AMC Global Media Inc. (AMCX) Business

Item 1. Business.

AMC Networks Inc. is a Nevada corporation with its principal executive offices located at 11 Penn Plaza, New York, NY 10001. AMC Networks Inc. is a holding company and conducts substantially all of its operations through its majority owned or controlled subsidiaries. Unless the context otherwise requires, all references to "we," "our," "us," "AMC Networks" or the "Company" refer to AMC Networks Inc., together with its subsidiaries. Our telephone number is (212) 324-8500.

AMC Networks Inc. was incorporated on March 9, 2011 as an indirect, wholly-owned subsidiary of Cablevision Systems Corporation. On June 30, 2011, Cablevision Systems Corporation spun off AMC Networks Inc., which became an independent public company.

OVERVIEW

AMC Networks is a global entertainment company known for its popular and award-winning content. We distribute our content to audiences globally on an array of distribution platforms, including linear networks, subscription streaming services and other ad-supported streaming and connective TV platforms, as well as through licensing arrangements. We have an extensive library of television and film properties, including several storied franchises such as The Walking Dead Universe and the Anne Rice Immortal Universe, that are well-known to global audiences.

We have operated in the entertainment industry for more than 40 years, and over that time we have created targeted and focused video entertainment products that we own and operate and that are powered by distinguished brands, including streaming services AMC+, Acorn TV, ALLBLK, All Reality, HIDIVE, Shudder, and Sundance Now; and cable networks AMC, BBC AMERICA ("BBCA"), IFC, SundanceTV and We TV. We also operate a film distribution business that distributes independent narrative and documentary films under the IFC Entertainment Group umbrella, which includes three distinct film brands: Independent Film Company, RLJ Entertainment Films ("RLJE Films") and Shudder. The film distribution business also operates the IFC Center, a New York City-based art-house entertainment space.

Through our AMC Studios in-house studio, production and distribution operation, we own and control a significant portion of the original scripted series that we deliver to viewers on our linear and streaming platforms. Our ability to produce and own high quality content has provided us with the opportunity to license our owned content to leading third-party platforms. Our owned content as well as the content that we license is distributed domestically and internationally across linear networks, digital streaming services, home video and syndication.

Internationally, we deliver programming that reaches subscribers in more than 100 countries and territories around the world. The international division of the Company, AMC Networks International ("AMCNI"), consists of our premier AMC global brand as well as a portfolio of popular, locally recognized brands delivering programming in a wide range of genres.

Strategy

Our strategy is to create, showcase and curate high-quality, brand-defining content that appeals to distinct audiences as we aim to maximize the subscription, advertising and content licensing revenue of each of our branded services.

Our strategic areas of focus are:

Continued Development of High-Quality Original Content including Owned and Controlled Content and Valuable IP. We intend to continue to develop strong high-quality original content across our linear networks and streaming services to optimize our subscription, advertising and content licensing revenue, further enhance our brands, strengthen our engagement with our viewers, subscribers, distributors and advertisers, and to build viewership and attract and retain subscribers for our streaming services.

Multi-Platform Distribution Approach to Content Monetization and Distribution while Growing Streaming Offerings and Targeted Brands. We distribute our content across an array of distribution platforms, including our own linear networks at cost-effective rates, subscription streaming services and ad-supported streaming platforms, as well as through licensing arrangements with other distributors and platforms so that our viewers can access our content where, when and how they want to watch it. As part of our strategy, we are aiming to expand distribution of our services and content in order to increase our total addressable market.

Our targeted streaming strategy is to serve distinct audiences and build loyal and engaged fan communities around each service. With our targeted approach, we are serving audiences with streaming offerings that are companions to (rather than competitive with) the larger general entertainment streaming services. As we assess the optimal level and mix of programming across our platforms, we will prioritize curation to provide compelling offerings that aim at maximizing subscriber engagement and retention.

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We have launched several of our services, most notably AMC+, Acorn TV, Shudder and HIDIVE, in select international markets, including Canada, parts of Europe, Australia and New Zealand. We will continue to be opportunistic in determining the most optimal monetization strategy for new international markets.

Growth and Innovation in Advertising and Advertising Technologies. We continue to leverage our high-quality popular content on our networks to optimize our advertising revenue. In addition, we are embracing an array of new advertising opportunities, including an expanding and robust presence on free ad-supported streaming ("FAST") and advertising video on demand ("AVOD") platforms. As of December 31, 2025, we had a total of 33 active distinct channels featuring our content, in different configurations, across 23 FAST platforms, such as Pluto TV, Plex, Sling TV and Samsung TV Plus.

Maintain Financial Discipline With Focus on Free Cash Flow. We are aiming to become more efficient to drive free cash flow and maximize stockholder value, including by streamlining our organization; remaining prudent with our investments in programming, including continuing to focus on reducing programming spend to historical levels; implementing, and tracking comprehensive goals, strategies and tactics driving efficiencies in the business; enhancing our technology and customer service; improving marketing; and reducing corporate costs.

