AMC Global Media Inc.

Previous wording

•the direct and indirect impact of events that are outside our control, such as geopolitical conditions (including international war or conflicts), political unrest in international markets, terrorist attacks, natural disasters and other similar events; and

Current wording

•the direct and indirect impact of events that are outside our control, such as geopolitical conditions (including international wars or conflicts), political unrest in international markets, terrorist attacks, natural disasters and other similar events; and

Previous wording

Consolidated Results of Operations. This section provides an analysis of our results of operations for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Our discussion is presented on both a consolidated and segment basis. Our two segments are: (i) Domestic Operations and (ii) International.

Current wording

Consolidated Results of Operations. This section provides an analysis of our results of operations for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025. Our discussion is presented on both a consolidated and segment basis. Our two segments are: (i) Domestic Operations and (ii) International.

Previous wording

Liquidity and Capital Resources. This section provides a discussion of our financial condition as of March 31, 2026, as well as an analysis of our cash flows for the three months ended March 31, 2026 and 2025. The discussion of our financial condition and liquidity also includes summaries of (i) our primary sources of liquidity and (ii) our contractual obligations that existed at March 31, 2026 as compared to December 31, 2025.

Current wording

Liquidity and Capital Resources. This section provides a discussion of our financial condition as of June 30, 2026, as well as an analysis of our cash flows for the six months ended June 30, 2026 and 2025. The discussion of our financial condition and liquidity also includes summaries of (i) our primary sources of liquidity and (ii) our contractual obligations that existed at June 30, 2026 as compared to December 31, 2025.

Previous wording

Most original series require us to make significant up-front investments. Our programming efforts are not always commercially successful, which has in the past resulted and could in the future result in a write-off of program rights. If events or changes in circumstances indicate that the fair value of program rights predominantly monetized individually or as a group is less than their unamortized cost, we will write off the excess to technical and operating expenses in the condensed consolidated statements of income (loss). Program rights with no future programming usefulness are substantively abandoned resulting in the write-off of remaining unamortized cost. There were no material program rights write-offs included in technical and operating expense for the three months ended March 31, 2026 and 2025.

Current wording

Most original series require us to make significant up-front investments. Our programming efforts are not always commercially successful, which has in the past resulted and could in the future result in a write-off of program rights. If events or changes in circumstances indicate that the fair value of program rights predominantly monetized individually or as a group is less than their unamortized cost, we will write off the excess to technical and operating expenses in the condensed consolidated statements of income (loss). Program rights with no future programming usefulness are substantively abandoned resulting in the write-off of remaining unamortized cost. There were no material program rights write-offs included in technical and operating expense for the three and six months ended June 30, 2026 and 2025.

Previous wording

Content expenses and programming operating costs primarily comprise technical and operating expenses. Content expenses represent the largest expense of the International segment and primarily consist of amortization of acquired content. Program operating costs include costs such as origination, transmission, uplink and encryption of our linear international channels as well as content hosting and delivery costs at our various on-line content distribution initiatives. Other components of technical and operating expense include costs of dubbing and sub-titling of programs. Our programming efforts are not all commercially successful, which has in the past resulted and could in the future result in a write-off of program rights. If events or changes in circumstances indicate that the fair value of program rights predominantly monetized individually or a group is less than its unamortized cost, we will write off the excess to technical and operating expenses in the condensed consolidated statements of income (loss). Program rights with no future programming usefulness are substantively abandoned, resulting in the write-off of remaining unamortized cost. There were no material programming write-offs included in technical and operating expense for the three months ended March 31, 2026 and 2025. For the three months ended March 31, 2025, $3.5 million of program write-offs were recorded to restructuring and other related charges, primarily related to the wind-down of a joint venture held by our U.K. business with operations in EMEA.

