Financial Analysis

"Commitments and Contingencies Commitments As of June 30, 2026, the Company's contractual obligations not reflected on the Company's condensed consolidated balance sheets increased $91.3 million, as compared to December 31, 2025, to $590.3 million. The increase was primarily related to commitments for marketing and third-party service contracts. Legal Matters On November 14, 2022, Robert Kirkman, Robert Kirkman, LLC, Glen Mazzara, 44 Strong Productions, Inc., David Alpert, Circle of Confusion Productions, LLC, New Circle of Confusion Productions, Inc., Charles Eglee, United Bongo Drum, Inc.; Gale Anne Hurd, and Valhalla Entertainment, Inc. f/k/a Valhalla Motion Pictures, Inc. (together, the ""Plaintiffs"") filed a complaint in California Superior Court (the MFN Litigation) in connection with the Companys July 2021 settlement agreement with Frank Darabont (Darabont), Ferenc, Inc., Darkwoods Productions, Inc., and Creative Artists Agency, LLC (the Darabont Parties), which resolved litigations the Darabont Parties had brought in connection with Darabont's rendering services as a writer, director and producer of the television series entitled The Walking Dead and the agreement between the parties related thereto (the Darabont Settlement). Plaintiffs assert claims for breach of contract, alleging that the Company breached the most favored nations (MFN) provisions of Plaintiffs contracts with the Company by failing to pay them additional contingent compensation as a result of the D …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Long-term Debt The Company's long-term debt consists of: (In thousands) June 30, 2026 December 31, 2025 Senior Secured Credit Facility: Term Loan A Facility $ $ 82,795 Senior Notes: 10.25% Senior Secured Notes due January 2029 875,000 4.25% Senior Notes due February 2029 276,706 276,706 4.25% Convertible Senior Notes due February 2029 143,750 143,750 10.50% Senior Secured Notes due July 2032 1,315,098 400,000 Total long-term debt 1,735,554 1,778,251 Unamortized discount (68,832) (18,883) Unamortized deferred financing costs (5,696) (7,075) Long-term debt, net 1,661,026 1,752,293 Current portion of long-term debt 11,068 Noncurrent portion of long-term debt $ 1,661,026 $ 1,741,225 Senior Secured Credit Facility On May 12, 2026, the Company, pursuant to the terms of its credit agreement (as amended, the ""Credit Agreement""), repaid the $80.0 million remaining balance under the Term Loan A facility under the Credit Agreement (the ""Term Loan A Facility"") and terminated its revolving credit facility. In connection with the repayment, the Company recorded a charge of $3.1 million for the three and six months ended June 30, 2026, comprised of $3.0 million to write-off the remaining unamortized discount and deferred financing costs and $0.1 million of additional third-party expenses associated with the repayment and the termination of the Credit Agreement, which are included in Gain (loss) on extinguishment of debt, net in the condensed consolidated statements of income (loss). Du …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Equity Plans During the three months ended June 30, 2026, AMC Global Media granted 98,334 director stock units to non-employee directors under the AMC Global Media Inc. Amended and Restated 2011 Stock Plan for Non-Employee Directors that vested on the date of grant and, pursuant to the terms of the grant agreement, will be cash-settled 90 days after each non-employee directors separation from service as a member of the Board of Directors. In accordance with ASC Topic 718, the Company recognized an expense for the fair value of these awards at June 30, 2026 with the associated liability included within Other Liabilities in the condensed consolidated balance sheet. In accordance with ASC Topic 718, the Company will remeasure to fair value each of these liability classified share-based compensation awards at each quarterly reporting date until settlement. During the three months ended March 31, 2026, AMC Global Media granted 3,398,929 RSUs to certain executive officers and employees under the AMC Global Media Inc. Amended and Restated 2016 Employee Stock Plan, which vest ratably over a three-year period. During the three months ended June 30, 2026, 101,186 RSUs previously issued to employees of the Company vested. On the vesting dat e, 51,655 RSUs were surrendered to AMC Global Media to cover the required statutory tax withholding obligations an d 49,531 shares of Class A Common Stock were issued. During the six months ended June 30, 2026, 2,113,228 RSUs previously issued to emp …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurement The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity's pricing based upon its own market assumptions. The fair value hierarchy consists of the following three levels: Level I - Quoted prices for identical instruments in active markets. Level II - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level III - Instruments whose significant value drivers are unobservable. The following table presents for each of these hierarchy levels, the Company's financial assets and liabilities that are measured at fair value on a recurring basis at June 30, 2026 and December 31, 2025: (In thousands) Level I Level II Level III Total At June 30, 2026: Assets Cash equivalents $ 166,642 $ $ $ 166,642 Foreign currency derivatives 15,012 15,012 Liabilities Foreign currency derivatives 4,323 4,323 At December 31, 2025: Assets Cash equivalents $ 85,176 $ $ $ 85,176 Foreign currency derivatives 9,531 9,531 Liabilities Foreign currency derivatives 6,401 6,401 The Company's cash equivale …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Other Intangible Assets The carrying amount of goodwill, by operating segment, is as follows: (In thousands) Domestic Operations International Total December 31, 2025 $ 80,038 $ 86,771 $ 166,809 Foreign currency translation (1,619) (1,619) June 30, 2026 $ 80,038 $ 85,152 $ 165,190 As of June 30, 2026 and December 31, 2025, accumulated impairment charges totaled $649.6 million, with $268.7 million attributed to the Domestic Operations operating segment and $380.9 million attributed to the International operating segment. The following tables summarize information relating to the Company's identifiable intangible assets: (In thousands) June 