SEGMENTS

We manage our business through the following two operating segments:

•Domestic Operations: Consists of our five programming networks, our streaming services, our AMC Studios operation and our film distribution business. Our programming networks are AMC, We TV, BBCA, IFC and SundanceTV. Our streaming services consist of AMC+ and our targeted subscription streaming services (Acorn TV, Shudder, Sundance Now, ALLBLK, HIDIVE and All Reality). Our AMC Studios operation produces original programming for our programming services and third parties and also licenses programming worldwide. Our film distribution business includes Independent Film Company, RLJE Films and Shudder. The operating segment also includes AMC Networks Broadcasting & Technology, our technical services business, which primarily services the programming networks.

•International: Consists of AMCNI, our international programming businesses consisting of a portfolio of channels distributed around the world.

For financial information of the Company by operating segment, see Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations — Segment Results of Operations" and Note 20 to the accompanying consolidated financial statements.

Domestic Operations

Our flagship AMC brand consists of the AMC programming network, AMC+ streaming service and AMC Studios.

AMC programming network

•AMC is the home of some of the most popular and acclaimed dramas on television. As of December 31, 2025, AMC reached approximately 55 million subscribers(1) and had distribution agreements with all major United States ("U.S.") and Canadian distributors.

•In 2025, AMC continued to deliver new stories set within The Walking Dead Universe with the global premiere of the third season of the popular The Walking Dead: Daryl Dixon, featuring fan-favorite characters Daryl and Carol, and the second season of The Walking Dead: Dead City.

•In 2025, AMC premiered new installments from the burgeoning Anne Rice Immortal Universe, including a second season of Anne Rice’s Mayfair Witches, and the debut of a new series titled, Anne Rice’s Talamasca: The Secret Order, starring Nicholas Denton and Elizabeth McGovern.

•In 2025, AMC continued to bring viewers premium scripted series including Nautilus, an adventure drama based on Jules Verne’s beloved Twenty Thousand Leagues Under the Sea. In 2026, AMC is set to introduce The

1 Estimated U.S. subscribers as measured by Nielsen

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Audacity, a darkly comedic Silicon Valley-set drama series featuring an all-star cast led by Billy Magnussen, with Zach Galifianakis, Sarah Goldberg, Rob Corddry, Simon Helberg and others.

•In 2026, AMC will present the fourth season of Dark Winds, “perhaps the most ambitious Native-led TV show ever made,” according to The Hollywood Reporter, starring Zahn McClarnon and executive produced by Robert Redford and George R.R. Martin. The series has maintained a 100% score on Rotten Tomatoes for each of its first three seasons.

•In 2026, AMC will explore sports stories with the upcoming limited docu-series Rise of the 49ers, executive produced by Tom Brady. Through a partnership with TNA Wrestling, AMC has become the new home to Thursday Night iMPACT, a weekly, action-packed television series.

•AMC's film library consists of films that are licensed under long-term contracts with major studios such as Warner Bros., Sony, MGM, NBC Universal, Paramount, Lionsgate and Buena Vista. AMC generally structures its contracts for the cable television rights to air the films during identified window periods.

AMC+ streaming service

•AMC+ is the Company’s premium streaming bundle featuring an extensive lineup of popular and critically acclaimed programming from AMC, BBCA, IFC and SundanceTV along with full access to targeted streaming services Shudder and Sundance Now and the Independent Film Company library. Its content library includes fan favorites Mad Men, Interview with the Vampire, The Killing, A Discovery of Witches, Halt & Catch Fire, Hell on Wheels, Turn: Washington’s Spies, The Terror, Into the Badlands, Preacher, Orphan Black, Rectify, Gangs of London and series from the Company's two marquee franchises, The Walking Dead Universe and the Anne Rice Immortal Universe.

•In 2025, AMC+ continued its track record of delivering critically-acclaimed dramas with original series including Black Snow, Scrublands, The Assassin, starring BAFTA-nominated Keely Hawes and Golden Globe-nominated Freddie Highmore, The Last Anniversary, based on the #1 New York times best-selling novel from Liane Moriarty and executive produced by Academy Award winner Nicole Kidman, as well as a slate of premium films in partnership with Independent Film Company, including Skincare starring Elizabeth Banks, the buzzy horror Dangerous Animals, award-winning Good Boy and the Academy Award-nominated Memoir of a Snail.

•AMC+ is available to subscribers through either ad-supported or commercial free plans through our direct-to consumer ("DTC") applications, as well as through multi-channel video programming distributors ("MVPDs") and virtual MVPDs, and digital streaming platforms such as Amazon Prime Video Channels, Apple TV Channels and The Roku Channel.

•AMC+ is currently available in several international markets, including Canada, Spain, Australia and New Zealand.

AMC Studios

•AMC Studios is AMC Networks’ in-house production and distribution operation which launched in 2010 with The Walking Dead, which became the highest-rated show on cable television.

•Since then, AMC Studios has produced several critically acclaimed, award-winning and culturally distinctive originals for AMC Networks’ suite of channels and services including Anne Rice’s Interview with the Vampire, Anne Rice’s Mayfair Witches, Dark Winds, The Walking Dead: Dead City, The Walking Dead: Daryl Dixon, Fear the Walking Dead, Halt and Catch Fire, The Terror anthology, Preacher, and the Peabody Award-winning Rectify, as well as unscripted series Ride with Norman Reedus and James Cameron’s Story of Science Fiction.

•Upcoming AMC Studios series include Dark Winds season 4, The Audacity, The Vampire Lestat, The Walking Dead: Daryl Dixon season 4 and The Terror: Devil in Silver for AMC and AMC+. AMC Studios also produced the upcoming Brooke Shields-led series, You’re Killing Me.

•In addition to producing series for AMC Networks suite of channels, AMC Studios is an executive producer of the hit series SILO for Apple TV+.

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Other Programming Networks

•As of December 31, 2025, We TV reached approximately 54 million subscribers(1) and had distribution agreements with all major U.S. distributors.

•Driven by unscripted originals, We TV is home to a popular slate of series and franchises, including Love After Lockup, Life After Lockup, Mama June: Family Crisis, and We TV’s pioneers of family reality TV, the Braxton family, with the docuseries The Braxtons.

•We TV's programming also includes popular series S.W.A.T., 9-1-1, Bones, NCIS, and Law & Order as well as feature films, with certain exclusive license rights from studios such as Paramount, MGM, Sony, Lionsgate, NBC Universal, and Warner Bros.

•As of December 31, 2025, BBCA reached approximately 51 million subscribers(1) and had distribution agreements with all major U.S. distributors.

•BBCA is a hub of innovative, culturally contagious programming with “Britishness” at its core. The network has attracted wide critical acclaim for its award-winning natural history programming from the BBC. In 2024, BBCA brought viewers a new landmark series narrated by Sir David Attenborough Planet Earth: Asia from the award-winning BBC Natural History Unit, with the next landmark series, Planet Earth: Kingdom, planned for 2026.

•BBCA is also the home of The Graham Norton Show, a globally recognized United Kingdom ("U.K.") late night talk show.

•As of December 31, 2025, IFC reached approximately 47 million subscribers(1) and had distribution agreements with all major U.S. distributors.

•IFC is the home of offbeat, unexpected comedies. Originals include In the Kitchen with Harry Hamlin and SisterS starring Sarah Goldberg.

•IFC's slate includes a mix of fan favorite movies and popular television comedies ranging from Two and a Half Men and Everybody Loves Raymond to classic TV favorites such as Gilligan’s Island and Sanford and Son.

•As of December 31, 2025, SundanceTV reached approximately 45 million subscribers(1) and had distribution agreements with all major U.S. distributors.

•SundanceTV launched in 1996 and is committed to the mission of celebrating creativity, distinctive storytelling and iconic films.

•SundanceTV attracts viewer and critical acclaim for its original unscripted programming, including Off Script with The Hollywood Reporter featuring the entertainment industry’s leading talents, and the True Crime Story franchise featuring Smugshot and It Couldn’t Happen Here from Hilarie Burton Morgan.

1 Estimated U.S. subscribers as measured by Nielsen

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Other Streaming Services

The Company’s streaming portfolio of branded subscription services serve a targeted, passionate fanbase with content depth, curation and community. The content on these platforms is a mix of licensed and owned original programming. Our various services are distributed in several key markets internationally, including Canada, the U.K., parts of Europe, Australia and New Zealand.

Our streaming services, including AMC+ and the following targeted services, ended 2025 with approximately 10.4 million streaming subscribers1.

•Acorn TV is our destination for passionate fans of international crime dramas and murder mysteries – from the criminally cozy to the daringly dark.

•Acorn TV’s 2025 programming slate featured new exclusive original series including A Remarkable Place to Die; The Gone, an all-new unscripted investigative genealogy series hosted by acclaimed Emmy- and Golden Globe winning actress Jane Seymour, who is also star and executive producer of fan favorite Harry Wild; new seasons of long-running detective drama The Brokenwood Mysteries; Dalgliesh, based on the best-selling novels by PD James; The Madame Blanc Mysteries; international favorites such as Darby and Joan and the South African production Recipes for Love & Murder; and the New Zealand set My Life Is Murder starring Lucy Lawless, among others.

•In 2025, Acorn TV’s programming slate also featured three new series headlined by all-star talent: Irish Blood, starring and executive produced by Alicia Silverstone; Art Detectives starring True Blood’s Stephen Moyer and Murder Before Evensong, which is based on the first novel in the Sunday Times best-selling series by British author The Reverend Richard Coles and stars Matthew Lewis of the Harry Potter franchise.

•In 2025, Acorn TV’s new series Irish Blood was the service's largest acquisition driver to date. In addition, Irish Blood and Art Detectives, which debuted a month earlier, were Acorn TV's two most watched series of all time.

•In 2025, Acorn TV launched its first-ever programming event, Murder Mystery May, delivering more than 20 million hours watched and a multi-year high in subscriber acquisition. The inaugural event kicked off a summer of new premieres for Acorn TV.

•Fan favorite hit series returning in 2026 include Hidden Assets, The Brokenwood Mysteries, Murdoch Mysteries, The Chelsea Detective, the Italian set Signora Volpe starring Emilia Fox and the return of breakout series Inspector Ellis starring Olivier Award winner Sharon D. Clarke, among others.