Current wording

Content expenses and programming operating costs primarily comprise technical and operating expenses. Content expenses represent the largest expense of the International segment and primarily consist of amortization of acquired content. Program operating costs include costs such as origination, transmission, uplink and encryption of our linear international channels as well as content hosting and delivery costs at our various on-line content distribution initiatives. Other components of technical and operating expense include costs of dubbing and sub-titling of programs. Our programming efforts are not all commercially successful, which has in the past resulted and could in the future result in a write-off of program rights. If events or changes in circumstances indicate that the fair value of program rights predominantly monetized individually or as a group is less than their unamortized cost, we will write off the excess to technical and operating expenses in the condensed consolidated statements of income (loss). Program rights with no future programming usefulness are substantively abandoned, resulting in the write-off of remaining unamortized cost. There were no material programming write-offs included in technical and operating expense for the three and six months ended June 30, 2026 and 2025. For the three and six months ended June 30, 2025, $1.2 million and $4.7 million, respectively, of program write-offs were recorded to restructuring and other related charges, primarily related to the wind-down of a joint venture held by our U.K. business with operations in EMEA.

Previous wording

Our future performance is dependent, to a large extent, on general economic conditions, which can impact, among other things, our ability to manage our businesses effectively and our relative strength and leverage in the marketplace, with both suppliers and customers. Additionally, macroeconomic and geopolitical risks, particularly high inflation and interest rates, as well as potential or implemented tariffs and changes to the U.S. and other countries' trade policies, the direct and indirect impacts of international war or conflicts, and uncertainty regarding further changes to any of the foregoing, may adversely impact our results of operations, cash flows and financial position or our ability to refinance our indebtedness on terms favorable to us, or at all.

Current wording

Our future performance is dependent, to a large extent, on general economic conditions, which can impact, among other things, our ability to manage our businesses effectively and our relative strength and leverage in the marketplace, with both suppliers and customers. Additionally, macroeconomic and geopolitical risks, particularly high inflation and interest rates, as well as potential or implemented tariffs and changes to the U.S. and other countries' trade policies, the direct and indirect impacts of international wars or conflicts, including the ongoing conflict involving Iran, and uncertainty regarding further changes to any of the foregoing, may adversely impact our results of operations, cash flows and financial position or our ability to refinance our indebtedness on terms favorable to us, or at all.

Previous wording

Subscription revenues decreased 2.6% in our Domestic Operations segment primarily due to a decline in affiliate revenues from basic subscriber declines, partially offset by an increase in streaming revenues primarily due to the impact of price increases across our services. Subscription revenues increased 3.7% in our International segment primarily due to the favorable impact of foreign currency translation, partially offset by lower revenues primarily from the wind-down of a joint venture held by our U.K. business with operations in EMEA. We expect linear subscriber declines to continue in our Domestic Operations segment, consistent with the declines across the cable ecosystem.

Current wording

Subscription revenues decreased 4.5% in our Domestic Operations segment primarily due to a decline in affiliate revenues from basic subscriber declines, partially offset by an increase in streaming revenues primarily due to the impact of price increases across our services. Subscription revenues decreased 1.0% in our International segment primarily due to the wind-down of a joint venture that operated primarily in Poland and Africa, partially offset by the favorable impact of foreign currency translation. We expect linear subscriber declines to continue in our Domestic Operations segment, consistent with the declines across the cable ecosystem.

Previous wording

Advertising revenues decreased 5.4% in our Domestic Operations segment primarily due to lower marketplace pricing, partially offset by digital advertising growth. Advertising revenues increased 3.4% in our International segment primarily due to the favorable impact of foreign currency translation, partially offset by lower ratings primarily in the U.K. We generally expect advertising revenue to continue to decline as the advertising market gravitates toward other distribution platforms.

Current wording

Advertising revenues decreased 11.2% in our Domestic Operations segment primarily due to lower ratings and marketplace pricing as well as a now resolved system integration issue, partially offset by digital advertising growth. Advertising revenues increased 13.0% in our International segment primarily due to 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. We generally expect advertising revenue to continue to decline as the advertising market gravitates toward other distribution platforms.

Previous wording

Content licensing and other revenues decreased 2.1% in our Domestic Operations segment primarily due to the timing and availability of deliveries in the period. We expect content licensing revenues to vary in 2026 based on the timing and availability of our programming to distributors.