30, 2026 Gross Accumulated Amortization Net Estimated Useful Lives Amortizable intangible assets: Affiliate and customer relationships $ 625,894 $ (508,092) $ 117,802 6 to 25 years Advertiser relationships 46,282 (46,282) 11 years Trade names and other amortizable intangible assets 91,960 (55,815) 36,145 3 to 20 years Total amortizable intangible assets 764,136 (610,189) 153,947 Indefinite-lived intangible assets: Trademarks 19,900 (4,400) 15,500 Total intangible assets $ 784,036 $ (614,589) $ 169,447 (In thousands) December 31, 2025 Gross Accumulated Amortization Net Amortizable intangible assets: Affiliate and customer relationships $ 628,790 $ (498,146) $ 130,644 Advertiser relationships 46,282 (46,282) Trade names and other amortizable intangible assets 91,966 (53,307) 38,659 Total amortizable intangible assets 767,038 (597, …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes In general, the Company is required to use an estimated annual effective rate to measure the tax benefit or tax expense recognized in an interim period. The estimated annual effective rate is revised on a quarterly basis. For the three and six months ended June 30, 2026, income tax benefit was $4.7 million on a loss from operations before income taxes of $24.4 million and $11.4 million on a loss from operations before income taxes of $48.3 million, respectively, representing an effective rate of 19% and 24%, respectively. Items resulting in variances from the federal statutory rate of 21% for the three and six months ended June 30, 2026 primarily consisted of state and local income tax expense, tax expense related to non-deductible compensation, and tax expense, including interest, related to an increase in uncertain tax positions, partially offset by a tax benefit from foreign operations and a tax benefit related to foreign-derived deduction eligible income. For the three and six months ended June 30, 2025, income tax expense was $16.1 million on income from operations before income taxes of $68.8 million, and $31.0 million on income from operations before income taxes of $105.9 million, respectively, representing an effective rate of 23% and 29%, respectively. The variance from the federal statutory rate of 21% for the three months ended June 30, 2025 primarily consisted of state and local income tax expense. Items resulting in variances from the federal statut …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The Company's leases consist of non-cancelable agreements for office space, and to a lesser extent, equipment leases for satellite transponders, which expire at various dates through 2033 . Leases with an initial term of 12 months or less are not recorded on the balance sheet, instead the lease expense is recorded on a straight-line basis over the lease term. For lease agreements entered into, we combine lease and non-lease components. Some leases include options to extend the lease term or terminate the lease prior to the end of the lease term. The depreciable lives of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The leases generally provide for fixed annual rentals plus certain other costs or credits (e.g., a tenant improvement allowance). Some leases include rental payments based on a percentage of revenue over contractual levels or based on an index or rate. Our lease agreements do not include any material residual value guarantees or material restrictive covenants. Since the rate implicit in its leases is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date to determine the present value of the lease payments. The following table summarizes the leases included in the condensed consolidated balance sheets: (In thousands) Balance Sheet Location June 30, 2026 December …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Recently Adopted Accounting Standards In July 2025, the Financial Accounting Standards Board (""FASB"") issued guidance that provides a practical expedient for estimating credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Accounting Standards Codification (""ASC"") Topic 606, Revenue from Contracts with Customers . Under the new standard, in lieu of developing forecasts of future economic conditions, entities can elect a practical expedient that assumes the current conditions as of the balance sheet date remain consistent for the remaining life of the asset. The new guidance became effective January 1, 2026 and is being applied prospectively. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. Recently Issued Accounting Standards In December 2025, the FASB issued guidance on the recognition, measurement, and presentation of government grants. Under the new guidance, government grants are recognized when it is probable that the entity will comply with the conditions of the grant and the grant will be received. The guidance provides accounting models for grants related to assets and grants related to income, including a requirement to recognize a grant related to an asset as the business entity incurs the related costs for which the grant is intended to compensate, either as deferred income or an adjustment to the cost basis of the asset. The guidan …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"Related Party Transactions The Company and its related parties enter into transactions with each other in the ordinary course of business. Revenues, net from these transactions amounted to $1.2 million for the three months ended June 30, 2026 and 2025, and $2.4 million for the six months ended June 30, 2026 and 2025. Amounts charged to the Company in connection with these transactions, included in Selling, general and administrative expenses, amounted to $0.5 million and $0.4 million for the three months ended June 30, 2026 and 2025, respectively, and $1.0 million and $0.9 million for the six months ended June 30, 2026 and 2025, respectively. Additionally, on September 2, 2025, the Company entered into a consulting agreement with MSG Networks Inc. (""MSG Networks"") to provide certain advisory services to MSG Networks. Under this agreement, the Company recorded $0.7 million and $1.2 million of income, representing cost reimbursements for the three and six months ended June 30, 2026, which is recorded as a credit in Selling, general and administrative expenses in the condensed consolidated statements of income (loss)."