•In 2026, Acorn TV is set to debut the highly anticipated Brooke Shields-led mystery series You’re Killing Me, also starring Golden Globe-nominated Tom Cavanaugh and up-and-coming Amalia Williamson from the hit series Sullivan’s Crossing.

•Acorn TV is currently available in key international markets including Canada, the U.K., Australia, New Zealand, and parts of Europe.

•Called “one of the best streaming services in the world” by RogerEbert.com, Shudder offers a premium selection in genre entertainment covering horror, thrillers and the supernatural, bringing subscribers Hollywood favorites, cult classics, original series, and a critically acclaimed slate of new and exclusive genre films.

•2025 was the service’s 10-year anniversary and a decade of the best in horror was marked with a year-long celebration of killer films and series, special fan events, a nationwide screening tour, custom fan giveaways and more.

•Programming highlights included critic and audience hits Ash, Clown in a Cornfield, Dangerous Animals, House on Eden, V/H/S/HALLOWEEN, the popular limited series Hell Motel, starring Emmy-winner Eric McCormack, a second season of the hit found footage anthology series The Creep Tapes, a new season of fan favorite The Boulet

1 A streaming subscriber is a subscriber who registers on an a la carte basis and from whom we receive a fee, for one of our streaming services directly through our direct-to-consumer applications or indirectly through one of our streaming platform arrangements.

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Brothers’ Dragula and the launch of Guts & Glory, a new unscripted horror-based competition series from award-winning special effects artist and executive producer, Greg Nicotero.

•Shudder’s annual programming events included “Halfway to Halloween,” a month-long event featuring new movies, series and specials and “Season of Screams,” a three-month programming event surrounding Halloween featuring live events, watch parties and new releases every week.

•Shudder is currently available in several international markets including Canada, the U.K., Ireland, Australia and New Zealand.

•In 2025, Sundance Now featured a rich selection of engrossing dramas, imaginative fantasy, gripping mysteries and true crime, riveting documentaries and intelligent thrillers from gifted storytellers around the world.

•In 2025, the service offered a strong slate of both original and acquired series, including White Lies starring Natalie Dormer, The Newsreader with Sam Reid and Anna Torv, and gripping true crime series such as The Furry Detectives: Unmasking a Monster, which made its world premiere at Tribeca Festival, as well as the Killer Clown: Murder at the Doorstep and Butchers of L.A.

•In 2026, Sundance Now is expected to relaunch as a premier streaming destination for independent film, with an enhanced platform featuring more than 1,000 hours of critically acclaimed dramas, documentaries and arthouse films curated by and for film enthusiasts, new monthly theatrical releases, and festival favorites and more at the 2026 Sundance Film Festival where the streaming service is an official sponsor.

•ALLBLK is focused on content from the Black perspective utilizing but not limited to Black creators, storytellers, cast and crew. An invitation to a world of streaming entertainment that is inclusively, but unapologetically – Black.

•Featuring a diverse lineup of content that spans genres and generations, ALLBLK premiered several new series, films and specials in 2025, including new coming-of-age drama series G.R.I.T.S., new original series Conspirators, new seasons of hit reality series Toya & Reginae and music competition series Deb’s House; and popular original films Darwin and Operation: Aunties.

•ALLBLK is also the streaming home for We TV’s engaging slate of unscripted originals, including celebrity docuseries The Braxtons and the wildly popular Love After Lockup franchise.

•In 2026, ALLBLK will bring audiences hitman series Wild Rose, created by and starring R&B sensation Omarion, Hands starring Ashley Williams from the ALLBLK hit series Double Cross, and Jupiter Jones, an extension of the service’s top series A House Divided and more.

•HIDIVE LLC (“HIDIVE”) operates an anime-focused streaming service offering a robust library of entertainment that includes television series, movies, and original video animations in both subtitled and dubbed audio formats. In addition to its deep and diverse catalog, HIDIVE offers first-run simulcasts of the best new anime at or near the same time as their Japanese broadcast, which in 2025 included the global hit series My Gift Lvl 9999 Unlimited Gacha, Call of the Night Season 2, Rock Is A Lady’s Modesty, and Sword Of The Demon Hunter: Kijin Gentosho, among others.

•HIDIVE is currently available in the U.S. and Canada as well as key overseas markets including the U.K., Ireland, Australia, and New Zealand.

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•AMC Networks’ subsidiary Sentai Holdings, LLC (“Sentai”) is a leading global acquirer, producer and supplier of anime content that it distributes through its affiliates including HIDIVE, The Anime Network and Sentai Filmworks, as well as select commercial partners.

•In late 2025, the Company launched a new targeted streaming service, All Reality. Featuring the best in unscripted reality content, All Reality launched with the long-awaited return of pop culture phenomenon, Bridezillas, one of reality television’s first franchises, and hosted by Grammy-nominated singer-songwriter and TV personality Tamar Braxton.

•The service is available for subscription via Amazon Prime Video Channels and Premium Subscriptions on The Roku Channel.

