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In the first quarter of 2026, AMC Global Media, formerly known as AMC Networks, navigated a complex financial landscape, reporting a significant $4 million restructuring charge while simultaneously achieving an 11% surge in streaming revenue. This financial snapshot reflects a company in transition, balancing strategic adjustments with growth in key digital sectors. Despite a modest reduction in total streaming subscribers, the company remains confident in its long-term strategy, particularly highlighting the potential of its content licensing ventures.

During the January to March quarter, AMC Global Media observed a 1% year-over-year decrease in its direct streaming subscriber base, settling at 10.1 million. However, this figure does not encompass the substantial growth in ad-supported AMC+ hard-bundle agreements, which remarkably escalated by 200% year-over-year to 1.8 million. This dual trend suggests a strategic pivot towards diversified subscriber acquisition models. Moving forward, the company has indicated a shift in its reporting practices, opting not to disclose regular quarterly updates on streaming subscriber numbers.

The company's diverse streaming portfolio includes well-known platforms such as AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK, HIDIVE, and the recently launched All Reality. Beyond streaming, AMC maintains a strong presence in linear television with channels like AMC, BBC AMERICA, IFC, SundanceTV, and We TV. Its operational scope also extends to film distribution through Independent Film Company and RLJE Films, the latter of which was fully acquired in the fourth quarter, alongside its in-house production arm, AMC Studios.

The increase in streaming sales to $174 million for the first quarter was primarily driven by recent price adjustments across its various platforms. Conversely, U.S. ad sales experienced a 5% decline to $113 million, and affiliate revenues dropped by 16% to $131 million. Content licensing sales also saw a slight decrease of 2%, reaching $53 million. International operations recorded a 3% overall sales reduction to $72 million, with subscription revenue increasing by 4% (though this becomes a 5% decrease when adjusted for foreign currency fluctuations) and ad sales rising by 3% (which similarly becomes a dip without the favorable exchange rate impact).

The $4 million restructuring charge incurred during the quarter was largely attributed to a voluntary buyout program for U.S. employees, accounting for approximately $3 million. An additional $2 million was linked to an international restructuring plan, primarily involving office closures in Latin America. Financial analysts, as per LSEG consensus data, had projected earnings per share (EPS) of 21 cents on $543 million in revenue. AMC Global Media reported an EPS of 8 cents, which transforms into a loss of 43 cents per share when excluding favorable adjustments for these one-time charges, with revenue aligning closely at $542 million. The company's free cash flow for the quarter stood at a healthy $64.8 million.

Kristin Dolan, CEO of AMC Global Media, expressed confidence in the company's trajectory, emphasizing its consistent double-digit growth in streaming revenue and robust free cash flow generation. She affirmed that the company is on track to meet its financial outlook for the year, highlighting its distinct strategy as a studio-driven entity that owns world-class intellectual property and leverages a broad distribution network across both proprietary and partner platforms.