Current wording

Content licensing and other revenues decreased 33.7% in our Domestic Operations segment primarily due to the timing and availability of deliveries in the period and the sale of our music catalog and additional revenues earned in connection with the production of Silo, a series originally produced by AMC Studios for a third party, that occurred in the second quarter of 2025. We expect content licensing revenues to vary in 2026 based on the timing and availability of our programming to distributors.

Previous wording

Technical and operating expenses (excluding depreciation and amortization) increased 6.2% in our Domestic Operations segment primarily due to higher program rights amortization, including increases for The Walking Dead Universe portfolio of shows as well as higher other direct programming costs. Technical and operating expenses (excluding depreciation and amortization) increased 7.8% in our International segment due to higher program rights amortization, driven by the unfavorable impact of foreign currency translation, partially offset by lower other direct programming costs.

Current wording

Technical and operating expenses (excluding depreciation and amortization) increased 1.9% in our Domestic Operations segment primarily due to higher other direct programming costs, partially offset by lower program rights amortization. Technical and operating expenses (excluding depreciation and amortization) increased 3.4% in our International segment due to higher program rights amortization driven by the unfavorable impact of foreign currency translation.

Previous wording

Unallocated corporate overhead costs increased 3.2% to $30.2 million primarily due to higher employee related costs, including higher bonus expenses.

Current wording

Unallocated corporate overhead costs decreased 3.0% to $29.7 million primarily due to lower employee related costs.

Previous wording

Restructuring and other related charges were$4.3 millionfor the three months ended March 31, 2026, with $2.6 million related to the Company's voluntary buyout program for U.S. employees, which was announced in October 2025, and $1.7 million associated with the Company's ongoing restructuring plan in its International segment ("International Plan"), which for the quarter consisted primarily of office closures in Latin America.

Current wording

Restructuring and other related charges were$1.3 millionfor the three months ended June 30, 2026, with $0.8 million associated with the Company's ongoing restructuring plan in our International segment (the "International Plan"), which for the quarter consisted primarily of workforce reductions in Latin America, and $0.5 million related to the Company's voluntary buyout program for U.S. employees, which was announced in October 2025.

Previous wording

Restructuring and other related charges were $4.8 million for the three months ended March 31, 2025, primarily related to the planned wind-down of a joint venture held by our U.K. business with operations in EMEA as part of its International segment, as well as the commencement of the International Plan in Southern Europe.

Current wording

Restructuring and other related charges were $3.5 million and $8.3 million for the three and six months ended June 30, 2025, respectively, primarily related to thewind-down of a joint venture that operated primarily in Poland and Africa as part of our International segment, as well as the commencement of the International Plan in Southern Europe.

Previous wording

The decrease in operating income was primarily attributable to a $13.1 million decrease in revenues, net, a $15.8 million increase in technical and operating expenses and $4.0 million increase in selling, general and administrative costs.

Current wording

The decrease in operating income was primarily attributable to a $65.6 million decrease in revenues, net, and a $20.7 million increase in technical and operating expenses.

Previous wording

The decrease in interest expense was primarily due to the impact of lower outstanding balances under our Term Loan A facility under our credit agreement (the “Term Loan A Facility”) and 4.25% Senior Notes due 2029 (the “Senior Notes”), partially offset by an increase in average interest rates associated with the July 2025 issuance of our 10.50% Senior Secured Notes due 2032, (the “2032 Notes”) and the March 2026 issuance of additional 2032 Notes relating to the private exchange offer (the “Exchange Offer”) with respect to our outstanding 10.25% Senior Secured Notes due 2029 (the “2029 Notes”).

Current wording

The increase in interest expense was primarily due to an increase in average interest rates associated with the July 2025 issuance of our 10.50% Senior Secured Notes due 2032, (the “2032 Notes”) and the March 2026 issuance of additional 2032 Notes in the private exchange offer (the “Exchange Offer”) with respect to our outstanding 10.25% Senior Secured Notes due 2029 (the “2029 Notes”), partially offset by lower outstanding balances under our Term Loan A facility (the "Term Loan A Facility") under our credit agreement (the “Credit Agreement”) and our 4.25% Senior Notes due 2029 (the “Senior Notes”).