Film Distribution

AMC Networks also operates a film business, IFC Entertainment Group, that distributes movies under three distinct brands: Independent Film Company, RLJE Films and Shudder. The IFC brand is known for being a home to independent and auteur focused films, attracting high-profile talent and filmmakers. RLJE Films is a market leader in acquiring tentpole and cast-driven genre content with an eye towards broad commercial appeal. Shudder operates the highest profile, horror-focused streaming service in the United States, and has become the prime destination for audiences to discover trend-setting filmmakers in the horror landscape. Each brand has a distinct approach while complementing one another - each synonymous with quality and commercial content, consistently debuting the next generation of distinguished filmmakers.

•Independent Film Company is a leading distributor of high-quality, talent-driven independent films, which included 21 new theatrical releases in 2025.

•Independent Film Company is a leader in progressive windowing strategies and pioneered the “day and date” model to maximize revenue and marketing effectiveness.

•Independent Film Company is known for its fostering approach to filmmakers, distributing the early films of directors such as Christopher Nolan, Greta Gerwig, Barry Jenkins, Alfonso Cuaron and Richard Linklater.

•Notable 2025 releases included Clown in a Cornfield, Oscar shortlisted international film The Ugly Stepsister, National Board of Review honorees Good Boy and The Baltimorons, and Shudder and RLJE Films’ Dangerous Animals, among others.

AMC Networks Broadcasting & Technology

•AMC Networks Broadcasting & Technology ("AMCN B&T") operates from a 67,000 square-foot hub that serves as the technical arm of AMC Networks. For more than 40 years AMCN B&T has provided broadcasting and technology services, including origination, transmission, satellite communications, and distribution of the Company’s programming networks.

•AMCN B&T also maintains AMC Networks' physical media asset library and is responsible for its quality control, ingest, storage, edit, graphics, and IT infrastructures, which are crucial to AMC Networks operations and to provide high-capacity distribution services.

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International

AMCNI, consisting of our international programming businesses, operates a portfolio of channels including the flagship AMC channel and local channels supported by local production in the U.K., Latin America, and parts of Europe.

AMC Networks International

•AMCNI, the international division of the Company, delivers entertaining and acclaimed programming that reaches subscribers in more than 100 countries and territories around the world, through operational centers in Madrid, Barcelona, Budapest, London, Prague, and Buenos Aires.

•AMCNI consists of our global brand, AMC, as well as a portfolio of popular, locally recognized brands delivering programming in a wide range of genres, including sports, film, cooking, lifestyle, crime and investigation, science, documentary and kids.

•Our local and regional channels are programmed for local audiences and language, and we develop and license local content that is tailored to individual market tastes.

•AMCNI operates in the following regions:

◦U.K. – The U.K. operates a joint venture with Paramount International Networks, which delivers a portfolio of seven entertainment channels, including TRUE CRIME, TRUE CRIME XTRA, LEGEND and LEGEND XTRA.

The U.K. portfolio of free to air advertising supported channels reaches viewers via the Sky, Virgin Media, Freesat and Freeview, Freely and other associated IP platforms and on demand via the WATCH FREE UK AVOD player available from Freesat, Freeview Play and YouView, Freely, Virgin Media, web and downloadable via iOS, Android, and device/manufacturer stores. A significant part of AMCNI U.K.’s content library is also available via AVOD partnerships and FAST channels with major streaming platforms such as ITVx, 5 Stream, Amazon Prime, Pluto TV, Rakuten TV and Samsung TV.

◦Central and Northern Europe (“CNE”) – AMCNI CNE broadcasts and distributes thematic television channels in the Central European region with 39 linear feeds among 13 brands in 15 languages and three streaming products. The current linear portfolio includes television channels in a broad variety of genres including film and series, kids, infotainment, and sports.

▪ Jim Jam is a pre-school kids channel focused on education, providing a stimulating, engaging and safe environment for 2-5 year olds and contributing to their social, intellectual, and emotional development by providing learning through fun. Jim Jam is available in over 60 EMEA countries and its content includes Bing, Fireman Sam, Thomas and Friends, and Caillou.

▪ Sport 1 and Sport 2 are basic cable channels that broadcast European football, European Handball, NBA and ice hockey among other live sports events.

◦Southern Europe (“SE”) – AMCNI SE offers a portfolio of thematic channels and services in Iberia, distributing 18 pay-TV channels and six SVOD services in Spain, including AMC+. AMCNI SE also launched four new pay-TV channels and six pop-up channels in Spain in 2025. In Portugal, AMCNI SE distributes five pay-TV channels directly and five pay-TV channels and one SVOD service through its joint venture with NOS, Dreamia, which delivers channels including Canal Hollywood, Canal Panda, Panda Kids, Biggs, Blast, Casa e Cozinha, and an over-the-top ("OTT") application called Panda+.

▪ Canal Hollywood is a pay-TV channel offering a wide selection of movies produced by major U.S. studios across a variety of genres, including comedy, drama, thriller, western, and science fiction.

