10-Q 1 amcx-20240930.htm 10-Q amcx-20240930
0001514991--12-312024Q3false0.0785083http://fasb.org/us-gaap/2024#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://fasb.org/us-gaap/2024#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortizationhttp://www.amcnetworks.com/20240930#OperatingAndFinanceLeaseLiabilityCurrenthttp://www.amcnetworks.com/20240930#OperatingAndFinanceLeaseLiabilityCurrenthttp://www.amcnetworks.com/20240930#OperatingAndFinanceLeaseLiabilityCurrenthttp://www.amcnetworks.com/20240930#OperatingAndFinanceLeaseLiabilityCurrenthttp://www.amcnetworks.com/20240930#OperatingandFinanceLeaseLiabilityNoncurrenthttp://www.amcnetworks.com/20240930#OperatingandFinanceLeaseLiabilityNoncurrenthttp://www.amcnetworks.com/20240930#OperatingandFinanceLeaseLiabilityNoncurrenthttp://www.amcnetworks.com/20240930#OperatingandFinanceLeaseLiabilityNoncurrentxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureamcx:segmentamcx:networkutr:Damcx:legal_matteramcx:defendantamcx:claim00015149912024-01-012024-09-300001514991us-gaap:CommonClassAMember2024-11-010001514991us-gaap:CommonClassBMember2024-11-0100015149912024-09-3000015149912023-12-310001514991us-gaap:CommonClassAMember2023-12-310001514991us-gaap:CommonClassAMember2024-09-300001514991us-gaap:CommonClassBMember2024-09-300001514991us-gaap:CommonClassBMember2023-12-3100015149912024-07-012024-09-3000015149912023-07-012023-09-3000015149912023-01-012023-09-300001514991us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-06-300001514991us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-06-300001514991us-gaap:AdditionalPaidInCapitalMember2024-06-300001514991us-gaap:RetainedEarningsMember2024-06-300001514991us-gaap:TreasuryStockCommonMember2024-06-300001514991us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001514991us-gaap:ParentMember2024-06-300001514991us-gaap:NoncontrollingInterestMember2024-06-3000015149912024-06-300001514991us-gaap:RetainedEarningsMember2024-07-012024-09-300001514991us-gaap:ParentMember2024-07-012024-09-300001514991us-gaap:NoncontrollingInterestMember2024-07-012024-09-300001514991us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001514991us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001514991us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-09-300001514991us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-09-300001514991us-gaap:AdditionalPaidInCapitalMember2024-09-300001514991us-gaap:RetainedEarningsMember2024-09-300001514991us-gaap:TreasuryStockCommonMember2024-09-300001514991us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300001514991us-gaap:ParentMember2024-09-300001514991us-gaap:NoncontrollingInterestMember2024-09-300001514991us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-06-300001514991us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-06-300001514991us-gaap:AdditionalPaidInCapitalMember2023-06-300001514991us-gaap:RetainedEarningsMember2023-06-300001514991us-gaap:TreasuryStockCommonMember2023-06-300001514991us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001514991us-gaap:ParentMember2023-06-300001514991us-gaap:NoncontrollingInterestMember2023-06-3000015149912023-06-300001514991us-gaap:RetainedEarningsMember2023-07-012023-09-300001514991us-gaap:ParentMember2023-07-012023-09-300001514991us-gaap:NoncontrollingInterestMember2023-07-012023-09-300001514991us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001514991us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001514991us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-09-300001514991us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-09-300001514991us-gaap:AdditionalPaidInCapitalMember2023-09-300001514991us-gaap:RetainedEarningsMember2023-09-300001514991us-gaap:TreasuryStockCommonMember2023-09-300001514991us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001514991us-gaap:ParentMember2023-09-300001514991us-gaap:NoncontrollingInterestMember2023-09-3000015149912023-09-300001514991us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-12-310001514991us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-12-310001514991us-gaap:AdditionalPaidInCapitalMember2023-12-310001514991us-gaap:RetainedEarningsMember2023-12-310001514991us-gaap:TreasuryStockCommonMember2023-12-310001514991us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001514991us-gaap:ParentMember2023-12-310001514991us-gaap:NoncontrollingInterestMember2023-12-310001514991us-gaap:RetainedEarningsMember2024-01-012024-09-300001514991us-gaap:ParentMember2024-01-012024-09-300001514991us-gaap:NoncontrollingInterestMember2024-01-012024-09-300001514991us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300001514991us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300001514991us-gaap:TreasuryStockCommonMember2024-01-012024-09-300001514991us-gaap:CommonStockMemberus-gaap:CommonClassAMember2022-12-310001514991us-gaap:CommonStockMemberus-gaap:CommonClassBMember2022-12-310001514991us-gaap:AdditionalPaidInCapitalMember2022-12-310001514991us-gaap:RetainedEarningsMember2022-12-310001514991us-gaap:TreasuryStockCommonMember2022-12-310001514991us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001514991us-gaap:ParentMember2022-12-310001514991us-gaap:NoncontrollingInterestMember2022-12-3100015149912022-12-310001514991us-gaap:RetainedEarningsMember2023-01-012023-09-300001514991us-gaap:ParentMember2023-01-012023-09-300001514991us-gaap:NoncontrollingInterestMember2023-01-012023-09-300001514991us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001514991us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300001514991us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-01-012023-09-300001514991amcx:A10.25SeniorNotesDue2029Memberus-gaap:SeniorNotesMember2024-09-300001514991amcx:A4.25ConvertibleSeniorNotesDue2029Memberus-gaap:ConvertibleDebtMember2024-09-300001514991amcx:A4.75SeniorNotesDue2025Memberus-gaap:SeniorNotesMember2024-09-300001514991amcx:A4.75SeniorNotesDue2025Memberus-gaap:SeniorNotesMember2024-01-012024-09-300001514991amcx:A4.75SeniorNotesDue2025Memberus-gaap:SeniorNotesMember2023-01-012023-09-300001514991amcx:A4.25SeniorNotesDue2029Memberus-gaap:SeniorNotesMember2024-09-300001514991amcx:A4.25SeniorNotesDue2029Memberus-gaap:SeniorNotesMember2024-01-012024-09-300001514991amcx:A4.25SeniorNotesDue2029Memberus-gaap:SeniorNotesMember2023-01-012023-09-3000015149912024-04-012024-06-3000015149912023-10-012023-10-310001514991amcx:A4.25ConvertibleSeniorNotesDue2029Memberus-gaap:ConvertibleDebtMember2024-06-300001514991us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-09-300001514991us-gaap:RestrictedStockUnitsRSUMember2024-07-012024-09-300001514991us-gaap:RestrictedStockUnitsRSUMember2023-07-012023-09-300001514991us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-09-300001514991us-gaap:CommonClassAMember2024-07-012024-09-300001514991us-gaap:CommonClassAMember2023-01-012023-09-300001514991us-gaap:CommonClassAMember2023-07-012023-09-300001514991us-gaap:CommonClassAMember2024-01-012024-09-300001514991amcx:A2022PlanMember2024-07-012024-09-300001514991amcx:A2022PlanMember2024-01-012024-09-300001514991amcx:A2022PlanMember2023-07-012023-09-300001514991amcx:A2022PlanMember2023-01-012023-09-300001514991us-gaap:OperatingSegmentsMemberamcx:DomesticOperationsMember2024-07-012024-09-300001514991us-gaap:OperatingSegmentsMemberamcx:DomesticOperationsMember2023-07-012023-09-300001514991us-gaap:OperatingSegmentsMemberamcx:DomesticOperationsMember2024-01-012024-09-300001514991us-gaap:OperatingSegmentsMemberamcx:DomesticOperationsMember2023-01-012023-09-300001514991us-gaap:OperatingSegmentsMemberamcx:InternationalMember2024-07-012024-09-300001514991us-gaap:OperatingSegmentsMemberamcx:InternationalMember2023-07-012023-09-300001514991us-gaap:OperatingSegmentsMemberamcx:InternationalMember2024-01-012024-09-300001514991us-gaap:OperatingSegmentsMemberamcx:InternationalMember2023-01-012023-09-300001514991us-gaap:IntersegmentEliminationMember2024-07-012024-09-300001514991us-gaap:IntersegmentEliminationMember2023-07-012023-09-300001514991us-gaap:IntersegmentEliminationMember2024-01-012024-09-300001514991us-gaap:IntersegmentEliminationMember2023-01-012023-09-300001514991us-gaap:EmployeeSeveranceMember2023-12-310001514991amcx:ContentImpairmentsAndOtherMember2023-12-310001514991us-gaap:EmployeeSeveranceMember2024-01-012024-09-300001514991amcx:ContentImpairmentsAndOtherMember2024-01-012024-09-300001514991us-gaap:EmployeeSeveranceMember2024-09-300001514991amcx:ContentImpairmentsAndOtherMember2024-09-300001514991us-gaap:AccruedLiabilitiesMember2024-09-300001514991us-gaap:AccruedLiabilitiesMember2023-12-310001514991us-gaap:OtherNoncurrentLiabilitiesMember2023-12-310001514991us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2024-09-300001514991us-gaap:OtherNoncurrentAssetsMember2024-09-300001514991us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2023-12-310001514991us-gaap:OtherNoncurrentAssetsMember2023-12-310001514991amcx:DomesticOperationsMember2023-12-310001514991amcx:InternationalMember2023-12-310001514991amcx:DomesticOperationsMember2024-01-012024-09-300001514991amcx:InternationalMember2024-01-012024-09-300001514991amcx:DomesticOperationsMember2024-09-300001514991amcx:InternationalMember2024-09-300001514991us-gaap:CustomerRelationshipsMember2024-09-300001514991us-gaap:CustomerRelationshipsMembersrt:MinimumMember2024-09-300001514991us-gaap:CustomerRelationshipsMembersrt:MaximumMember2024-09-300001514991amcx:AdvertiserRelationshipsMember2024-09-300001514991amcx:TradeNamesAndOtherMember2024-09-300001514991amcx:TradeNamesAndOtherMembersrt:MinimumMember2024-09-300001514991amcx:TradeNamesAndOtherMembersrt:MaximumMember2024-09-300001514991us-gaap:CustomerRelationshipsMember2023-12-310001514991amcx:AdvertiserRelationshipsMember2023-12-310001514991amcx:TradeNamesAndOtherMember2023-12-310001514991amcx:DomesticOperationsMember2024-04-012024-06-300001514991amcx:InternationalMember2023-04-012023-06-300001514991amcx:TermAFacilityMemberus-gaap:SecuredDebtMember2024-09-300001514991amcx:TermAFacilityMemberus-gaap:SecuredDebtMember2023-12-310001514991amcx:A4.75SeniorNotesDue2025Memberus-gaap:SeniorNotesMember2023-12-310001514991amcx:A10.25SeniorNotesDue2029Memberus-gaap:SeniorNotesMember2023-12-310001514991amcx:A4.25SeniorNotesDue2029Memberus-gaap:SeniorNotesMember2023-12-310001514991amcx:A4.25ConvertibleSeniorNotesDue2029Memberus-gaap:ConvertibleDebtMember2023-12-310001514991amcx:TermAFacilityMaturityOnFebruary82026Memberus-gaap:SecuredDebtMember2024-09-300001514991amcx:TermAFacilityMaturityOnApril92028Memberus-gaap:SecuredDebtMember2024-09-300001514991amcx:TermAFacilityMaturityOnApril92028Memberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-09-300001514991amcx:A4.25SeniorNotesDue2029Memberus-gaap:SeniorNotesMember2024-06-300001514991amcx:A4.25SeniorNotesDue2029Memberus-gaap:SeniorNotesMember2024-06-012024-06-300001514991amcx:A4.25ConvertibleSeniorNotesDue2029Memberus-gaap:SeniorNotesMember2024-06-210001514991amcx:A4.25ConvertibleSeniorNotesDue2029Memberus-gaap:ConvertibleDebtMember2024-06-210001514991amcx:A4.25ConvertibleSeniorNotesDue2029Memberus-gaap:ConvertibleDebtMember2024-06-212024-06-210001514991amcx:A4.25SeniorNotesDue2029Memberus-gaap:SeniorNotesMember2024-06-210001514991amcx:A10.25SeniorNotesDue2029Memberus-gaap:SeniorNotesMember2024-06-210001514991us-gaap:CommonClassAMember2024-06-210001514991amcx:DebtConversionTermsOneMemberamcx:A4.25ConvertibleSeniorNotesDue2029Memberus-gaap:ConvertibleDebtMember2024-06-212024-06-210001514991amcx:DebtConversionTermsTwoMemberamcx:A4.25ConvertibleSeniorNotesDue2029Memberus-gaap:ConvertibleDebtMembersrt:MinimumMember2024-06-210001514991amcx:DebtConversionTermsTwoMemberamcx:A4.25ConvertibleSeniorNotesDue2029Memberus-gaap:ConvertibleDebtMembersrt:MaximumMember2024-06-210001514991amcx:DebtConversionTermsThreeMemberamcx:A4.25ConvertibleSeniorNotesDue2029Memberus-gaap:ConvertibleDebtMember2024-06-212024-06-210001514991amcx:A4.25ConvertibleSeniorNotesDue2029Memberus-gaap:ConvertibleDebtMembersrt:MinimumMember2024-06-212024-06-210001514991amcx:TermAFacilityMemberus-gaap:SecuredDebtMember2024-04-092024-04-090001514991amcx:TermAFacilityMemberus-gaap:SecuredDebtMember2024-04-090001514991us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-04-090001514991amcx:TermAFacilityMaturityOnApril92028Memberus-gaap:SecuredDebtMember2024-04-090001514991amcx:TermAFacilityMaturityOnFebruary82026Memberus-gaap:SecuredDebtMember2024-04-0900015149912024-04-092024-04-090001514991amcx:TermAFacilityMemberus-gaap:SecuredDebtMember2024-04-012024-06-300001514991amcx:TermAFacilityMemberus-gaap:SecuredDebtMember2024-07-012024-09-300001514991amcx:TermAFacilityMemberus-gaap:SecuredDebtMember2024-03-012024-03-310001514991amcx:A10.25SeniorNotesDue2029Memberus-gaap:SeniorNotesMember2024-04-090001514991amcx:A10.25SeniorNotesDue2029Memberus-gaap:SeniorNotesMember2024-04-092024-04-090001514991amcx:A10.25SeniorNotesDue2029Memberus-gaap:SeniorNotesMemberus-gaap:DebtInstrumentRedemptionPeriodOneMember2024-04-092024-04-090001514991amcx:A10.25SeniorNotesDue2029Memberus-gaap:SeniorNotesMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMember2024-04-092024-04-090001514991amcx:A10.25SeniorNotesDue2029Memberus-gaap:SeniorNotesMemberus-gaap:DebtInstrumentRedemptionPeriodThreeMember2024-04-092024-04-090001514991amcx:A10.25SeniorNotesDue2029Memberus-gaap:SeniorNotesMemberus-gaap:DebtInstrumentRedemptionPeriodFourMember2024-04-092024-04-090001514991amcx:A10.25SeniorNotesDue2029Memberus-gaap:SeniorNotesMemberus-gaap:DebtInstrumentRedemptionPeriodFiveMember2024-04-092024-04-090001514991amcx:A10.25SeniorNotesDue2029Memberus-gaap:SeniorNotesMemberamcx:DebtInstrumentRedemptionPeriodSixMember2024-04-092024-04-090001514991amcx:A4.75SeniorNotesDue2025Memberus-gaap:SeniorNotesMember2024-04-220001514991amcx:A4.75SeniorNotesDue2025Memberus-gaap:SeniorNotesMember2024-04-222024-04-220001514991us-gaap:FairValueInputsLevel1Member2024-09-300001514991us-gaap:FairValueInputsLevel2Member2024-09-300001514991us-gaap:FairValueInputsLevel3Member2024-09-300001514991us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignExchangeForwardMember2024-09-300001514991us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeForwardMember2024-09-300001514991us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeForwardMember2024-09-300001514991us-gaap:ForeignExchangeForwardMember2024-09-300001514991us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignExchangeForwardMember2023-12-310001514991us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeForwardMember2023-12-310001514991us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeForwardMember2023-12-310001514991us-gaap:ForeignExchangeForwardMember2023-12-310001514991amcx:TermAFacilityMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-09-300001514991amcx:TermAFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300001514991amcx:A10.25SeniorNotesDue2029Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMember2024-09-300001514991amcx:A10.25SeniorNotesDue2029Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2024-09-300001514991amcx:A4.25SeniorNotesDue2029Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMember2024-09-300001514991amcx:A4.25SeniorNotesDue2029Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2024-09-300001514991amcx:A4.25ConvertibleSeniorNotesDue2029Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ConvertibleDebtMember2024-09-300001514991amcx:A4.25ConvertibleSeniorNotesDue2029Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:ConvertibleDebtMember2024-09-300001514991us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-09-300001514991us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300001514991amcx:TermAFacilityMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001514991amcx:TermAFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001514991amcx:A4.75SeniorNotesDue2025Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMember2023-12-310001514991amcx:A4.75SeniorNotesDue2025Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2023-12-310001514991amcx:A4.25SeniorNotesDue2029Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMember2023-12-310001514991amcx:A4.25SeniorNotesDue2029Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:SeniorNotesMember2023-12-310001514991us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001514991us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001514991us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2024-09-300001514991us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2023-12-310001514991us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMemberus-gaap:OtherAssetsMember2024-09-300001514991us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMemberus-gaap:OtherAssetsMember2023-12-310001514991us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMemberus-gaap:AccruedLiabilitiesMember2024-09-300001514991us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMemberus-gaap:AccruedLiabilitiesMember2023-12-310001514991us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMemberamcx:CurrentPortionOfProgramRightsObligationsMember2024-09-300001514991us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMemberamcx:CurrentPortionOfProgramRightsObligationsMember2023-12-310001514991us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2024-09-300001514991us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2023-12-310001514991us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeForwardMember2024-07-012024-09-300001514991us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeForwardMember2023-07-012023-09-300001514991us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeForwardMember2024-01-012024-09-300001514991us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:ForeignExchangeForwardMember2023-01-012023-09-300001514991us-gaap:ForeignCountryMember2024-09-300001514991amcx:CaliforniaActionMember2020-07-220001514991amcx:CaliforniaActionMember2021-01-200001514991amcx:CaliforniaActionMember2023-01-260001514991amcx:CaliforniaActionMember2024-03-122024-03-120001514991amcx:MFNLitigationMember2022-11-142022-11-140001514991us-gaap:RestrictedStockUnitsRSUMember2024-07-012024-09-300001514991us-gaap:RestrictedStockUnitsRSUMember2024-04-012024-06-300001514991us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-03-310001514991us-gaap:RestrictedStockUnitsRSUMembersrt:ExecutiveOfficerMember2024-07-012024-09-300001514991us-gaap:RestrictedStockUnitsRSUMembersrt:ExecutiveOfficerMember2024-01-012024-09-300001514991us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-09-300001514991us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonClassAMember2024-01-012024-09-300001514991us-gaap:RestructuringChargesMember2023-01-012023-09-300001514991us-gaap:RestructuringChargesMember2023-07-012023-09-300001514991amcx:BBCAmericaMemberus-gaap:SubsequentEventMember2024-11-010001514991amcx:BBCAmericaMemberus-gaap:SubsequentEventMember2024-11-012024-11-010001514991amcx:BBCAmericaMemberus-gaap:SubsequentEventMember2024-11-010001514991amcx:BBCAmericaMember2024-09-300001514991us-gaap:RelatedPartyMember2024-07-012