Previous wording

The decrease in miscellaneous, net was primarily related to third-party fees specifically attributable to the Exchange Offer of $16.7 million and the impact of foreign currency fluctuations.

Current wording

The decrease in miscellaneous, net was primarily related to third-party fees of $16.7 million specifically attributable to the Exchange Offer and the impact of foreign currency fluctuations.

Previous wording

For the three months ended March 31, 2026, income tax benefit was $6.7 million, representing an effective rate of 28%, as compared to the federal statutory rate of 21%. The effective rate differed from the federal statutory rate primarily due to state and local income tax expense and tax expense related to non-deductible compensation, partially offset by tax benefit related to foreign-derived deduction eligible income.

Current wording

For the three months ended June 30, 2026, income tax benefit was $4.7 million on a loss from operations before income taxes of $24.4 million, representing an effective rate of 19%. Items resulting in variances from the federal statutory rate of 21% primarily consisted of state and local income tax expense, tax expense related to non-deductible compensation, and tax expense, including interest, related to an increase in uncertain tax positions, partially offset by a tax benefit from foreign operations and a tax benefit related to foreign-derived deduction eligible income.

Previous wording

For the three months ended March 31, 2025, income tax expense was $15.0 million, representing an effective rate of 40%, as compared to the federal statutory rate of 21%. The effective rate differed from the federal statutory rate primarily due to state and local income tax expense, tax expense related to non-deductible compensation, tax expense for shortfalls related to share-based compensation and tax expense for an increase in the valuation allowance for foreign tax credits and losses.

Current wording

For the six months ended June 30, 2025, income tax expense was $31.0 million on income from operations before income taxes of $105.9 million, representing an effective tax rate of 29%. Items resulting in variances from the federal statutory rate of 21% primarily consisted of state and local income tax expense, tax expense related to share-based compensation, tax expense for an increase in the valuation allowance for foreign taxes and tax expense related to non-deductible compensation.

Previous wording

Subscription revenues decreased primarily due to a 15.9% decline in affiliate revenues, partially offset by a 10.7% increase in streaming revenues. Affiliate revenues decreased primarily due to basic subscriber declines, while streaming revenues increased primarily due to the impact of price increases across our services. Revenues related to the Company's streaming services were $173.8 million and $157.1 million for the three months ended March 31, 2026 and 2025, respectively. Streaming subscribers were 10.1 million at March 31, 2026 and 10.2 million at March 31, 2025.

Current wording

Subscription revenues decreased primarily due to a 16.6% decline in affiliate revenues, partially offset by a 6.3% increase in streaming revenues. Affiliate revenues decreased primarily due to basic subscriber declines, while streaming revenues increased primarily due to the impact of price increases across our services. Revenues related to the Company's streaming services were $179.7 million and $169.0 million for the three months ended June 30, 2026 and 2025, respectively.

Previous wording

Selling, general and administrative expenses decreased primarily due to lower marketing expenses associated with lower media spend, partially offset by an increase in legal fees in the first quarter of 2026.

Current wording

Selling, general and administrative expenses increased primarily due to higher marketing expenses associated with increased media spend for the premiere season of The Audacity, an increase in corporate allocated employee related costs and an increase in legal fees, partially offset by lower committed advertising spend with customers from contract renewals.

Previous wording

The decrease in segment adjusted operating income was primarily attributable to the continued revenue declines in our linear businesses and an increase in technical and operating expenses (excluding depreciation and amortization).

Current wording

The decrease in segment adjusted operating income was primarily attributable to lower content licensing and other sales, the continued revenue declines in our linear businesses, an increase in technical and operating expenses (excluding depreciation and amortization), and an increase in media spend.

Previous wording

Advertising revenues increased 3.4% primarily due to the favorable impact of foreign currency translation. Excluding the impact of foreign currency translation, advertising revenues decreased 4.6% primarily from lower ratings mainly in the U.K.

Current wording

Advertising revenues increased 13.0% primarily due to 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 revenues increased 11.1%.

