of debt, net	(105)		—		—
Miscellaneous, net	(5,409)		23,279		3,568
Total other expense	(134,897)		(92,406)		(116,868)
Income (loss) from operations before income taxes	(174,497)		296,006		(29,952)
Income tax (expense) benefit	(43,490)		(94,606)		40,980
Net income (loss) including noncontrolling interests	(217,987)		201,400		11,028
Net (income) loss attributable to noncontrolling interests	(8,559)		14,064		(3,434)
Net income (loss) attributable to AMC Networks' stockholders	$	(226,546)	$	215,464	$	7,594

Net income (loss) per share attributable to AMC Networks' stockholders:
Basic	$	(5.10)	$	4.92	$	0.18
Diluted	$	(5.10)	$	4.90	$	0.17

Weighted average common shares:
Basic	44,438		43,827		43,135
Diluted	44,438		43,991		43,731


	Class A Common Stock		Class B Common Stock		Paid-in Capital		Accumulated Earnings		Treasury Stock		Accumulated Other Comprehensive Loss		Total AMC Networks Stockholders' Equity		Non-redeemable Noncontrolling Interests		Total Stockholders' Equity
Balance, December 31, 2021	$	655	$	115	$	347,971	$	2,098,047	$	(1,419,882)	$	(175,818)	$	851,088	$	51,584	$	902,672
Net income attributable to AMC Networks’ stockholders	—		—		—		7,594		—		—		7,594		—		7,594
Net income attributable to non-redeemable noncontrolling interests	—		—		—		—		—		—		—		6,708		6,708
Purchase of noncontrolling interest, net of tax	—		—		(3,066)		—		—		—		(3,066)		(1,297)		(4,363)
Distributions to noncontrolling members	—		—		—		—		—		—		—		(7,522)		(7,522)
Other comprehensive income (loss)	—		—		—		—		—		(63,980)		(63,980)		(2,648)		(66,628)
Share-based compensation expenses	—		—		37,684		—		—		—		37,684		—		37,684
Net share issuance under employee stock plans	6		—		(22,338)		—		—		—		(22,332)		—		(22,332)
Balance, December 31, 2022	661		115		360,251		2,105,641		(1,419,882)		(239,798)		806,988		46,825		853,813
Net income attributable to AMC Networks’ stockholders	—		—		—		215,464		—		—		215,464		—		215,464
Net loss attributable to non-redeemable noncontrolling interests	—		—		—		—		—		—		—		(12,285)		(12,285)
Sale of noncontrolling interest, net of tax	—		—				—		—		—		—		(3,568)		(3,568)
Distributions to noncontrolling members	—		—		—		—		—		—		—		(6,283)		(6,283)
Other comprehensive income (loss)	—		—		—		—		—		6,967		6,967		1,206		8,173
Share-based compensation expenses	—		—		25,903		—		—		—		25,903		—		25,903
Net share issuance under employee stock plans	6		—		(7,277)		—		—		—		(7,271)		—		(7,271)
Balance, December 31, 2023	667		115		378,877		2,321,105		(1,419,882)		(232,831)		1,048,051		25,895		1,073,946
Net loss attributable to AMC Networks’ stockholders	—		—		—		(226,546)		—		—		(226,546)		—		(226,546)
Net income attributable to non-redeemable noncontrolling interests	—		—		—		—		—		—		—		15,641		15,641
Redeemable noncontrolling interest adjustment to redemption fair value	—		—		(22,594)		—		—		—		(22,594)		—		(22,594)
Purchase of noncontrolling interest, net of tax	—		—		69,397		—		—		—		69,397		—		69,397
Distributions to noncontrolling members	—		—		—		—		—		—		—		(11,953)		(11,953)
Other comprehensive income (loss)	—		—		—		—		—		(34,138)		(34,138)		(918)		(35,056)
Share-based compensation expenses	—		—		26,051		—		—		—		26,051		—		26,051
Common stock issued under employee stock plans	—		—		(9,245)		(2,330)		11,575		—		—		—		—
Tax withholding associated with shares issued under employee stock plans	—		—		(4,626)		—		—		—		(4,626)		—		(4,626)
Balance, December 31, 2024	$	667	$	115	$	437,860	$	2,092,229	$	(1,408,307)	$	(266,969)	$	855,595	$	28,665	$	884,260


	Shares Outstanding
(In thousands)	Class A Common Stock	Class B Common Stock
Balance at December 31, 2021	30,892	11,484

Employee and non-employee director stock transactions*	633	—
Balance at December 31, 2022	31,525	11,484
Employee and non-employee director stock transactions*	552	—
Balance at December 31, 2023	32,077	11,484

Employee and non-employee director stock transactions*	559	—
Balance at December 31, 2024	32,636	11,484


(In thousands)	Severance and Employee-Related Costs		Content Impairments and Other Exit Costs		Total
Balance at December 31, 2022	$	37,150	$	74,724	$	111,874
Charges	17,510		10,277		27,787

Cash payments	(45,878)		(66,672)		(112,550)
Non-cash adjustments	—		(15,147)		(15,147)
Other	(56)		1,826		1,770
Balance at December 31, 2023	8,726		5,008		13,734
Charges	5,247		44,217		49,464