024-09-300001514991us-gaap:RelatedPartyMember2023-07-012023-09-300001514991us-gaap:RelatedPartyMember2024-01-012024-09-300001514991us-gaap:RelatedPartyMember2023-01-012023-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:SubscriptionAndCirculationMemberamcx:DomesticOperationsMember2024-07-012024-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:SubscriptionAndCirculationMemberamcx:InternationalMember2024-07-012024-09-300001514991us-gaap:IntersegmentEliminationMemberus-gaap:SubscriptionAndCirculationMember2024-07-012024-09-300001514991us-gaap:SubscriptionAndCirculationMember2024-07-012024-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:LicenseMemberamcx:DomesticOperationsMember2024-07-012024-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:LicenseMemberamcx:InternationalMember2024-07-012024-09-300001514991us-gaap:IntersegmentEliminationMemberus-gaap:LicenseMember2024-07-012024-09-300001514991us-gaap:LicenseMember2024-07-012024-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:EntertainmentMemberamcx:DomesticOperationsMember2024-07-012024-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:EntertainmentMemberamcx:InternationalMember2024-07-012024-09-300001514991us-gaap:IntersegmentEliminationMemberus-gaap:EntertainmentMember2024-07-012024-09-300001514991us-gaap:EntertainmentMember2024-07-012024-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:AdvertisingMemberamcx:DomesticOperationsMember2024-07-012024-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:AdvertisingMemberamcx:InternationalMember2024-07-012024-09-300001514991us-gaap:IntersegmentEliminationMemberus-gaap:AdvertisingMember2024-07-012024-09-300001514991us-gaap:AdvertisingMember2024-07-012024-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:SubscriptionAndCirculationMemberamcx:DomesticOperationsMember2023-07-012023-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:SubscriptionAndCirculationMemberamcx:InternationalMember2023-07-012023-09-300001514991us-gaap:IntersegmentEliminationMemberus-gaap:SubscriptionAndCirculationMember2023-07-012023-09-300001514991us-gaap:SubscriptionAndCirculationMember2023-07-012023-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:LicenseMemberamcx:DomesticOperationsMember2023-07-012023-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:LicenseMemberamcx:InternationalMember2023-07-012023-09-300001514991us-gaap:IntersegmentEliminationMemberus-gaap:LicenseMember2023-07-012023-09-300001514991us-gaap:LicenseMember2023-07-012023-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:EntertainmentMemberamcx:DomesticOperationsMember2023-07-012023-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:EntertainmentMemberamcx:InternationalMember2023-07-012023-09-300001514991us-gaap:IntersegmentEliminationMemberus-gaap:EntertainmentMember2023-07-012023-09-300001514991us-gaap:EntertainmentMember2023-07-012023-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:AdvertisingMemberamcx:DomesticOperationsMember2023-07-012023-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:AdvertisingMemberamcx:InternationalMember2023-07-012023-09-300001514991us-gaap:IntersegmentEliminationMemberus-gaap:AdvertisingMember2023-07-012023-09-300001514991us-gaap:AdvertisingMember2023-07-012023-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:SubscriptionAndCirculationMemberamcx:DomesticOperationsMember2024-01-012024-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:SubscriptionAndCirculationMemberamcx:InternationalMember2024-01-012024-09-300001514991us-gaap:IntersegmentEliminationMemberus-gaap:SubscriptionAndCirculationMember2024-01-012024-09-300001514991us-gaap:SubscriptionAndCirculationMember2024-01-012024-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:LicenseMemberamcx:DomesticOperationsMember2024-01-012024-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:LicenseMemberamcx:InternationalMember2024-01-012024-09-300001514991us-gaap:IntersegmentEliminationMemberus-gaap:LicenseMember2024-01-012024-09-300001514991us-gaap:LicenseMember2024-01-012024-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:EntertainmentMemberamcx:DomesticOperationsMember2024-01-012024-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:EntertainmentMemberamcx:InternationalMember2024-01-012024-09-300001514991us-gaap:IntersegmentEliminationMemberus-gaap:EntertainmentMember2024-01-012024-09-300001514991us-gaap:EntertainmentMember2024-01-012024-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:AdvertisingMemberamcx:DomesticOperationsMember2024-01-012024-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:AdvertisingMemberamcx:InternationalMember2024-01-012024-09-300001514991us-gaap:IntersegmentEliminationMemberus-gaap:AdvertisingMember2024-01-012024-09-300001514991us-gaap:AdvertisingMember2024-01-012024-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:SubscriptionAndCirculationMemberamcx:DomesticOperationsMember2023-01-012023-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:SubscriptionAndCirculationMemberamcx:InternationalMember2023-01-012023-09-300001514991us-gaap:IntersegmentEliminationMemberus-gaap:SubscriptionAndCirculationMember2023-01-012023-09-300001514991us-gaap:SubscriptionAndCirculationMember2023-01-012023-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:LicenseMemberamcx:DomesticOperationsMember2023-01-012023-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:LicenseMemberamcx:InternationalMember2023-01-012023-09-300001514991us-gaap:IntersegmentEliminationMemberus-gaap:LicenseMember2023-01-012023-09-300001514991us-gaap:LicenseMember2023-01-012023-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:EntertainmentMemberamcx:DomesticOperationsMember2023-01-012023-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:EntertainmentMemberamcx:InternationalMember2023-01-012023-09-300001514991us-gaap:IntersegmentEliminationMemberus-gaap:EntertainmentMember2023-01-012023-09-300001514991us-gaap:EntertainmentMember2023-01-012023-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:AdvertisingMemberamcx:DomesticOperationsMember2023-01-012023-09-300001514991us-gaap:OperatingSegmentsMemberus-gaap:AdvertisingMemberamcx:InternationalMember2023-01-012023-09-300001514991us-gaap:IntersegmentEliminationMemberus-gaap:AdvertisingMember2023-01-012023-09-300001514991us-gaap:AdvertisingMember2023-01-012023-09-300001514991amcx:SVODServicesMember2024-07-012024-09-300001514991amcx:SVODServicesMember2023-07-012023-09-300001514991amcx:SVODServicesMember2024-01-012024-09-300001514991amcx:SVODServicesMember2023-01-012023-09-300001514991us-gaap:IntersegmentEliminationMemberamcx:DomesticOperationsMember2024-07-012024-09-300001514991us-gaap:IntersegmentEliminationMemberamcx:DomesticOperationsMember2023-07-012023-09-300001514991us-gaap:IntersegmentEliminationMemberamcx:DomesticOperationsMember2024-01-012024-09-300001514991us-gaap:IntersegmentEliminationMemberamcx:DomesticOperationsMember2023-01-012023-09-300001514991us-gaap:IntersegmentEliminationMemberamcx:InternationalMember2024-07-012024-09-300001514991us-gaap:IntersegmentEliminationMemberamcx:InternationalMember2023-07-012023-09-300001514991us-gaap:IntersegmentEliminationMemberamcx:InternationalMember2024-01-012024-09-300001514991us-gaap:IntersegmentEliminationMemberamcx:InternationalMember2023-01-012023-09-300001514991srt:NorthAmericaMember2024-07-012024-09-300001514991srt:NorthAmericaMember2023-07-012023-09-300001514991srt:NorthAmericaMember2024-01-012024-09-300001514991srt:NorthAmericaMember2023-01-012023-09-300001514991srt:EuropeMember2024-07-012024-09-300001514991srt:EuropeMember2023-07-012023-09-300001514991srt:EuropeMember2024-01-012024-09-300001514991srt:EuropeMember2023-01-012023-09-300001514991amcx:OtherGeographicLocationsMember2024-07-012024-09-300001514991amcx:OtherGeographicLocationsMember2023-07-012023-09-300001514991amcx:OtherGeographicLocationsMember2024-01-012024-09-300001514991amcx:OtherGeographicLocationsMember2023-01-012023-09-300001514991amcx:CustomerOneMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-07-012024-09-300001514991amcx:CustomerOneMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-01-012024-09-300001514991amcx:CustomerOneMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2023-07-012023-09-300001514991amcx:CustomerOneMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2023-01-012023-09-300001514991srt:NorthAmericaMember2024-09-300001514991srt:NorthAmericaMember2023-12-310001514991srt:EuropeMember2024-09-300001514991srt:EuropeMember2023-12-310001514991amcx:OtherGeographicLocationsMember2024-09-300001514991amcx:OtherGeographicLocationsMember2023-12-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2024
or
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from   to
Commission File Number: 1-35106
AMC Networks Inc.
(Exact name of registrant as specified in its charter)
Delaware27-5403694
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
11 Penn Plaza,
New York,NY10001
(Address of principal executive offices)(Zip Code)
(212) 324-8500
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.01 per shareAMCXTheNASDAQStock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  þ    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company (as defined in Exchange Act Rule 12b-2).
Large accelerated filer¨Accelerated filerþ
Non-accelerated filer¨Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  þ
The number of shares of common stock outstanding as of November 1, 2024:
Class A Common Stock par value $0.01 per share32,636,371
Class B Common Stock par value $0.01 per share11,484,408




AMC NETWORKS INC. AND SUBSIDIARIES
FORM 10-Q
TABLE OF CONTENTS




PART I. FINANCIAL INFORMATION
Item 1.    Financial Statements.
AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
(unaudited)

September 30, 2024December 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents$816,377 $570,576 
Accounts receivable, trade (less allowance for doubtful accounts of $9,207 and $9,488)
647,601 664,396 
Current portion of program rights, net9,136 7,880 
Prepaid expenses and other current assets212,599 380,518 
Total current assets1,685,713 1,623,370 
Property and equipment, net of accumulated depreciation of $449,533 and $403,708
135,084 159,237 
Program rights, net1,775,628 1,802,653 
Intangible assets, net226,758 268,558 
Goodwill559,200 626,496 
Deferred tax assets, net13,307 11,456 
Operating lease right-of-use assets64,513 71,163 
Other assets365,206 406,854 
Total assets$4,825,409 $4,969,787 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable$88,964 $89,469 
Accrued liabilities305,614 385,838 
Current portion of program rights obligations220,210 301,221 
Deferred revenue68,682 65,736 
Current portion of long-term debt7,500 67,500 
Current portion of lease obligations 34,523 33,659 
Total current liabilities725,493 943,423 
Program rights obligations152,588 150,943 
Long-term debt, net2,335,061 2,294,249 
Lease obligations69,119 87,240 
Deferred tax liabilities, net152,310 160,383 
Other liabilities57,382 74,306 
Total liabilities3,491,953 3,710,544 
Commitments and contingencies
Redeemable noncontrolling interests185,182 185,297 
Stockholders' equity:
Class A Common Stock, $0.01 par value, 360,000 shares authorized, 66,730 and 66,670 shares issued and 32,614 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 capital377,345 378,877 
Accumulated earnings2,376,908 2,321,105 
Treasury stock, at cost (34,117 and 34,593 shares Class A Common Stock, respectively)
(1,408,832)(1,419,882)
Accumulated other comprehensive loss(229,154)(232,831)
Total AMC Networks stockholders' equity1,117,049 1,048,051 
Non-redeemable noncontrolling interests31,225 25,895 
Total stockholders' equity1,148,274 1,073,946 
Total liabilities and stockholders' equity$4,825,409 $4,969,787 
See accompanying notes to condensed consolidated financial statements.
1


AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)

Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Revenues, net
$599,614 $636,954 $1,822,009 $2,033,029 
Operating expenses:
Technical and operating (excluding depreciation and amortization)
287,746 284,900 840,049 933,590 
Selling, general and administrative
191,622 187,232 588,679 567,136 
Depreciation and amortization23,097 28,009 75,416 79,629 
Impairment and other charges 5,400 96,819 30,282 
Restructuring and other related charges3,496 10,563 6,427 22,537 
Total operating expenses505,961 516,104 1,607,390 1,633,174 
Operating income93,653 120,850 214,619 399,855 
Other income (expense):
Interest expense(45,123)(38,757)(121,180)(115,304)
Interest income9,303 11,686 27,480 26,944 
Loss on extinguishment of debt, net(352) (105) 
Miscellaneous, net8,850 (2,211)5,153 12,518 
Total other expense(27,322)(29,282)(88,652)(75,842)
Income from operations before income taxes66,331 91,568 125,967 324,013 
Income tax expense(19,891)(23,671)(54,433)(82,725)
Net income including noncontrolling interests46,440 67,897 71,534 241,288 
Net income attributable to noncontrolling interests(5,058)(4,473)(13,583)(4,015)
Net income attributable to AMC Networks' stockholders$41,382 $63,424 $57,951 $237,273 
Net income per share attributable to AMC Networks' stockholders:
Basic$0.93 $1.44 $1.31 $5.42 
Diluted$0.76 $1.44 $1.21 $5.40 
Weighted average common shares:
Basic44,607 43,951 44,381 43,786 
Diluted56,149 44,041 49,038 43,905 
See accompanying notes to condensed consolidated financial statements.
2


AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
 
Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Net income including noncontrolling interests$46,440 $67,897 $71,534 $241,288 
Other comprehensive income (loss):
Foreign currency translation adjustment20,563 (27,860)4,997 (6,216)
Comprehensive income67,003 40,037 76,531 235,072 
Less: Comprehensive income attributable to noncontrolling interests
(6,655)(3,389)(14,903)(4,053)
Comprehensive income attributable to AMC Networks' stockholders
$60,348 $36,648 $61,628 $231,019 
See accompanying notes to condensed consolidated financial statements.
3


AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(in thousands)
(unaudited)

Class A
Common
Stock
Class B
Common
Stock
Paid-in
Capital
Accumulated EarningsTreasury
Stock
Accumulated
Other
Comprehensive
Loss
Total AMC Networks Stockholders’
Equity
Non-redeemable Noncontrolling InterestsTotal Stockholders' Equity
Balance, June 30, 2024$667 $115 $374,353 $2,335,526 $(1,408,832)$(248,120)$1,053,709 $28,383 $1,082,092 
Net income attributable to AMC Networks’ stockholders— — — 41,382 — — 41,382 — 41,382 
Net income attributable to non-redeemable noncontrolling interests— — — — — — — 1,245 1,245 
Redeemable noncontrolling interest adjustment to redemption fair value— — (2,784)— — — (2,784)— (2,784)
Other comprehensive income (loss)— — — — — 18,966 18,966 1,597 20,563 
Share-based compensation expenses— — 5,776 — — — 5,776 — 5,776 
Balance, September 30, 2024$667 $115 $377,345 $2,376,908 $(1,408,832)$(229,154)$1,117,049 $31,225 $1,148,274 



Class A
Common
Stock
Class B
Common
Stock
Paid-in
Capital
Accumulated EarningsTreasury
Stock
Accumulated
Other
Comprehensive
Loss
Total AMC Networks Stockholders’
Equity
Non-redeemable Noncontrolling InterestsTotal Stockholders' Equity
Balance, June 30, 2023$666 $115 $366,553 $2,279,490 $(1,419,882)$(219,276)$1,007,666 $32,585 $1,040,251 
Net income attributable to AMC Networks’ stockholders— — — 63,424 — — 63,424 — 63,424 
Net income attributable to non-redeemable noncontrolling interests— — — — — — — 417 417 
Distributions to noncontrolling member— — — — — — — (317)(317)
Other comprehensive income (loss)— — — — — (26,776)(26,776)(1,084)(27,860)
Share-based compensation expenses— — 6,378 — — — 6,378 — 6,378 
Tax withholding associated with shares issued under employee stock plans— — (6)— — — (6)— (6)
Balance, September 30, 2023$666 $115 $372,925 $2,342,914 $(1,419,882)$(246,052)$1,050,686 $31,601 $1,082,287 


See accompanying notes to condensed consolidated financial statements.