Previous wording

Subscription revenues increased 3.7% primarily due to the favorable impact of foreign currency translation. Excluding the impact of foreign currency translation, subscription revenues decreased 5.3% primarily from the wind-down of a joint venture held by our U.K. business with operations in EMEA.

Current wording

Subscription revenues increased 1.3% primarily due to the favorable impact of foreign currency translation. Excluding the impact of foreign currency translation, subscription revenues decreased 4.3% primarily from the wind-down of a joint venture that operated primarily in Poland and Africa.

Previous wording

Technical and operating expenses (excluding depreciation and amortization) increased 7.8% due to higher program rights amortization driven by the unfavorable impact of foreign currency translation. Excluding the impact of foreign currency translation, technical and operating expenses (excluding depreciation and amortization) decreased 2.1% primarily due to lower other direct programming costs.

Current wording

Technical and operating expenses (excluding depreciation and amortization) increased 5.7% due to higher program rights amortization driven by the unfavorable impact of foreign currency translation. Excluding the impact of foreign currency translation, technical and operating expenses (excluding depreciation and amortization) decreased 0.9%.

Previous wording

Selling, general and administrative expenses increased 16.0% primarily due to the unfavorable impact of foreign currency translation. Excluding the impact of foreign currency translation, selling, general and administrative expenses increased 5.3%.

Current wording

Selling, general and administrative expenses increased 8.3% primarily due to an increase in revenue share fees and commissions in the U.K. driven by the outperformance of advertising in the fourth quarter of 2025 that has since returned to normal levels and the unfavorable impact of foreign currency translation. Excluding the impact of foreign currency translation, selling, general and administrative expenses increased 4.6%.

Previous wording

Segment adjusted operating income decreased 44.8% primarily due to lower subscription and advertising revenues, excluding the impact of foreign currency translation.

Current wording

Segment adjusted operating income decreased primarily due to lower subscription revenues and higher selling, general and administrative expenses, excluding the impact of foreign currency translation.

Previous wording

As of March 31, 2026, our cash and cash equivalents balance of $552.1 million included approximately $126.5 million held by foreign subsidiaries. Of this amount, approximately $7.3 million is expected to be repatriated to the United States with the remaining amount continuing to be reinvested in foreign operations. Tax expense related to the expected repatriation amount has been accrued in prior periods and we do not expect to incur any significant, additional taxes related to the remaining balance.

Current wording

As of June 30, 2026, our cash and cash equivalents balance of $464.0 million included approximately $136.5 million held by foreign subsidiaries. Of this amount, approximately $22.5 million is expected to be repatriated to the United States with the remaining amount continuing to be reinvested in foreign operations. Tax expense related to the expected repatriation amount has been accrued and we do not expect to incur any significant, additional taxes related to the remaining balance.

Previous wording

Our primary source of cash is cash flow from operations. Sources of cash also may include, subject to market conditions, access to capital and credit markets. On May 6, 2026, we notified JPMorgan Chase Bank N.A., pursuant to the Credit Agreement, that we would repay the $80.0 million remaining balance under the Term Loan A Facility and terminate the Revolving Credit Facility on May 12, 2026. As a public company, we may have access to capital and credit markets, although adverse conditions in the financial markets have in the past impacted, and are expected in the future to impact, access to those markets.

Current wording

Our primary source of cash is cash flow from operations. Sources of cash also may include, subject to market conditions, access to capital and credit markets. As a public company, we may have access to capital and credit markets, although adverse conditions in the financial markets have in the past impacted, and are expected in the future to impact, access to those markets.