Cash payments	(8,141)		(5,154)		(13,295)
Non-cash content impairment adjustments	—		(44,217)		(44,217)
Other	(948)		1,483		535
Balance at December 31, 2024	$	4,884	$	1,337	$	6,221


	December 31, 2024
(In thousands)	Predominantly Monetized Individually		Predominantly Monetized as a Group		Total
Owned original program rights, net:
Completed	$	65,129	$	647,632	$	712,761
In-production and in-development	—		222,660		222,660
Total owned original program rights, net	$	65,129	$	870,292	$	935,421

Licensed program rights, net:
Licensed film and acquired series	$	261	$	543,396	$	543,657
Licensed originals	—		147,245		147,245
Advances and other production costs	—		90,318		90,318
Total licensed program rights, net	261		780,959		781,220
Program rights, net	$	65,390	$	1,651,251	$	1,716,641

Current portion of program rights, net					$	2,689
Program rights, net (long-term)					1,713,952
					$	1,716,641


	Year Ended December 31, 2022
(In thousands)	Predominantly Monetized Individually		Predominantly Monetized as a Group		Total

Included in Technical and operating:
Owned original program rights	$	279,910	$	182,695	$	462,605
Licensed program rights	37,935		507,930		545,865
	$	317,845	$	690,625	$	1,008,470
Included in Restructuring and other related charges:
Owned original program rights	$	192,749	$	24,914	$	217,663
Licensed program rights	110,830		75,261		186,091
	$	303,579	$	100,175	$	403,754


(In thousands)	2025		2026		2027
Owned original program rights:
Predominantly Monetized Individually	$	22,851	$	26,742	$	10,959
Predominantly Monetized as a Group	327,713		190,246		91,140

Licensed program rights:
Predominantly Monetized Individually	$	227	$	34	$	—
Predominantly Monetized as a Group	357,087		176,953		98,024


(In thousands)
Years Ending December 31,
2025	$	221,603
2026	70,244
2027	40,237
2028	24,161
2029	9,834

	$	366,079


(In thousands)	December 31,				Estimated Useful Lives
	2024		2023
Program, service and test equipment	$	371,994	$	336,803	2 to 5 years
Satellite equipment	43,340		40,536		Term of lease
Furniture and fixtures	11,639		11,750		3 to 8 years
Transmission equipment	29,750		29,924		5 years

Leasehold improvements	144,709		143,932		Term of lease
Property and equipment	601,432		562,945
Accumulated depreciation and amortization	(458,396)		(403,708)
Property and equipment, net	$	143,036	$	159,237


Year						Percentage
2026						105.125%
2027						102.563%
2028 and thereafter						100.000%


(In thousands)	Level I		Level II		Level III		Total
At December 31, 2024:
Assets:
Cash equivalents	$	250,841	$	—	$	—	$	250,841

Foreign currency derivatives	—		4,889		—		4,889
Liabilities:

Foreign currency derivatives	—		2,330		—		2,330

At December 31, 2023:
Assets:


Foreign currency derivatives	$	—	$	8,277	$	—	$	8,277
Liabilities:

Foreign currency derivatives	—		2,295		—		2,295


(In thousands)	December 31, 2024
	Carrying Amount		Estimated Fair Value
Debt instruments:
Term Loan A Facility	$	359,660	$	356,934
10.25% Senior Secured Notes due 2029	861,683		927,500
4.25% Senior Notes due 2029	975,466		772,002
4.25% Convertible Senior Notes due 2029	139,410		142,313

	$	2,336,219	$	2,198,749


(In thousands)		December 31,
	Balance Sheet Location	2024		2023



Derivatives not designated as hedging instruments:
Assets:
Foreign currency derivatives	Prepaid expenses and other current assets	$	944	$	378
Foreign currency derivatives	Other assets	3,945		7,899


Liabilities:
Foreign currency derivatives	Accrued liabilities	$	945	$	1,065
Foreign currency derivatives	Current portion of program rights obligations	—		8
Foreign currency derivatives	Other liabilities	1,385		1,222


(In thousands)	Location of Gain (Loss) Recognized in Earnings on Derivatives	Amount of Gain (Loss) Recognized in Earnings on Derivatives
		Years Ended December 31,
		2024		2023		2022


Foreign currency derivatives	Miscellaneous, net	$	(3,228)	$	11,711	$	(4,887)


		December 31,
(In thousands)	Income Statement Location	2024		2023		2022
Operating lease costs	Selling, general and administrative expenses	$	22,955	$	26,681	$	27,186
Finance lease costs:
Amortization of leased assets	Depreciation and amortization	1,153		1,098		1,098
Interest on lease liabilities	Interest expense	1,188		1,714		1,894
Short term lease costs	Selling, general and administrative expenses	162		111		248
Variable lease costs	Selling, general and administrative expenses	2,492		2,315		1,468
Total net lease costs		$	27,950	$	31,919	$	31,894


(In thousands)	Operating Leases		Finance Leases		Total
2025	$	32,563	$	5,466	$	38,029
2026	32,101		3,183		35,284
2027	13,335		2,535		15,870
2028	3,830		2,546		6,376
2029	1,409		1,989		3,398
Thereafter	2,951		4,284		7,235
Total lease payments	86,189		20,003		106,192
Less: Interest	6,462		2,710		9,172
Present value of lease liabilities	$	79,727	$	17,293	$	97,020