4


AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(in thousands)
(unaudited)

Class A
Common
Stock
Class B
Common
Stock
Paid-in
Capital
Accumulated EarningsTreasury
Stock
Accumulated
Other
Comprehensive
Loss
Total AMC Networks Stockholders’
Equity
Non-redeemable Noncontrolling InterestsTotal Stockholders' Equity
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 income attributable to AMC Networks’ stockholders— — — 57,951 — — 57,951 — 57,951 
Net income attributable to non-redeemable noncontrolling interests— — — — — — — 10,203 10,203 
Redeemable noncontrolling interest adjustment to redemption fair value— — (8,312)— — — (8,312)— (8,312)
Distributions to noncontrolling member— — — — — — — (6,193)(6,193)
Other comprehensive income (loss)— — — — — 3,677 3,677 1,320 4,997 
Share-based compensation expenses— — 20,308 — — — 20,308 — 20,308 
Common stock issued under employee stock plans— — (8,902)(2,148)11,050 — — —  
Tax withholding associated with shares issued under employee stock plans— — (4,626)— — — (4,626)— (4,626)
Balance, September 30, 2024$667 $115 $377,345 $2,376,908 $(1,408,832)$(229,154)$1,117,049 $31,225 $1,148,274 


Class A
Common
Stock
Class B
Common
Stock
Paid-in
Capital
Accumulated EarningsTreasury
Stock
Accumulated
Other
Comprehensive
Loss
Total AMC Networks Stockholders’
Equity
Non-redeemable Noncontrolling InterestsTotal Stockholders' Equity
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— — — 237,273 — — 237,273 — 237,273 
Net loss attributable to non-redeemable noncontrolling interests— — — — — — — (13,111)(13,111)
Distributions to noncontrolling member— — — — — — — (2,151)(2,151)
Other comprehensive income (loss)— — — — — (6,254)(6,254)38 (6,216)
Share-based compensation expenses— — 19,908 — — — 19,908 — 19,908 
Tax withholding associated with shares issued under employee stock plans5 — (7,234)— — — (7,229)— (7,229)
Balance, September 30, 2023$666 $115 $372,925 $2,342,914 $(1,419,882)$(246,052)$1,050,686 $31,601 $1,082,287 

See accompanying notes to condensed consolidated financial statements.
5


AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)

Nine Months Ended September 30,
20242023
Cash flows from operating activities:
Net income including noncontrolling interests$71,534 $241,288 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization75,416 79,629 
Non-cash impairment and other charges96,819 24,882 
Share-based compensation expenses related to equity classified awards20,308 19,671 
Non-cash restructuring and other related charges1,641 11,916 
Amortization and write-off of program rights641,706 626,685 
Amortization of deferred carriage fees18,362 15,662 
Unrealized foreign currency transaction (gain) loss(5,311)7,778 
Amortization of deferred financing costs and discounts on indebtedness5,375 5,876 
Deferred income taxes(9,857)2,973 
Other, net(562)(2,775)
Changes in assets and liabilities:
Accounts receivable, trade (including amounts due from related parties, net)18,012 48,570 
Prepaid expenses and other assets184,066 141,596 
Program rights and obligations, net(691,545)(844,332)
Deferred revenue2,847 (65,548)
Accounts payable, accrued liabilities and other liabilities(111,304)(182,732)
Net cash provided by operating activities317,507 131,139 
Cash flows from investing activities:
Capital expenditures(24,252)(28,392)
Return of capital from investees1,379 696 
Proceeds from sale of investments 8,565 
Other investing activities, net2,706 (103)
Net cash used in investing activities(20,167)(19,234)
Cash flows from financing activities:
Proceeds from the issuance of 10.25% Senior Secured Notes due 2029, net
862,969  
Proceeds from the issuance of 4.25% Convertible Senior Notes due 2029, net
139,437  
Tender and redemption of 4.75% Senior Notes due 2025
(774,729) 
Principal payments on Term Loan A Facility(233,750)(25,313)
Repurchase of 4.25% Senior Notes due 2029
(10,129) 
Payments for financing costs(10,450)(342)
Deemed repurchases of restricted stock units(4,626)(7,229)
Principal payments on finance lease obligations(3,461)(3,134)
Distributions to noncontrolling interests(18,000)(47,546)
Purchase of noncontrolling interests (1,343)
Net cash used in financing activities(52,739)(84,907)
Net increase in cash and cash equivalents from operations244,601 26,998 
Effect of exchange rate changes on cash and cash equivalents1,200 (1,813)
Cash and cash equivalents at beginning of period570,576 930,002 
Cash and cash equivalents at end of period$816,377 $955,187 

See accompanying notes to condensed consolidated financial statements.
6

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

Note 1. Description of Business and Basis of Presentation
Description of Business
AMC Networks Inc. ("AMC Networks") and its subsidiaries (collectively referred to as the "Company," "we," "us," or "our") own and operate entertainment businesses and assets. The Company is comprised of two operating segments:
Domestic Operations: Includes our five national programming networks, our streaming services, our AMC Studios operation and our film distribution business. Our programming networks are AMC, WE tv, BBC AMERICA ("BBCA"), IFC, and SundanceTV. Our streaming services consist of AMC+ and our targeted subscription streaming services (Acorn TV, Shudder, Sundance Now, ALLBLK, and HIDIVE). Our AMC Studios operation produces original programming for our programming services and third parties and also licenses programming worldwide. Our film distribution business includes IFC Films, RLJ Entertainment Films and Shudder. The operating segment also includes AMC Networks Broadcasting & Technology, our technical services business, which primarily services the programming networks.
International: AMC Networks International ("AMCNI"), our international programming businesses consisting of a portfolio of channels distributed around the world.
In 2024, the Company updated the name of its previously titled "International and Other" operating segment to "International" due to the divestiture of the 25/7 Media business on December 29, 2023, which was the sole component of the operating segment that comprised “Other.” This update does not constitute a change in segment reporting, but rather an update in name only. Prior period segment information contained in this report includes the results of the 25/7 Media business through the date of divestiture.
Principles of Consolidation
The consolidated financial statements include the accounts of AMC Networks and its subsidiaries in which a controlling financial interest is maintained or variable interest entities ("VIEs") in which the Company has determined it is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation.
Investments in business entities in which the Company lacks control but does have the ability to exercise significant influence over operating and financial policies are accounted for using the equity method of accounting.
Unaudited Interim Financial Statements
These condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and Article 10 of Regulation S-X of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the Company's consolidated financial statements and notes thereto for the year ended December 31, 2023 contained in the Company's Annual Report on Form 10-K (our "2023 Form 10-K") filed with the SEC. The condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management, such financial statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented.
The results of operations for interim periods are not necessarily indicative of the results that might be expected for future interim periods or for the full year ending December 31, 2024.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements; and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates and judgments inherent in the preparation of the consolidated financial statements include the useful lives and methodologies used to amortize and assess recoverability of program rights, the estimated useful lives of intangible assets and the valuation and recoverability of goodwill and intangible assets.
Reclassifications
Certain reclassifications were made to the prior period amounts to conform to the current period presentation.
7

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
Recently Issued Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The Company will incorporate the required disclosure updates for the 2025 annual financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. The Company will incorporate the required disclosure updates for the 2024 annual financial statements.

Note 2. Revenue Recognition
Transaction Price Allocated to Future Performance Obligations
As of September 30, 2024, other than contracts for which the Company has applied the practical expedients, the aggregate amount of transaction price allocated to future performance obligations was not material to our consolidated revenues.
Contract Balances from Contracts with Customers
The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers.
(In thousands)September 30, 2024December 31, 2023
Balances from contracts with customers:
     Accounts receivable (including long-term receivables within Other assets)$714,894 $750,390 
     Contract assets, short-term (included in Prepaid expenses and other current assets) 2,364 
     Contract liabilities, short-term (Deferred revenue)68,682 65,736 
Revenue recognized for the nine months ended September 30, 2024 and 2023 relating to the contract liabilities at December 31, 2023 and 2022 was $46.5 million and $102.6 million, respectively.
During the second quarter of 2024, we recognized revenues of $13.4 million for a one-time retroactive adjustment reported and paid by a third party, for which our performance obligation was satisfied in a prior period.
In October 2023, the Company entered into 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 cannot exceed the initial program limit of $125.0 million at any given time. As of September 30, 2024, the Company had not yet sold any customer receivables under this agreement.


8

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
Note 3. Net Income per Share
Net income per basic share is based upon net income attributable to AMC Networks' stockholders divided by the weighted average number of shares of Class A and Class B Common Stock outstanding during the period. Net income per diluted share reflects the dilutive effects of AMC Networks' outstanding equity-based awards and the assumed conversion of the 4.25% Convertible Senior Notes due 2029 (the "Convertible Notes") issued in June 2024.
(In thousands)Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net income attributable to AMC Networks' stockholders used for basic net income per share$41,382 $63,424 $57,951 $237,273 
Add: Convertible Notes interest expense, net of tax1,144  1,260  
Net income attributable to AMC Networks' stockholders used for diluted net income per share$42,526 $63,424 $59,211 $237,273 
Basic weighted average common shares outstanding44,607 43,951 44,381 43,786 
Effect of dilution:
Restricted stock units257 90 456 119 
Convertible Notes11,285  4,201  
Diluted weighted average common shares outstanding56,149 44,041 49,038 43,905 
Net income per share attributable to AMC Networks' stockholders:
Basic$0.93 $1.44 $1.31 $5.42 
Diluted$0.76 $1.44 $1.21 $5.40 
For the three and nine months ended September 30, 2024, 2.8 million of restricted stock units ("RSUs") have been excluded from the diluted weighted average common shares outstanding, as their impact would have been antidilutive.
For the three and nine months ended September 30, 2023, 1.9 million of RSUs have been excluded from diluted weighted average common shares outstanding, as their impact would have been antidilutive.
Stock Repurchase Program
The Company's Board of Directors previously authorized a program to repurchase up to $1.5 billion of its outstanding shares of common stock (the "Stock Repurchase Program"). The Stock Repurchase Program has no pre-established termination date and may be suspended or discontinued at any time. For the three and nine months ended September 30, 2024 and 2023, the Company did not repurchase any shares of its Class A Common Stock. As of September 30, 2024, the Company had $135.3 million of authorization remaining for repurchase under the Stock Repurchase Program.

Note 4. Restructuring and Other Related Charges
Restructuring and other related charges were $3.5 million for the three months ended September 30, 2024, consisting primarily of severance and employee-related costs, and $6.4 million for the nine months ended September 30, 2024, consisting primarily of severance and employee-related costs, as well as content impairments in connection with WE tv shifting to a reduced originals strategy.
Restructuring and other related charges were $10.6 million and $22.5 million for the three and nine months ended September 30, 2023, respectively, related to a restructuring plan (the "Plan") that commenced on November 28, 2022. During the third quarter of 2023, the Company exited a portion of its office space in its corporate headquarters in New York and all of its office space in Silver Spring, Maryland and Woodland Hills, California. In connection with exiting a portion of the New York office, the Company recorded impairment charges of $11.6 million, consisting of $9.1 million for operating lease right-of use assets and $2.5 million for leasehold improvements. Fair values used to determine the impairment charge were determined using an income approach, specifically a discounted cash flow ("DCF") model. The DCF model includes significant assumptions about sublease income and enterprise specific discount rates. Given the uncertainty in determining assumptions underlying the DCF approach, actual results may differ from those used in the valuations. The remaining charges for the nine months ended September 30, 2023 consisted primarily of severance and other personnel costs in connection with the Plan.
9

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
The following table summarizes the restructuring and other related charges recognized by operating segment:
(In thousands)Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Domestic Operations$3,454 $(783)$6,385 $3,940 
International (4) 1,642 
Corporate / Inter-segment eliminations42 11,350 42 16,955 
Total restructuring and other related charges$3,496 $10,563 $6,427 $22,537 

The following table summarizes the accrued restructuring and other related costs:
(In thousands)Severance and Employee-Related CostsContent Impairments and Other Exit CostsTotal
Balance at December 31, 2023$8,726 $5,008 $13,734 
Charges5,370 1,057 6,427 
Cash payments(7,725)(2,626)(10,351)
Non-cash adjustments (1,641)(1,641)
Other(902)(103)(1,005)
Balance at September 30, 2024$5,469 $1,695 $7,164 
Accrued restructuring and other related costs of $7.2 million are included in Accrued liabilities in the condensed consolidated balance sheet at September 30, 2024. Accrued restructuring and other related costs of $12.1 million and $1.6 million are included in Accrued liabilities and Other liabilities, respectively, in the condensed consolidated balance sheet at December 31, 2023.

Note 5. Program Rights
Total capitalized produced and licensed content by predominant monetization strategy is as follows:
September 30, 2024
(In thousands) Predominantly Monetized Individually  Predominantly Monetized as a Group  Total
Owned original program rights, net:
Completed$76,360 $655,968 $732,328 
In-production and in-development  286,056 286,056 
Total owned original program rights, net$76,360 $942,024 $1,018,384 
Licensed program rights, net:
Licensed film and acquired series$384 $574,710 $575,094 
Licensed originals 110,282 110,282 
Advances and other production costs 81,004 81,004 
Total licensed program rights, net384 765,996 766,380 
Program rights, net $76,744 $1,708,020 $1,784,764 
Current portion of program rights, net$9,136 
Program rights, net (long-term)1,775,628 
$1,784,764 

10

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
December 31, 2023
(In thousands) Predominantly Monetized Individually  Predominantly Monetized as a Group  Total
Owned original program rights, net:
Completed$139,363 $532,839 $672,202 
In-production and in-development  284,455 284,455 
Total owned original program rights, net$139,363 $817,294 $956,657 
Licensed program rights, net:
Licensed film and acquired series$973 $599,607 $600,580 
Licensed originals1,555 169,489 171,044 
Advances and other production costs 82,252 82,252 
Total licensed program rights, net2,528 851,348 853,876 
Program rights, net $141,891 $1,668,642 $1,810,533 
Current portion of program rights, net$7,880 
Program rights, net (long-term)1,802,653 
$1,810,533 

Amortization, including write-offs, of owned and licensed program rights, included in Technical and operating expenses in the condensed consolidated statements of income, is as follows:
Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
(In thousands)Predominantly Monetized IndividuallyPredominantly Monetized as a GroupTotalPredominantly Monetized IndividuallyPredominantly Monetized as a GroupTotal
Owned original program rights$20,707 $77,289 $97,996 $62,872 $215,959 $278,831 
Licensed program rights148 128,846 128,994 1,980 360,895 362,875 
Program rights amortization$20,855 $206,135 $226,990 $64,852 $576,854 $641,706 
Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
(In thousands)Predominantly Monetized IndividuallyPredominantly Monetized as a GroupTotalPredominantly Monetized IndividuallyPredominantly Monetized as a GroupTotal
Owned original program rights$21,116 $63,800 $84,916 $101,947 $165,547 $267,494 
Licensed program rights485 110,898 111,383 2,620 356,571 359,191 
Program rights amortization$21,601 $174,698 $196,299 $104,567 $522,118 $626,685 
For programming rights predominantly monetized individually or as a group, the Company periodically reviews the programming usefulness of licensed and owned original program rights based on several factors, including expected future revenue generation from airings on the Company's networks and streaming services and other exploitation opportunities, ratings, type and quality of program material, standards and practices, and fitness for exhibition through various forms of distribution. If events or changes in circumstances indicate that the fair value of a film predominantly monetized individually or a film group is less than its unamortized cost, the Company will write off the excess to technical and operating expenses in the condensed consolidated statements of income. Program rights with no future programming usefulness are substantively abandoned resulting in the write-off of remaining unamortized cost. There were no significant program rights write-offs included in technical and operating expenses for the three and nine months ended September 30, 2024 or 2023.
11

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
In the normal course of business, the Company may qualify for tax incentives through eligible investments in productions. Receivables related to tax incentives earned on production spend as of September 30, 2024 consisted of $150.6 million recorded in Prepaid expenses and other current assets and $57.8 million recorded in Other assets. Receivables related to tax incentives earned on production spend as of December 31, 2023 consisted of $230.3 million recorded in Prepaid expenses and other current assets and $49.9 million recorded in Other assets.