Previous wording

Additionally, on February 23, 2026, we commenced the Exchange Offer and related consent solicitation (the “Consent Solicitation”) with respect to our outstanding 2029 Notes. Pursuant to the Exchange Offer, we offered to issue additional 2032 Notes in exchange for any and all of the $875 million aggregate principal amount of 2029 Notes held by eligible holders. In addition, pursuant to the Consent Solicitation, we solicited consents from eligible holders to amend certain of the covenants in the indenture governing the 2029 Notes. For 2029 Notes tendered and not validly withdrawn before 5:00 p.m., New York City time, on March 6, 2026 (the "Early Tender Time"), eligible holders received the “Total Consideration” of $1,065 in aggregate principal amount of 2032 Notes (including an early tender premium of $50 in principal amount of 2032 Notes) for each $1,000 principal amount of 2029 Notes validly tendered and accepted for exchange by the Company. For 2029 Notes tendered after the Early Tender Time and on or before 5:00 p.m., New York City time, on March 23, 2026 (the “Expiration Time”), eligible holders received the “Exchange Consideration” of $1,015 in aggregate principal amount of 2032 Notes for each $1,000 principal amount of 2029 Notes validly tendered and accepted for exchange by the Company. The Total Consideration and Exchange Consideration, as applicable, were reduced by an amount equal to the result of (x) the aggregate amount of accrued and unpaid interest due on the 2032 Notes issued to eligible holders from and including the last interest payment date for the original 2032 Notes to but not including the applicable settlement date less (y) the aggregate amount of accrued and unpaid interest due on the 2029 Notes validly tendered and accepted by the Company from and including the last interest payment date for such 2029 Notes to but not including the applicable settlement date.

Current wording

On February 23, 2026, we commenced the Exchange Offer and related consent solicitation (the “Consent Solicitation”) with respect to our outstanding 2029 Notes. Pursuant to the Exchange Offer, we offered to issue additional 2032 Notes in exchange for any and all of the $875 million aggregate principal amount of 2029 Notes held by eligible holders. In addition, pursuant to the Consent Solicitation, we solicited consents from eligible holders to amend certain of the covenants in the indenture governing the 2029 Notes. For 2029 Notes tendered and not validly withdrawn before 5:00 p.m., New York City time, on March 6, 2026 (the "Early Tender Time"), eligible holders received the “Total Consideration” of $1,065 in aggregate principal amount of 2032 Notes (including an early tender premium of $50 in principal amount of 2032 Notes) for each $1,000 principal amount of 2029 Notes validly tendered and accepted for exchange by the Company. For 2029 Notes tendered after the Early Tender Time and on or before 5:00 p.m., New York City time, on March 23, 2026 (the “Expiration Time”), eligible holders received the “Exchange Consideration” of $1,015 in aggregate principal amount of 2032 Notes for each $1,000 principal amount of 2029 Notes validly tendered and accepted for exchange by the Company. The Total Consideration and Exchange Consideration, as applicable, were reduced by an amount equal to the result of (x) the aggregate amount of accrued and unpaid interest due on the 2032 Notes issued to eligible holders from and including the last interest payment date for the original 2032 Notes to but not including the applicable settlement date less (y) the aggregate amount of accrued and unpaid interest due on the 2029 Notes validly tendered and accepted by the Company from and including the last interest payment date for such 2029 Notes to but not including the applicable settlement date.

Previous wording

On March 25, 2026, we completed the final settlement of the Exchange Offer. As of the Expiration Time, an additional approximately $30.7 million in aggregate principal amount of 2029 Notes was validly tendered in the Exchange Offer. In connection with the final settlement of the Exchange Offer, we issued approximately $31.1 million in aggregate principal amount of 2032 Notes. All 2029 Notes exchanged were cancelled. Following such cancellation, approximately $13.7 million in aggregate principal amount of 2029 Notes remained outstanding as of March 31, 2026.

Current wording

On March 25, 2026, we completed the final settlement of the Exchange Offer. As of the Expiration Time, an additional approximately $30.7 million in aggregate principal amount of 2029 Notes was validly tendered in the Exchange Offer. In connection with the final settlement of the Exchange Offer, we issued approximately $31.1 million in aggregate principal amount of 2032 Notes. All 2029 Notes exchanged were cancelled.

Previous wording

On April 6, 2026, we redeemed of all of our remaining outstanding 2029 Notes, totaling approximately $13.7 million in aggregate principal amount. The 2029 Notes were redeemed at a redemption price equal to 105.125% of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the redemption date.

Current wording

On April 6, 2026, we redeemed all of our remaining outstanding 2029 Notes, totaling approximately $13.7 million in aggregate principal amount. The 2029 Notes were redeemed at a redemption price equal to 105.125% of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the redemption date.

Previous wording

We are currently evaluating our liquidity profile in connection with our consideration of our funding and investment needs. Depending on market conditions, we may purchase, redeem, prepay, refinance, amend, exchange, extend or otherwise retire any amount of our outstanding indebtedness at any time and from time to time, in open market or privately negotiated transactions with the holders of such indebtedness or otherwise. We may decide not to proceed with any such transactions in light of market conditions or other relevant factors and, if we do proceed, the terms of any such transaction would be subject to market and other conditions.

Current wording

We continue to evaluate our liquidity profile in connection with our consideration of our funding and investment needs. Depending on market conditions, we may purchase, redeem, prepay, refinance, amend, exchange, extend or otherwise retire any amount of our outstanding indebtedness at any time and from time to time, in open market or privately negotiated transactions with the holders of such indebtedness or otherwise. We may decide not to proceed with any such transactions in light of market conditions or other relevant factors and, if we do proceed, the terms of any such transaction would be subject to market and other conditions.

Previous wording

Our Board of Directors has authorized a program to repurchase up to $1.5 billion of our outstanding Class A Common Shares (the "Stock Repurchase Program"). The Stock Repurchase Program has no pre-established termination date and may be suspended or discontinued at any time. During the first quarter of 2026, the Company did not repurchase any shares of its Class A Common Stock. As of March 31, 2026, the Company had$117.4 million of authorization remaining for repurchase under the Stock Repurchase Program.

Current wording

Our Board of Directors has authorized a program to repurchase up to $1.5 billion of our outstanding Class A 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. On May 8, 2026, we entered into an accelerated share repurchase agreement (the “ASR Agreement”) with Citibank, N.A. (“Citibank”) to repurchase $30.0 million of our outstanding Class A Common Stock. We are conducting the accelerated share repurchase as part of our Stock Repurchase Program.

Previous wording

For the three months ended March 31, 2025, net cash provided by operating activities primarily resulted from $241.1 million of net income before amortization of program rights, depreciation and amortization, and other non-cash items, partially offset by payments for program rights of $169.6 million. Changes in all other assets and liabilities resulted in a net cash inflow of $37.3 million.

Current wording

For the six months ended June 30, 2026, net cash provided by operating activities primarily resulted from $469.8 million of net income before amortization of program rights, depreciation and amortization, and other non-cash items, partially offset by payments for program rights of $343.1 million. Changes in all other assets and liabilities resulted in a net cash outflow of $2.0 million.

Previous wording

For the three months ended March 31, 2026, net cash provided by operating activities primarily resulted from $230.9 million of net income before amortization of program rights, depreciation and amortization, and other non-cash items, partially offset by payments for program rights of $167.7 million. Changes in all other assets and liabilities resulted in a net cash inflow of $4.3 million.

Current wording

For the six months ended June 30, 2025, net cash provided by operating activities primarily resulted from $510.7 million of net income before amortization of program rights, depreciation and amortization, and other non-cash items, partially offset by payments for program rights of $331.5 million. Changes in all other assets and liabilities resulted in a net cash inflow of $32.4 million.

Previous wording

Net cash used in investing activitiesfor thethree months ended March 31, 2026 and 2025 amounted to$2.7 million and $14.6 million, respectively, and consisted of capital expenditures.

Current wording

Net cash used in investing activitiesfor thesix months ended June 30, 2026 and 2025 amounted to$17.3 million and $22.4 million, respectively, and primarily consisted of capital expenditures.

Previous wording

For the three months ended March 31, 2026, net cash used in financing activities primarily related to taxes paid in lieu of shares issued for equity-based compensation of $6.6 million, principal payments on the Term Loan A Facility of $2.8 million, and payments for financing costs associated with the consent solicitation to amend the indenture governing our 2032 Notes of $2.0 million.

