AMC Global Media (AMCX) Q3 2026 Earnings Call Transcript

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DATE

Monday, Nov. 9, 2026

CALL PARTICIPANTS

• Senior Vice President Corporate Development and Investor Relations - Nicholas Seibert
• Chief Executive Officer - Kristin Aigner Dolan
• President and Chief Commercial Officer - Kimberly Kelleher
• Chief Content Officer and President of AMC Studios - Dan McDermott
• Chief Financial Officer - Hozefa Lokhandwala

TAKEAWAYS

• Consolidated Revenue -- $566.1 million, representing 0.8% growth driven by licensing and streaming gains.
• Domestic Operations Revenue -- $495.1 million, increasing 1.9% due to the timing and availability of content deliveries.
• Domestic Streaming Revenue -- $181.3 million, growing 4% primarily because of price increases across subscription services.
• Domestic Affiliate Revenue -- $127.1 million, decreasing 11% reflecting basic subscriber declines.
• Domestic Advertising Revenue -- $102.4 million, declining 6.9% due to lower marketplace pricing and a softer market environment.
• Domestic Content Licensing Revenue -- $84.2 million, up 41.7% due to the timing of specific content deliveries during the period.
• International Revenue -- $73.3 million, decreasing 5% following the wind-down of a joint venture in Poland and Africa.
• Adjusted Operating Income -- $70.4 million, declining 25.4% because of higher technical and operating expenses.
• Domestic Adjusted Operating Income -- $89.1 million, representing an 18% margin impacted by increased costs.
• Diluted EPS -- $(1.13), reflecting the impact of a one-time $85 million litigation charge.
• Adjusted EPS -- $0.44, representing performance after excluding the litigation settlement and restructuring charges.
• Free Cash Flow -- negative $52.4 million, including the $85 million cash payment for a legal settlement.
• Walking Dead Settlement -- $120 million total, comprised of an $85 million payment in the third quarter and a $35 million advance due in Jan. 2027.
• ALLBLK Divestiture -- 600,000 subscribers, sold to Macro to focus on other targeted streaming platforms.
• Share Repurchases -- $30 million, used to retire 2.8 million shares through an accelerated share repurchase agreement.
• Cash on Hand -- $440.2 million, following settlement payments and share repurchases.
• Net Debt -- $1.3 billion, representing a leverage ratio of 4.5.
• Full Year Revenue Guidance -- $2.4 billion to $2.45 billion, as management confirmed targets despite the ALLBLK divestiture.
• Full Year AOI Guidance -- $410 million to $420 million, for the 2026 fiscal year.
• Full Year Free Cash Flow Guidance -- approximately $150 million, including the after-tax impact of the litigation settlement.
• Domestic Content Licensing Guidance -- $460 million to $485 million, for the full year with a concentration of revenue in the fourth quarter.
• Walking Dead Library -- 377 episodes, which will be available on AMC+ as part of a consolidated collection starting Jan. 7.

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RISKS

• Lokhandwala stated, "International advertising revenue, excluding FX, decreased 6%, reflecting a softer UK advertising market partially offset by digital advertising growth," indicating regional market weakness.
• Dolan stated that "the theft situation in a lot of the larger countries like Brazil is still challenging," which makes maintaining a stable business model difficult in Latin America.

SUMMARY

AMC Global Media Inc. (NASDAQ:AMCX) reported third quarter results including consolidated revenue growth and the divestiture of its ALLBLK streaming service. Management stated that the company is transitioning its targeted streaming strategy to a unified technology platform to improve retention and cost efficiency. The company finalized a significant legal settlement regarding its Walking Dead franchise and entered into new co-production and licensing agreements with global partners to monetize its intellectual property.

• The company sold its ALLBLK service to Macro, which included a new multiyear content licensing agreement to continue fueling the service's growth.
• CEO Dolan stated that early investments in programmatic, audience targeting, and data capabilities are positioning the company to capture digital advertising budgets shifting into traditional upfront windows.
• Management reported that the weighted agreement term length for affiliate renewals has remained stable at an average of four years.
• The company plans to consolidate its Walking Dead universe on AMC+ starting Jan. 7, providing access to 377 episodes across the original series and six spin-off series.
• A new partnership with Netflix involves the joint funding and ownership of new AMC Studios series, starting with a spy drama titled Bannerman.
• International operations in Central and Northern Europe remain focused on linear sports channels where management indicated streaming penetration is low.