Note 6. Investments
The Company holds several investments in and loans to non-consolidated entities which are included in Other assets in the condensed consolidated balance sheet.
Equity Method Investments
Equity method investments were $84.4 million and $83.1 million at September 30, 2024 and December 31, 2023, respectively.
Non-marketable Equity Securities
Investments in non-marketable equity securities were $43.9 million and $41.6 million at September 30, 2024 and December 31, 2023, respectively. No gains or losses were recorded on non-marketable equity securities for the three and nine months ended September 30, 2024, or the three months ended September 30, 2023. During the nine months ended September 30, 2023, the Company recognized impairment charges of $1.7 million on certain investments, which are included in Miscellaneous, net in the condensed consolidated statements of income.

Note 7. Goodwill and Other Intangible Assets
The carrying amount of goodwill, by operating segment is as follows:
(In thousands)Domestic OperationsInternationalTotal
December 31, 2023$348,732 $277,764 $626,496 
Impairment charge (68,004)(68,004)
Foreign currency translation 708 708 
September 30, 2024$348,732 $210,468 $559,200 
Impairment and other charges for the nine months ended September 30, 2024 included a $68.0 million goodwill impairment charge at AMCNI recorded in the second quarter of 2024, as further discussed below.
As of September 30, 2024 and December 31, 2023, accumulated impairment charges in the International segment totaled $253.5 million and $185.5 million, respectively, inclusive of the 25/7 Media impairment charges recorded in 2023 prior to the divestiture of that business in December 2023.
12

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
The following tables summarize information relating to the Company's identifiable intangible assets:
(In thousands)September 30, 2024
GrossAccumulated AmortizationNetEstimated Useful Lives
Amortizable intangible assets:
Affiliate and customer relationships$622,236 $(459,881)$162,355 
6 to 25 years
Advertiser relationships46,282 (46,282) 
11 years
Trade names and other amortizable intangible assets90,770 (46,267)44,503 
3 to 20 years
Total amortizable intangible assets759,288 (552,430)206,858 
Indefinite-lived intangible assets:
Trademarks19,900 — 19,900 
Total intangible assets$779,188 $(552,430)$226,758 
(In thousands)December 31, 2023
GrossAccumulated AmortizationNet
Amortizable intangible assets:
Affiliate and customer relationships$618,778 $(421,968)$196,810 
Advertiser relationships46,282 (42,806)3,476 
Trade names and other amortizable intangible assets91,134 (42,762)48,372 
Total amortizable intangible assets756,194 (507,536)248,658 
Indefinite-lived intangible assets:
Trademarks19,900 — 19,900 
Total intangible assets$776,094 $(507,536)$268,558 

Aggregate amortization expense for amortizable intangible assets for the three months ended September 30, 2024 and 2023 was $7.9 million and $9.8 million, respectively, and for the nine months ended September 30, 2024 and 2023 was $26.1 million and $30.7 million, respectively.
Excluding the $15.7 million impairment charge associated with BBCA recorded in the second quarter of 2024, as discussed below, estimated aggregate amortization expense for intangible assets subject to amortization for each of the following five years is:
(In thousands)
Years Ending December 31,
2024$34,069 
202530,748 
202629,764 
202724,979 
202822,808 
Impairment Test of Long-Lived Assets and Goodwill
Impairment and other charges of $96.8 million for the nine months ended September 30, 2024 primarily consisted of a $68.0 million goodwill impairment charge at AMCNI and $29.2 million of long-lived asset impairment charges at BBCA, both of which were recorded in the second quarter of 2024. Impairment and other charges of $30.3 million for the nine months ended September 30, 2023 consisted primarily of goodwill and long-lived asset impairment charges of $24.9 million at 25/7 Media.
13

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
Goodwill is not amortized, but instead is tested for impairment at the reporting unit annually as of December 1, or more frequently upon the occurrence of certain events or substantive changes in circumstances. During the second quarter of 2024, the Company determined that a triggering event had occurred with respect to the Company's decline in stock price. Accordingly, the Company performed quantitative assessments for all reporting units. The fair values were determined using a combination of an income approach, using a DCF model and a market comparables approach. The DCF model includes significant assumptions about revenue growth rates, long-term growth rates, and enterprise specific discount rates. Additionally, the market comparables approach uses guideline company valuation multiples. Given the uncertainty in determining assumptions underlying the DCF approach, actual results may differ from those used in the valuations. Based on the valuations performed, the Company concluded that the estimated fair value of the AMCNI reporting unit declined to less than its carrying amount. As a result, the Company recognized an impairment charge of $68.0 million related to the AMCNI reporting unit, included in Impairment and other charges in the condensed consolidated statements of income. No impairment charges were required for our other reporting unit.
Additionally during the second quarter of 2024, given continued market challenges and linear declines, the Company determined that sufficient indicators of potential impairment of long-lived assets existed at BBCA, and concluded that the carrying amount of the BBCA asset group was not recoverable. The carrying value of the BBCA asset group exceeded its fair value, and accordingly an impairment charge of $15.7 million was recorded for identifiable intangible assets and $13.5 million for other long-lived assets, which is included in Impairment and other charges in the condensed consolidated statements of income within the Domestic Operations operating segment. Fair values were determined using a market approach.
During the second quarter of 2023, and prior to its divestiture in December 2023, the Company revised its outlook for the 25/7 Media business, resulting in lower expected future cash flows. The Company performed a recoverability test and determined that the carrying amount of the 25/7 Media asset group was not recoverable. The carrying value of the asset group exceeded its fair value, therefore an impairment charge of $23.0 million was recorded for identifiable intangible assets, which is included in Impairment and other charges in the condensed consolidated statements of income within the International operating segment. Fair values used to determine the impairment charge were determined using an income approach, specifically a DCF model, and a market comparables approach.
During the second quarter of 2023, the Company also determined that a triggering event had occurred with respect to the 25/7 Media reporting unit, which required an interim goodwill impairment test to be performed. Accordingly, the Company performed a quantitative assessment using an income approach, specifically a DCF model, and a market comparables approach. Based on the valuations performed, a $1.9 million goodwill impairment charge was recorded, which is included in Impairment and other charges in the condensed consolidated statements of income within the International operating segment.

Note 8. Accrued Liabilities
Accrued liabilities consist of the following:
(In thousands)September 30, 2024December 31, 2023
Employee related costs$80,649 $93,866 
Participations and residuals157,027 164,375 
Interest25,981 31,749 
Other accrued expenses41,957 95,848 
Total accrued liabilities$305,614 $385,838 

14

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
Note 9. Long-term Debt
The following table summarizes the Company's long-term debt included in the condensed consolidated balance sheet as follows:
(In thousands)September 30, 2024December 31, 2023
Senior Secured Credit Facility: (a)
Term Loan A Facility$373,750 $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  
Total long-term debt2,377,510 2,382,229 
Unamortized discount(26,423)(13,873)
Unamortized deferred financing costs(8,526)(6,607)
Long-term debt, net2,342,561 2,361,749 
Current portion of long-term debt7,500 67,500 
Noncurrent portion of long-term debt$2,335,061 $2,294,249 
(a)Represents the aggregate principal amount of the debt, with maturities of Term Loan A (Non-Extended) $90.0 million due February 2026, Term Loan A (Extended) $283.8 million due April 2028, and undrawn $175.0 million Revolving Credit Facility (as defined below) due April 2028. Total undrawn revolver commitments are available to be drawn for general corporate purposes of the Company.