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◦Latin America (“LATAM”) – AMCNI LATAM is focused on Spanish and Portuguese speaking markets across Latin America and the Caribbean. The division has five channel brands (AMC, AMC Series, Film & Arts, Europa Europa and El Gourmet), which are all distributed across the main cable, satellite, and telco pay-TV operators across the region. The AMC Series linear channel was recently launched with more than 650 hours of AMC Studios original series, strengthening the position of AMC’s channel lineup offering in the region. The division also recently launched three FAST channels across the region.

▪ El Gourmet is a TV culinary destination for Latin American audiences that connects with its viewers by celebrating local traditions and featuring culinary experiences from all over the world. Its mission is to reunite family and friends around the table to make memorable life experiences. Launched over two decades ago, El Gourmet offers 100% of its content in Spanish, with over 75% original productions and more than 200 episodes premiering each year, showcasing some of the greatest celebrity cooks of this region.

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REGULATION

Our businesses are subject to and affected by regulations of U.S. federal, state and local government authorities, and our international operations are subject to laws and regulations of regulators in the countries in which they operate, as well as international bodies, such as the European Union. The Federal Communications Commission (the "FCC") regulates U.S. programming networks directly in some limited respects; other FCC regulations, although imposed on cable television operators, satellite operators or other MVPDs, affect programming networks indirectly. The rules, regulations, policies and procedures affecting our businesses are constantly subject to change and legislative and regulatory proposals increasingly seek to cover all sources of content, including the digital platforms over which we offer content, which has affected and may continue to affect our regulatory burdens. The descriptions below are summary in nature and do not purport to describe all present and proposed laws and regulations affecting our businesses.

Closed Captioning and Other Accessibility

Our networks are required to provide closed-captioning of programming for the hearing impaired, and comply with other regulations designed to make our content more accessible, and we are required to provide closed captioning on certain video content that we offer on the Internet or through other Internet Protocol distribution methods. We must also ensure that our DTC applications can pass through closed captions on content and comply with certain other accessibility requirements. The U.S. Congress and the FCC periodically consider proposals to enhance that accessibility. Some of those proposals, if adopted, would increase our obligations substantially.

CALM Act

FCC rules require MVPDs to ensure that all commercials comply with specified volume standards, and our distribution agreements generally require us to certify compliance with such standards.

Emergency Alert Codes or Attention Signals

We may not include emergency alert codes or attention signals, or simulations of them, in our content under any circumstances other than a genuine alert, an authorized test of the emergency alert system, or a permissible public service announcement.

Obscenity Restrictions

Cable operators and other MVPDs are prohibited from transmitting obscene programming, and our distribution agreements generally require us to refrain from including such programming on our networks.

Program Carriage

The Communications Act of 1934 and the FCC's program carriage rules prohibit distributors from favoring their affiliated programming networks over unaffiliated similarly situated programming networks in the rates, terms and conditions of carriage agreements between programming networks and cable operators or other MVPDs. Despite these rules, certain regulatory interpretations and court decisions make it more difficult for our programming networks to challenge a distributor’s decision to decline to carry one of our programming networks or discriminate against one of our programming networks.

Packaging Programming and Volume Discounts

The FCC from time to time examines whether to adopt rules restricting how programmers package and price their networks, or whether to impose other restrictions on carriage agreements between programmers and MVPDs. We do not currently require distributors to carry more than one of our domestic programming networks in order to obtain the right to carry a particular domestic programming network. However, we generally negotiate with a distributor for the carriage of all of our national networks concurrently, and we offer volume discounts to distributors who make our programming available to larger numbers of subscribers or who carry more of our programming networks.

Some states also have sought to regulate the manner in which MVPDs package and offer programming. We generally do not allow our networks or individual programs on those networks to be offered by distributors on an "a la carte" basis.

Effect of "Must-Carry" and "Retransmission Consent" Requirements

The FCC's implementation of the statutory "must-carry" obligations requires cable and DBS operators to give certain broadcasters preferential access to channel space and preferential channel positions, and FCC "retransmission consent" rules allow broadcasters to require cable and DBS operators to carry broadcast-affiliated networks as a condition of access to the local broadcast station and to charge substantial fees for both carriage of the local broadcast station and the broadcast-affiliated networks. In contrast, programming networks, such as ours, have no guaranteed right of carriage on cable television or DBS systems nor any guaranteed channel position. These carriage laws may reduce the amount of channel space that is available for carriage of our networks by cable television systems and DBS operators, or the amount of programming funds that cable and DBS operators have available for carriage of our networks.

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Website, DTC Applications and Streaming Service Requirements

We maintain various websites, DTC applications and streaming services that provide information regarding our businesses and offer content for sale. The operation of these websites, DTC applications and services may be subject to a range of federal, state and local laws such as privacy, data security, accessibility, child safety, oversight of user-generated content, and consumer protection regulations. For example, most states have enacted laws that impose data security and security breach obligations, and frameworks regulating consumer privacy have been established and continue to evolve at the state level and overseas, including the GDPR in the European Union, the U.K. GDPR and Data Protection Act 2018 in the U.K., the CCPA, and other similar comprehensive privacy laws that have been enacted in other states. The GDPR, the CCPA and other state laws impose, among other things, stringent operational requirements for processors and controllers of personal data, including expansive disclosures about how personal information is to be used, and significant fines for violations. Certain privacy and data protection laws also impose or are expected to impose additional requirements relating to automated decision-making and profiling, including transparency and consent obligations, which could affect how AI-enabled tools are deployed. At the Federal level, our streaming services may in some cases be subject to the privacy requirements of the Video Privacy Protection Act (“VPPA”). In addition, the FCC from time to time considers whether some or all websites or DTC applications offering video programming should be considered MVPDs and regulated as such, which would increase our regulatory costs and obligations substantially.