Current wording

For the six months ended June 30, 2026, net cash used in financing activities primarily related to payments on the Term Loan A Facility of $82.9 million, the purchase of treasury stock for $30.0 million, the redemption of our remaining 2029 Notes for $14.4 million, taxes paid in lieu of shares issued for equity-based compensation of $7.1 million and payments for financing costs associated with the consent solicitation to amend the indenture governing our 2032 Notes of $2.0 million.

Previous wording

For the three months ended March 31, 2025, net cash used in financing activities primarily related to principal payments on the Term Loan A Facility of $8.1 million and taxes paid in lieu of shares issued for equity-based compensation of $3.7 million.

Current wording

For the six months ended June 30, 2025, net cash used in financing activities primarily related to open-market repurchases of our Senior Notes of $72.4 million, principal payments on the Term Loan A Facility of $36.3 million and the purchase of treasury stock for $10.3 million.

Previous wording

As of March 31, 2026, our contractual obligations not reflected on the condensed consolidated balance sheets decreased $25.6 million, as compared to December 31, 2025, to $473.4 million. The decrease was primarily related to payments for program rights and third-party service contracts, partially offset by additional program rights commitments.

Current wording

As of June 30, 2026, our contractual obligations not reflected on the condensed consolidated balance sheets increased $91.3 million, as compared to December 31, 2025, to $590.3 million. The increase was primarily related to commitments for marketing and third-party service contracts.

Previous wording

Debt of AMC Global Media as of March 31, 2026 included $13.7 million of 10.25% Senior Secured Notes due 2029, $276.7 million of 4.25% Senior Notes due 2029, $143.8 million of 4.25% Convertible Senior Notes due 2029, and $1,315.1 million of 10.50% Senior Secured Notes due 2032 (collectively, the “notes”). The notes were issued by AMC Global Media and are unconditionally guaranteed, jointly and severally, on an unsecured basis, by each of AMC Global Media's existing and future domestic restricted subsidiaries, subject to certain exceptions (each, a “Guarantor Subsidiary,” and collectively, the “Guarantor Subsidiaries”). The obligations of each Guarantor Subsidiary under its note guarantee are limited as necessary to prevent such note guarantee from constituting a fraudulent conveyance under applicable law. A guarantee of the notes by a Guarantor Subsidiary is subject to release in the following circumstances: (i) any sale or other disposition of all of the capital stock of a Guarantor Subsidiary to a person that is not (either before or after giving effect to such transaction) a restricted subsidiary, in compliance with the terms of the applicable indenture; (ii) the designation of a restricted subsidiary as an “Unrestricted Subsidiary” under the applicable indenture; or (iii) the release or discharge of the guarantee (including the guarantee under the AMC Global Media credit agreement) which resulted in the creation of the note guarantee (provided that such Guarantor Subsidiary does not have any preferred stock outstanding at such time that is not held by AMC Global Media or another Guarantor Subsidiary).

Current wording

Debt of AMC Global Media as of June 30, 2026 included $276.7 million of 4.25% Senior Notes due 2029, $143.8 million of 4.25% Convertible Senior Notes due 2029, and $1,315.1 million of 10.50% Senior Secured Notes due 2032 (collectively, the “notes”). The notes were issued by AMC Global Media and are unconditionally guaranteed, jointly and severally, on an unsecured basis, by each of AMC Global Media's existing and future domestic restricted subsidiaries, subject to certain exceptions (each, a “Guarantor Subsidiary,” and collectively, the “Guarantor Subsidiaries”). The obligations of each Guarantor Subsidiary under its note guarantee are limited as necessary to prevent such note guarantee from constituting a fraudulent conveyance under applicable law. A guarantee of the notes by a Guarantor Subsidiary is subject to release in the following circumstances: (i) any sale or other disposition of all of the capital stock of a Guarantor Subsidiary to a person that is not (either before or after giving effect to such transaction) a restricted subsidiary, in compliance with the terms of the applicable indenture; (ii) the designation of a restricted subsidiary as an “Unrestricted Subsidiary” under the applicable indenture; or (iii) the release or discharge of the guarantee, which resulted in the creation of the note guarantee (provided that such Guarantor Subsidiary does not have any preferred stock outstanding at such time that is not held by AMC Global Media or another Guarantor Subsidiary).