Company Reports

AMC Global Media is a small-scale media competitor with a portfolio of linear networks, streaming services, and a production studio. The firm is deploying an “all of the above” strategy to distribute its programming, and we think that gives the firm its best chance in a difficult environment. We expect AMC to face challenges in reaching a mass audience in an environment where consumers are overwhelmed by numerous streaming services, most of which offer broader and deeper content than AMC. AMC also must continue to find and create attractive programming, which should be increasingly difficult in an industry that now has more and much larger competitors.

AMC Global announced a five-year, $500 million global licensing deal with Netflix that puts the entire Walking Dead franchise library on Netflix into 2031. Financial performance was weak, and the increase in 2026 sales guidance reflected less than what the Netflix deal will contribute.

AMC Global Media's first-quarter sales and operating profit were weak, but the firm had already said results this year would be tilted toward the second half. Excluding a currency tailwind, revenue was down 3% year over year, and the adjusted operating margin dropped to 13%, from 19% last year.

AMC Global Media is a small-scale media competitor with a portfolio of linear networks, streaming services, and a production studio. The firm is deploying an “all of the above” strategy to distribute its programming, and we think that gives the firm its best chance in a difficult environment. We expect AMC to face challenges in reaching a mass audience in an environment where consumers are overwhelmed by numerous streaming services, most of which offer broader and deeper content than AMC. AMC also must continue to find and create attractive programming, which should be increasingly difficult in an industry that now has more and much larger competitors.

Success with its streaming services has led to a substantial improvement in AMC Networks' rate of decline amid the ongoing dissolution of the traditional pay TV business on which the firm depends. Total revenue declined only 5% in 2025, including a 1% year-over-year decline in the fourth quarter.

AMC Networks is a small-scale media competitor with a portfolio of linear networks, streaming services, and a production studio. The firm is deploying an “all of the above” strategy to distribute its programming, and we think that gives the firm its best chance in a difficult environment. We expect AMC to face challenges in reaching a mass audience in an environment where consumers are overwhelmed by numerous streaming services, most of which offer broader and deeper content than AMC. AMC also must continue to find and create attractive programming, which should be increasingly difficult in an industry that now has more and much larger competitors.

The pace of AMC Networks' revenue decline from linear television accelerated in the third quarter, easily overwhelming the acceleration in streaming subscription revenue, which grew 15% year over year. Total revenue was down 6%, including an 8% decline domestically, where almost 90% of sales live.

AMC Networks is priced like it won't survive, and it's possible it won't. However, second-quarter sales and streaming performance were excellent, and the firm is smartly managing its debt. Sales fell only 4% year over year, and AMC now expects $250 million of free cash flow in 2025.

AMC Networks is a subscale media competitor with a portfolio of linear networks and streaming services and a production studio. The firm is deploying an “all of the above” strategy to distributing its programming, and we think that gives the firm its best chance in a difficult environment. We expect AMC will be challenged to independently reach a mass audience in an environment where consumers are overwhelmed with numerous streaming services, most of which have broader and deeper content than AMC can provide. AMC also must continue to find and create attractive programming, which should be increasingly difficult in an industry that now has more and much larger competitors.

AMC Networks' first-quarter financial results looked terrible, but they were consistent with the shrinking ice cube that is AMC's business, and its stock is already priced for this, in our view. Sales declined 7% year over year, and adjusted operating income declined 30%. We assign AMC no moat.

AMC Networks is a subscale media competitor with a portfolio of linear networks and streaming services and a production studio. The firm is deploying an “all of the above” strategy to distributing its programming, and we think that gives the firm its best chance in a difficult environment. We expect AMC will be challenged to independently reach a mass audience in an environment where consumers are overwhelmed with numerous streaming services, most of which have broader and deeper content than AMC can provide. AMC also must continue to find and create attractive programming, which should be increasingly difficult in an industry that now has more and much larger competitors.

AMC Networks is a subscale media competitor with a portfolio of linear networks and streaming services and a production studio. The firm is deploying an “all of the above” strategy to distributing its programming, and we think that gives the firm its best chance in a difficult environment. We expect AMC will be challenged to independently reach a mass audience in an environment where consumers are overwhelmed with numerous streaming services, most of which have broader and deeper content than AMC can provide. AMC also must continue to find and create attractive programming, which should be increasingly difficult in an industry that now has more and much larger competitors.

Impressive streaming results were not nearly enough to offset the rapid decline in AMC's television networks in the fourth quarter, as total revenue declined 9% year over year on a comparable basis. Full-year adjusted operating income fell faster than revenue, and guidance portends a weaker 2025.

AMC Networks is deploying an “all of the above” strategy, and we think that gives the firm its best chance in a difficult environment. AMC is a small player that we expect will be challenged to independently find its place with consumers who are overwhelmed with numerous different streaming services, most of which have broader and deeper content than what AMC can provide. It also must continue to find and create attractive programming, which should be increasingly difficult in an industry that now has more and much larger competitors.

AMC Networks continues to face the same challenges and declining business as its larger traditional television peers and third-quarter results were not great. However, the firm struck several deals in the quarter to enhance the distribution of its programming and flagship streaming service, AMC+. We think deals like these are critical for AMC’s survival as an independent entity, but they also showcase the value in the programming AMC has created. We maintain our $15 fair value estimate, but reiterate this company has very high uncertainty and no moat.

AMC Networks’ revenue continues to shrink, as the success it is having in streaming and the levers it is pulling to expand the reach of its content cannot offset the ongoing decline in linear television. Despite finding areas of cost savings, operating profit declined much more rapidly than sales, though we attribute much of that to revenue mix and lumpiness associated with licensing revenue. We expect challenges to persist, but we like the efforts that management is making to transform its business, and like other companies so reliant on traditional media, we think AMC’s stock price more than reflects the challenges. We’re maintaining our $15 per share fair value estimate.

AMC Networks is deploying an “all of the above” strategy, and we think that gives the firm its best chance in a difficult environment. AMC is a small player that we expect will be challenged to independently find its place with consumers who are overwhelmed with numerous different streaming services, most of which have broader and deeper content than what AMC can provide. It also must continue to find and create attractive programming, which should be increasingly difficult in an industry that now has more and much larger competitors.

AMC Networks reported weak first-quarter revenue and profit, but we don't think near-term results will determine the firm's fate. We see the no-moat firm as a niche competitor that needs partners in its evolution. Until we see a bigger shift in operations, we expect underwhelming results to be the norm. We're maintaining our $15 fair value estimate, and we still see much more potential value in the larger traditional media companies that face the same secular risk.

AMC Networks is deploying an “all of the above” strategy, and we think that gives the firm its best chance in a difficult environment. AMC is a small player that we expect will be challenged to independently find its place with consumers who are overwhelmed with numerous different streaming services, most of which have broader and deeper content than what AMC can provide. It also must continue to find and create attractive programming, which should be increasingly difficult in an industry that now has more and much larger competitors.

We’ve removed our narrow moat ratings for both Fox and AMC Networks. Like peers who rely as heavily on traditional pay TV, streaming has disrupted these firms’ business models. We don’t think they can be nearly as profitable in a media industry built on streaming as in the landscape they historically enjoyed. We now have no-moat ratings on Fox, AMC Networks, Paramount, and Warner Bros. Discovery. Within our US coverage, Disney, and Comcast are the only firms connected to the traditional pay-TV bundle that we still think have moats, and our moat assessment for both firms relies heavily on their nonmedia assets.