Other Regulation

The FCC also imposes rules that may impact us regarding a variety of issues such as advertising in children's television and telemarketing. Programming businesses are also subject to regulation by regulators in the countries in which they operate, as well as international bodies, such as the European Union. In certain countries, these regulations include restrictions on the types of advertising that can be sold on our networks, programming content requirements, requirements to make programming available on non-discriminatory terms and local content quotas.

COMPETITION

Our programming services, consisting of linear networks and streaming services, operate in three highly competitive markets. First, our programming services compete with other programming services to obtain distribution on cable television systems and other multichannel video programming distribution systems, and ultimately for viewing by each distributor's subscribers. Second, our programming services compete with other programming services and other sources of video content, to secure desired entertainment programming. Third, our programming services compete with other sellers of advertising time and space, including other cable programming networks, radio, newspapers, outdoor media and, increasingly, internet sites. The success of our businesses depends on our ability to license and produce content for our programming services that is adequate in quantity and quality and will generate satisfactory viewer ratings. In each of these cases, some of our competitors are large publicly held companies that have greater financial resources than we do.

Distribution of Programming Services

The business of distributing programming services to cable television systems and other MVPDs and licensing of original programming for distribution is highly competitive. Our programming services face competition from other programming networks and services for carriage by a particular MVPD, and for the carriage on the service tier that will attract the most subscribers. Once our programming service is selected by a distributor for carriage, that service competes for viewers not only with the other programming services available on the distributor's system, but also with over-the-air broadcast television, Internet-based video and other online services, mobile services, radio, print media, motion picture theaters, DVDs, and other sources of information and entertainment. The continued growth of subscription streaming services, such as Netflix and Amazon Prime Video, and the increased offerings by virtual MVPDs have increased the competition for audiences by providing an alternative to the traditional television content distribution model by changing when, where and how audiences consume video content.

Important to our success in each area of competition we face are the prices we charge for our programming services, the quantity, quality and variety of the programming offered on our services, and the effectiveness of our services' marketing efforts. The competition for viewers among advertiser supported networks is directly correlated with the competition for advertising revenues with each of our competitors.

Our ability to successfully compete with other networks and services may be hampered because the cable television systems or other MVPDs through which we seek distribution may be affiliated with other programming networks or services. In addition, because such distributors may have a substantial number of subscribers, the ability of such programming services to obtain distribution on the systems of affiliated distributors may lead to increased distribution and advertising revenue for such programming networks or services because of their increased penetration compared to our programming services. Even if such affiliated distributors carry our programming services, such distributors may place their affiliated programming network on a more desirable tier, thereby giving the affiliated programming network a competitive advantage over our own.

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New or existing programming networks that are affiliated with broadcasting networks like ABC, CBS, Fox or NBC may also have a competitive advantage over our programming networks in obtaining distribution through the "bundling" of agreements to carry those programming networks with agreements giving the distributor the right to carry a broadcast station affiliated with the broadcasting network.

Part of our strategy involves exploiting identified segments of the cable television viewing audience that are generally well defined and limited in size. Our networks have faced and will continue to face increasing competition as other programming networks and online or other services seek to serve the same or similar niches.

We also seek to increase our content licensing revenues by expanding the opportunities for licensing our programming through other media platforms and we compete with other programming companies in this market based on the desirability of our programming.

Sources of Programming

We also compete with other programming networks and other distributors including digital distribution platforms to secure desired programming. Most of our original programming and all of our acquired programming is obtained through agreements with other parties that have produced or own the rights to such programming. Competition for this programming will increase as the number of programming networks and other distributors increases. Other programming networks or streaming services that are affiliated with programming sources such as movie or television studios or film libraries may have a competitive advantage over us in this area.

With respect to the acquisition of entertainment programming, such as syndicated programs and movies that are not produced by or specifically for networks, our competitors include national broadcast television networks, local broadcast television stations, other cable programming networks, Internet-based video content distributors, and video-on-demand programs. Some of these competitors have exclusive contracts with motion picture studios or independent motion picture distributors or own film libraries.

Competition for Advertising Revenue

Our programming networks, and ad-supported streaming services, must compete with other sellers of advertising time and space, including other MVPDs, radio, newspapers, outdoor media and increasing shifts in spending toward online and mobile offerings from more traditional media. While the evolution of advanced advertising technologies, including addressable advertising and programmatic buying, creates additional monetization opportunities, we compete with other programming networks to gain an advantage in the use of such technologies. We compete for advertisers on the basis of rates we charge and also on the number and demographic nature of viewers who watch our programming. Advertisers will often seek to target their advertising content to those demographic categories they consider most likely to purchase the product or service they advertise. Accordingly, the demographic make-up of our viewership can be equally or more important than the number of viewers watching our programming.

HUMAN CAPITAL RESOURCES

We are passionate about creating and curating celebrated series and films across distinct brands that connect with passionate fans and audiences in meaningful ways. We believe one of the keys to our success and our ability to engage audiences in this way is the strength of our people and our culture. Our human capital management objectives include attracting, developing, motivating and retaining a high-performing workforce.

As of December 31, 2025, our global workforce included 1,738 employees, 1,675 of which are full-time employees. In addition, for certain of our productions, the Company, through in-house and third-party production service companies, engages the services of writers, directors, actors and various crew members who may be subject to certain specially negotiated collective bargaining agreements. Since these agreements are generally entered into on a project basis, negotiations occur on various agreements throughout the year. We believe that our relations with labor unions and our employees are generally good. Some examples of our human resources programs and initiatives are described below.

Employee Attraction, Retention and Training

Our Company has a proud legacy as the home to many of the greatest stories and characters in the history of TV and film. This history is imbued in our corporate culture and values and informs who we are and our mission to be a premier destination for passionate and engaged fan communities around the world. We aim to recruit and retain top talent that reflects the communities where we live and work and the global audiences who engage with our content, including building talent pipelines with entertainment and production organizations like the Handy Foundation, Group Effort Initiative, and Reel Works to support and train the next generation of storytellers. We intend to attract and retain talent by emphasizing our competitive rewards; offering opportunities that support employees’ professional growth and development; promoting ongoing learning at all levels; and through our commitment to fostering a positive, inclusive and collaborative corporate culture. We assess employee sentiment regularly through global employee engagement surveys to identify what we are doing well and what opportunities

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and challenges we should address. We also encourage frequent connection between managers and direct reports throughout the year as part of a robust talent management program to ensure employees are aligned on company and team goals, individual performance and business outcomes.

Health, Financial, Family and Wellbeing Benefits

Our benefit offerings provide robust and comprehensive options to our global workforce that support the health, financial needs and well-being of our employees. While offerings vary by location, in the U.S. they generally include: employee and family medical, dental and vision coverage; life and disability insurance coverage; vacation and paid family and medical leave; family planning and support resources such as adoption assistance, child/elder care, and college planning; retirement savings with a company match; tuition reimbursement; identity theft protection; auto, home and pet insurance; legal plans; accident, hospital and critical illness insurance; fitness programs; and employee assistance programs.

Compensation

Our approach to compensation is to pay competitively to local markets across departments, levels, and jobs. We apply our pay practices consistently among our employees to promote equitable compensation. We review compensation annually and have incorporated pay for performance concepts that incentivize and reward high-performing employees.

Learning & Development

Our talent management and development team promotes year-round learning opportunities for employees throughout the organization, including live and on-demand workshops and annual trainings across a variety of topics. We also partner with established industry organizations like CTAM, NAMIC and The WICT Network to provide development opportunities from leading educational institutions including the Harvard Business School, Stanford University and INSEAD. Additionally, we promote a workplace culture where everyone treats each other with kindness and respect, prioritizing the well-being and safety of our people, content and information through ongoing trainings covering anti-harassment and discrimination, inclusion and cultural awareness, information security and more.

Diversity and Inclusion

We seek to present programming that authentically speaks to and reflects the wide range of audiences we reach every day. We support opportunities for a broad range of voices to be represented in front of and behind the camera and to use our platforms to bring their visions to life. We encourage this through our "Future of Film" initiative, spotlighting works from emerging creative talents of all backgrounds. Additionally, we celebrate the diversity of our audiences through our ongoing heritage month and Future of Film collections on our targeted streaming services and programming events on our linear and FAST channels.

Community & Social Impact

Giving and social impact programs and initiatives are an important part of our culture. Through philanthropic efforts, local outreach and partnerships, we support causes aimed at making a difference in the communities where we live and work. In 2025, we matched employee donations in support of hundreds of causes on our online giving and volunteering platform, Give Back at AMCN. Through the platform, employees can research charitable organizations and make personal donations, which the Company matches. To help foster further community impact, the Company also provides every employee with annual time off to volunteer in support of charitable organizations.

AVAILABLE INFORMATION

Our corporate website is https://www.amcnetworks.com and the investor relations section of our website is located at https://investors.amcnetworks.com. We make available, free of charge through the investor relations section of our website, our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as well as our proxy statements, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission ("SEC"). References to our website in this Annual Report on Form 10-K (this "Annual Report") are provided as a convenience and the information contained on, or available through, the website is not part of this or any other report we file with or furnish to the SEC.

We use the following, as well as other social media channels, to disclose public information to investors, the media and others:

•Our website (https://www.amcnetworks.com); and

•Our X (formerly Twitter) account (@AMC_Networks).

Our officers may use similar social media channels to disclose public information. It is possible that certain information we or our officers post on our website and on social media could be deemed material, and we encourage investors, the media

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and others interested in AMC Networks to review the business and financial information we or our officers post on our website and on the social media channels identified above. The information on our website and those social media channels is not incorporated by reference into this Annual Report.