4.25% Senior Notes due 2029
In June 2024, the Company repurchased $15.0 million of its outstanding 4.25% Senior Notes due 2029 through open market repurchases, at a discount of $4.9 million, and retired the repurchased notes. The Company recorded a $4.7 million gain which reflects the discount, net of $0.2 million to write off a portion of the unamortized discount and deferred financing costs associated with the notes. The $4.7 million gain is included in Loss on extinguishment of debt, net within the condensed consolidated statements of income.
4.25% Convertible Senior Notes due 2029
On June 21, 2024, the Company completed a private unregistered offering of $143.8 million aggregate principal amount of its Convertible Notes, which amount includes the full exercise of the initial purchasers’ option to purchase additional Convertible Notes. The Company received net proceeds of $139.4 million, after deducting initial purchasers' discounts. The Convertible Notes are guaranteed by each of the Company’s existing and future domestic subsidiaries that guarantee the Company’s credit facilities and the Company’s 4.25% Senior Notes due 2029 and 10.25% Senior Secured Notes due 2029 (the “Guarantors”), subject to certain exceptions, on a senior, unsecured basis.
The Convertible Notes were issued pursuant to an Indenture, dated as of June 21, 2024 (the “Convertible Notes Indenture”), among the Company, the Guarantors and U.S. Bank Trust Company, National Association, as trustee (“Trustee”).
The Convertible Notes bear interest at a rate of 4.25% per year, payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2025. The Convertible Notes will mature on February 15, 2029, unless earlier redeemed, repurchased or converted.
Subject to the terms of the Convertible Notes Indenture, the Convertible Notes may be converted at an initial conversion rate of 78.5083 shares of Class A common stock, par value $0.01 per share, of the Company (“Class A Common Stock”) per $1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of approximately $12.74 per share of Class A Common Stock). Upon conversion of the Convertible Notes, the Company will pay or deliver, as the case may be, cash, shares of Class A Common Stock or a combination of cash and shares of Class A Common Stock, at the Company’s election, as described in the Convertible Notes Indenture. Holders of the Convertible Notes may convert their Convertible Notes at their option at any time on or after November 15, 2028 until the close of business on the second scheduled trading day immediately preceding the maturity date. Holders of the Convertible Notes will also have the right to convert the Convertible
15

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
Notes prior to November 15, 2028, but only upon the occurrence of specified events described in the Convertible Notes Indenture. The conversion rate is subject to antidilution adjustments if certain events occur.
Prior to August 20, 2027, the Convertible Notes will not be redeemable. On or after August 20, 2027, the Company may redeem for cash all or part of the Convertible Notes (subject to certain exceptions), at its option, if the last reported sale price of the Class A Common Stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any period of 30 consecutive trading days (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date. No sinking fund is provided for the Convertible Notes.
If certain corporate events (each defined in the Convertible Notes Indenture as a “Make-Whole Fundamental Change”) occur prior to the maturity date of the Convertible Notes, and a holder elects to convert its Convertible Notes in connection with such corporate event, the Company will, under certain circumstances, increase the conversion rate for the Convertible Notes so surrendered for conversion by a number of additional shares of Class A Common Stock as specified in the Convertible Notes Indenture. No adjustment to the conversion rate will be made if the price paid or deemed to be paid per share of Class A Common Stock in such corporate event is either less than $10.19 per share or exceeds $130.00 per share.
If a specified “Fundamental Change” (as defined in the Convertible Notes Indenture) occurs prior to the maturity date of the Convertible Notes, under certain circumstances each holder may require the Company to repurchase all or part of its Convertible Notes at a repurchase price equal to 100% of the principal amount, plus accrued and unpaid interest to, but not including, the repurchase date.
Under the Convertible Notes Indenture, the Convertible Notes may be accelerated upon the occurrence of certain events of default. In the case of an event of default with respect to the Convertible Notes arising from specified events of bankruptcy or insolvency of the Company or the Company’s Significant Subsidiaries (as defined in the Convertible Notes Indenture), 100% of the principal of and accrued and unpaid interest on the Convertible Notes will automatically become due and payable. If any other event of default with respect to the Convertible Notes under the Convertible Notes Indenture occurs or is continuing, the Trustee or holders of at least 25% in aggregate principal amount of the then outstanding Convertible Notes may declare the principal amount of and accrued and unpaid interest, if any, on the Convertible Notes to be immediately due and payable.
Amendment to Credit Agreement
On April 9, 2024, AMC Networks entered into Amendment No. 3 ("Amendment No. 3") to the Second Amended and Restated Credit Agreement, dated as of July 28, 2017 (as amended to date and by Amendment No. 3, the “Credit Agreement”), among AMC Networks and its subsidiary, AMC Network Entertainment LLC (“AMC Network Entertainment”), 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.
In connection with Amendment No. 3, AMC Networks made a $165.6 million partial prepayment of the Term Loan A facility under the Credit Agreement (the “Term Loan A Facility”), bringing the total principal amount outstanding under the Term Loan A Facility to $425 million, and reduced the revolving credit facility under the Credit Agreement (the “Revolving Credit Facility”) to $175 million. In addition, pursuant to Amendment No. 3, the maturity date of $325 million principal amount of loans under the Term Loan A Facility as well as all of the commitments under the Revolving Credit Facility has been extended to April 9, 2028. The maturity date of the remaining $100 million principal amount of loans under the Term Loan A Facility continues to be February 8, 2026. Amendment No. 3 also includes certain other modifications to covenants and other provisions of the Credit Agreement. In connection with the $165.6 million partial prepayment of the Term Loan A Facility and the modification of the revolving loan commitments, the Company recorded a charge of $1.3 million to write off a portion of the unamortized discount and deferred financing costs associated with the Credit Agreement, which is included in Loss on extinguishment of debt, net within the condensed consolidated statements of income.
During each of the second and third quarters of 2024, the Company repaid $8.1 million of borrowings under the Term Loan A Facility in accordance with the terms of the amended agreement. During the third quarter of 2024, the Company also voluntarily prepaid $35.0 million of borrowings under the Term Loan A Facility. In connection with this prepayment, the Company recorded a charge of $0.4 million to write-off a portion of the associated unamortized discount and deferred financing costs, which is included in Loss on extinguishment of debt, net within the condensed consolidated statements of income. In March 2024, the Company also repaid $16.9 million of borrowings under the Term Loan A Facility in accordance with the previous agreement.
16

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
10.25% Senior Secured Notes due 2029
On April 9, 2024, AMC Networks issued $875 million aggregate principal amount of 10.25% Senior Secured Notes due 2029 (the “Secured Notes”). AMC Networks received net proceeds of $863 million, after deducting initial purchasers' discounts. The Secured Notes are guaranteed by AMC Network Entertainment and AMC Networks' subsidiaries that guarantee the Credit Agreement.
The Secured Notes were issued pursuant to an Indenture, dated as of April 9, 2024 (the “Secured Notes Indenture”), among AMC Networks, the Guarantors and U.S. Bank Trust Company, National Association, as Trustee.
The Secured Notes accrue interest at a rate of 10.25% per annum and mature on January 15, 2029. Interest is payable semiannually on January 15 and July 15 of each year, commencing on July 15, 2024. The Secured Notes are AMC Networks’ general senior secured obligations, secured on a first-priority basis by substantially all of AMC Networks’ and the Guarantors’ assets and property, subject to certain liens permitted under the Secured Notes Indenture, and rank equally with all of AMC Networks’ existing and future senior indebtedness, senior in right of payment to AMC Networks’ future subordinated indebtedness and effectively senior to any of AMC Networks’ existing and future unsecured indebtedness or indebtedness that is secured by a lien ranking junior to the lien securing the Secured Notes, in each case, to the extent of the value of the collateral.
On or after January 15, 2026, AMC Networks may redeem the Secured Notes, at its option, in whole or in part, at any time and from time to time, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest thereon, to the applicable redemption date, if redeemed during the twelve month period beginning on January 15 of the years indicated below:
YearPercentage
2026105.125%
2027102.563%
2028 and thereafter100.000%
In addition to the optional redemption of the Secured Notes described above, at any time prior to January 15, 2026, AMC Networks may redeem up to 40% of the aggregate principal amount of the Secured Notes at a redemption price equal to 110.250% of the principal amount thereof, plus accrued and unpaid interest and additional interest, if any, using the net proceeds of certain equity offerings. At any time prior to January 15, 2026, AMC Networks may also redeem up to 10% of the aggregate principal amount of the Secured Notes during any twelve month period at a redemption price equal to 103.000% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon to, but excluding, the redemption date.
Finally, at any time prior to January 15, 2026, AMC Networks may redeem the Secured Notes, at its option in whole or in part, at any time, at a redemption price equal to 100% of the principal amount thereof to be redeemed plus the “Applicable Premium” calculated as described in the Secured Notes Indenture at the Treasury rate + 50 basis points, and accrued and unpaid interest thereon, if any, to, but excluding, the redemption date.
Tender Offer and Redemption of 4.75% Senior Notes due 2025
On April 22, 2024, AMC Networks completed a cash tender offer (the "Offer") to purchase any and all outstanding 4.75% Senior Notes due 2025 and redeemed all 4.75% Senior Notes due 2025 that remained outstanding after completion of the Offer at a price of 100.000% of their principal amount, plus accrued and unpaid interest to, but not including, the redemption date. In connection with the Offer and redemption, the Company recorded a charge of $3.1 million to write off the remaining unamortized discount and deferred financing costs associated with the 4.75% Senior Notes due 2025, which is included in Loss on extinguishment of debt, net within the condensed consolidated statements of income.


17

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
Note 10. Leases
The following table summarizes the leases included in the condensed consolidated balance sheets as follows:
(In thousands)Balance Sheet LocationSeptember 30, 2024December 31, 2023
Assets
OperatingOperating lease right-of-use assets$64,513 $71,163 
FinanceProperty and equipment, net9,060