RelatedPartyTransactionsDisclosureTextBlock

"Restructuring and Other Related Charges Restructuring and other related charges were $1.3 million and $5.7 million for t he three and six months ended June 30, 2026, respectively. F or t he three and six months ended June 30, 2026, $0.8 million and $2.5 million, respectively, were related to the Company's restructuring plan in its International segment (the ""International Plan""), which for the quarter consisted primarily of workforce reductions in Latin America. In October 2025, the Company announced a voluntary buyout program for U.S. employees, which resulted in modifications to the organizational structure of the Company and reduced employee costs. In connection with this program, the Company recognized $0.5 million and $3.2 million of severance charges during the three and six months ended June 30, 2026, respectively. Restructuring and other related charges were $3.5 million and $8.3 million for t he three and six months ended June 30, 2025, respectively, primarily related to the planned wind-down of a joint venture held by the Company's U.K. business with operations in EMEA as part of its International segment, as well as the commencement of the International Plan in Southern Europe. The following table summarizes the restructuring and other related charges (credits) recognized by operating segment: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2026 2025 2026 2025 Domestic Operations $ 341 $ (850) $ 2,338 $ (2,421) International 805 4,379 2,474 …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

Revenue Recognition Transaction Price Allocated to Future Performance Obligations As of June 30, 2026, other than contracts for which the Company has applied the practical expedients, the aggregate amount of transaction price allocated to remaining performance obligations was not material to our consolidated revenues. Contract Balances from Contracts with Customers The following table provides information about accounts receivable and contract liabilities from contracts with customers. (In thousands) June 30, 2026 December 31, 2025 Balances from contracts with customers: Accounts receivable (including long-term receivables within Other assets) $ 582,135 $ 610,021 Contract liabilities, short-term (Deferred revenue) 66,063 63,651 Revenue recognized for the six months ended June 30, 2026 and 2025 relating to the contract liabilities at December 31, 2025 and 2024 was $34.7 million and $32.3 million, respectively. The Company has an agreement enabling it to sell certain customer receivables to a financial institution on a recurring basis for cash. The transferred receivables will be fully guaranteed by a bankruptcy-remote entity and the financial institution that purchases the receivables will have no recourse to the Company's other assets in the event of non-payment by the customers. The Company can sell an indefinite amount of customer receivables under the agreement on a revolving basis, but the outstanding balance of unpaid customer receivables to the financial institution can …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Segment Information The Company classifies its operations into two operating segments: Domestic Operations and International. These operating segments represent strategic business units that are managed separately. The Company evaluates segment performance based on operating segment adjusted operating income (""AOI""). The Company defines AOI as operating income (loss) before depreciation and amortization, cloud computing amortization, share-based compensation expenses or benefit (including equity-classified share-based compensation expenses or benefit and liability-classified share-based compensation expense or benefit for non-employee directors), impairment and other charges (including gains or losses on sales or dispositions of businesses), restructuring and other related charges and including the Companys proportionate share of adjusted operating income (loss) from majority-owned equity method investees. The Company has presented the components that reconcile adjusted operating income to income from operations before income taxes, and other information as to the continuing operations of the Company's operating segments below. (In thousands) Three Months Ended June 30, 2026 Domestic Operations International Total Revenues, net from external customers Subscription $ 305,902 $ 46,612 $ 352,514 Advertising 108,829 29,383 138,212 Content licensing and other 55,439 1,330 56,769 470,170 77,325 547,495 Inter-segment revenues (Content licensing and other) (a) 220 1,275 1,495 $ 47 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing