AMC Global Media披露二季度业绩、Netflix《行尸走肉》5年5亿美元授权及全年指引上调

AMC Global Media Inc.
("AMC Global Media" or the "Company") (NASDAQ: AMCX) today reported financial results for the second quarter ended
June 30, 2026
.
Chief Executive Officer
Kristin Dolan
said: "We are pleased to announce today an expansion of our relationship with a key long-term partner, Netflix. We have reached a global co-exclusive licensing agreement for the streaming rights to the entire Walking Dead Universe, which will provide a meaningful source of cash flow for years to come. We renewed distribution agreements with major partners Comcast and
YouTube
. We are increasing our guidance for the full year as we leverage the value of our IP, the importance of our studio and the strength of our partner relationships, particularly in the area of distribution."
Operational Highlights:
Announced a content licensing agreement with Netflix for the co-exclusive global streaming rights to The Walking Dead Universe (7 series / 371 episodes) representing license fees of
$500 million
over the five-year license period, after which rights revert back to
AMC Global Media
.
The Walking Dead,
in its entirety, will begin streaming on AMC+ for the first time early next year.
Significant affiliate activity, including recent renewals with Comcast and
YouTube
, that includes the distribution of our linear networks, streaming services and FAST channels in addition to the future launch of our networks in
YouTube
TV’s genre packages.
Renewed distribution agreements with four of the top five major domestic MVPDs in the last 12 months including Comcast, DirecTV, DISH, and
YouTube
.
Financial Highlights – Second Quarter Ended
June 30, 2026
:
Net cash provided by operating activities of
$57 million
; Free Cash Flow
(1)
of
$43 million
.
Operating income of
$16 million
; Adjusted Operating Income
(1)
of
$46 million
.
Net revenue of
$547 million
decreased 9% from the prior year. Foreign currency translation represented a beneficial impact of 28 basis points to our second quarter growth rate.
Diluted EPS of
$(0.51)
; Adjusted EPS
(1)
of
$(0.28)
.
Consolidated Results:
(dollars in thousands, except per share amounts)
Three Months Ended
June 30
,
Six Months Ended
June 30
,
2026
2025
Change
2026
2025
Change
Net Revenues
$
547,495
$
600,024
(8.8)
%
$
1,089,622
$
1,155,257
(5.7)
%
Operating Income
$
15,854
$
64,469
(75.4)
%
$
47,115
$
128,666
(63.4)
%
Adjusted Operating Income
$
46,068
$
109,386
(57.9)
%
$
115,042
$
213,871
(46.2)
%
Diluted Earnings (Loss) Per Share
$
(0.51
)
$
0.91
n/m
$
(0.94
)
$
1.25
n/m
Adjusted Earnings (Loss) Per Share
$
(0.28
)
$
0.69
n/m
$
(0.21
)
$
1.21
n/m
Net cash provided by operating activities
$
57,192
$
102,791
(44.4)
%
$
124,659
$
211,596
(41.1)
%
Free Cash Flow
$
43,267
$
95,741
(54.8)
%
$
108,082
$
189,926
(43.1)
%
n/m - Absolute percentages greater than 100% and comparisons between positive and negative values or zero values are considered not meaningful.
(1) See page 4 of this earnings release for a discussion of non-GAAP financial measures used in this release. This discussion includes the definition of Adjusted Operating Income, Adjusted EPS and Free Cash Flow.
Segment Results – Domestic Operations:
(dollars in thousands)
Three Months Ended
June 30
,
Six Months Ended
June 30
,
2026
2025
Change
2026
2025
Change
Revenues, net:
Subscription
$
305,902
$
320,359
(4.5)
%
$
611,184
$
633,732
(3.6)
%
Advertising
108,829
122,606
(11.2)
%
221,676
241,854
(8.3)
%
Content licensing and other
55,659
83,888
(33.7)
%
108,217
137,574
(21.3)
%
Total revenues, net
$
470,390
$
526,853
(10.7)
%
$
941,077
$
1,013,160
(7.1)
%
Segment Adjusted Operating Income
$
60,972
$
126,339
(51.7)
%
$
153,233
$
250,263
(38.8)
%
Second Quarter Results
Domestic Operations revenue decreased 11% from the prior year to
$470 million
.
Subscription revenue decreased 5% to
$306 million
primarily due to a decline in affiliate revenue, partially offset by streaming revenue growth.
Streaming revenue represented over a third of our Domestic Operations segment revenue in the second quarter. Streaming revenue increased 6% to
$180 million
primarily due to the impact of price increases across our services.
Affiliate revenue declined 17% to
$126 million
primarily due to basic subscriber declines.
Advertising revenue decreased 11% to
$109 million
. Advertising revenue included the one-time impact of a now resolved system integration issue in the second quarter. Excluding this one-time impact, advertising revenue declined in the mid-single digit percent area, due to lower ratings and marketplace pricing, partially offset by digital advertising growth.
Content licensing revenue decreased 34% to
$56 million
primarily due to the timing and availability of deliveries in the period.
Segment Adjusted Operating Income decreased 52% to
$61 million
. The decrease in segment Adjusted Operating Income was primarily driven by revenue declines and increased marketing investments related to the timing of premieres.
Segment Results – International:
(dollars in thousands)
Three Months Ended
June 30
,
Six Months Ended
June 30
,
2026
2025
Change
2026
2025
Change
Revenues, net:
Subscription
$
46,612
$
47,069
(1.0)
%
$
92,974
$
91,771
1.3
%
Advertising
29,383
26,003
13.0
%
52,755
48,611
8.5
%
Content licensing and other
2,605
2,463
5.8
%
5,134
5,099
0.7
%
Total revenues, net
$
78,600
$
75,535
4.1
%
$
150,863
$
145,481
3.7
%
Segment Adjusted Operating Income
$
14,359
$
14,737
(2.6)
%
$
19,796
$
24,588
(19.5)
%
Second Quarter Results
International revenue increased 4% from the prior year to
$79 million
. Excluding the favorable impact of foreign currency translation, International revenue increased 2%.
Subscription revenue decreased 1% to
$47 million
primarily due to the previously disclosed wind-down of a joint venture that operated primarily in
Poland
and
Africa
, partially offset by the favorable impact of foreign currency translation. Excluding the favorable impact of foreign currency translation, subscription revenue decreased 3%.
Advertising revenue increased 13% to
$29 million
primarily related to revenue from the outperformance of advertising in the fourth quarter of 2025 that has since returned to normal levels and the favorable impact of foreign currency translation. Excluding the impact of foreign currency translation, advertising revenue increased 11%.
Segment Adjusted Operating Income decreased 3% to
$14 million
. The decrease in segment Adjusted Operating Income was primarily driven by lower subscription revenue and higher selling, general and administrative expense, excluding the impact of foreign currency translation.
Other Matters:
The Walking Dead Universe License Agreement
On
July 30, 2026
,
AMC Global Media
announced that it had entered into a license agreement with Netflix Inc. granting Netflix co-exclusive global streaming rights to all shows in The Walking Dead Universe, including all seasons of
The Walking Dead, Fear the Walking Dead, The Walking Dead:
Daryl Dixon
; The Walking Dead: Dead City; The Walking Dead: World Beyond; The Walking Dead: The Ones Who Live
; and
Tales of the Walking Dead
.
AMC Global Media
retains global rights to exhibit shows in The Walking Dead Universe on its own streaming services.
The license agreement generally provides for a five-year term for each licensed show, with licenses for individual shows commencing on different dates in different geographic territories based on the expiration of streaming rights under AMC Global Media’s existing licenses.
Under the license agreement, Netflix will pay an aggregate content license fee of
$500 million
payable in quarterly cash installments over the licensed period for each licensed title, commencing on the applicable start date for that title. The Company expects to receive cash payments of approximately
$25 million
in 2026. The Company expects to receive annual cash payments of approximately
$100 million
in 2027, 2028, 2029 an