INDUSTRY GLOSSARY

• ALLBLK: A targeted subscription streaming service focused on Black audiences.
• AOI: Adjusted Operating Income, a non-GAAP financial measure used to evaluate segment performance.
• FAST Channels: Free ad-supported streaming television channels.
• AMC+: The company's premium subscription streaming bundle.
• D-to-C: Direct-to-consumer distribution where services are sold directly to the end user.
• Upfront: A period where television networks sell advertising time for the upcoming broadcast season.

Full Conference Call Transcript

Operator: Thank you for standing by, and welcome to the AMC Networks Third Quarter 26 Earnings Conference Call. At this time, all participants are in listen only mode. After the speakers' presentation, there will be a question-and-answer session. To ask a question during this session, you will need to press star 11 on your telephone. If your question has been answered and you would like to remove yourself from the queue, simply press star 11 again. As a reminder, today's program is being recorded. And now I would like to introduce your host for today's program, Nicholas Seibert, senior vice president corporate development and investor relations. Please go ahead, sir.

Nicholas Seibert: Thank you. Welcome to the AMC Global Media third quarter 26 earnings conference call. Joining us on the call today, we have Kristin Aigner Dolan, Chief Executive Officer; Kimberly Kelleher, president and chief commercial officer; Dan McDermott, chief content officer and president of AMC Studios; and Hozefa Lokandwala, chief financial officer. We will begin with prepared remarks, and then we will open the call for questions. Today's call may include certain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 2000. Any such forward looking statements are not guarantees of future performance or results and involve risks and uncertainties that could cause actual results to differ.

Please refer to our filings with the Securities and Exchange Commission for a discussion of risks and uncertainties. The company disclaims any obligation to update any forward looking statements made today. We will discuss certain non GAAP financial measures on this call. Required definitions and reconciliations can be found in the press release we issued this afternoon. Which is available on our website at amcglobalmedia.com. And with that, I would like to turn the call over to Kristin.

Kristin Aigner Dolan: Thank you, Nick, and thanks, everyone, for joining us. We had another busy and productive quarter with meaningful progress across the key areas that drive our business. We saw consolidated revenue growth in the third quarter, led by our licensing and streaming businesses. We also saw sequential and year over year improvements in both domestic affiliate and advertising revenue trends. The third quarter included the settlement of nearly a decade of litigation related to The Walking Dead. We also completed a transaction to sell our ALLBLK streaming service to Macro, a company we have known well and have been investors in for nearly a decade.

Macro founder and CEO Charles King and his team are well positioned to develop and grow ALLBLK for years to come. Hozefa will cover both of these items in greater detail in his remarks. With this sale, we now have 6 targeted streaming services all built for fans of specific types of content. Our strategy is based on offering rich and highly curated experiences complementary to larger and more expensive general entertainment streaming offerings. Operationally, our services run on a unified technology platform with predictable costs. Our programming investments are responsible and focused. This approach gives us significant flexibility in the way we price and package our services.

We are further able to improve our already strong rates of customer retention with attractive annual subscriptions and bundled offers. Both direct to consumer and with partners. Excluding ALLBLK for comparability purposes, retention in the third quarter was consistent with the prior year despite rate events in 2026 across each of our services. The entire media industry is focused on engagement for good reason. But there is a clear distinction between time spent and time well spent. In a world of so many options, our targeted strategy delivers the right content to the right audiences, resulting in time well spent for passionate and engaged fan communities.

In the third quarter, we saw sequential and year over year growth in average viewership hours per active user. And a double digit increase sequentially in total hours watched across our portfolio of services excluding ALLBLK. On our last call, we announced a global co exclusive licensing deal with Netflix for the entire Walking Dead universe making this franchise available to their large global audience. Importantly, this agreement lets us bring the original series to AMC plus for the first time ever. So many successful TV franchises are finding new audiences in streaming, creating the next generation of fans, and further enhancing the value of high quality IP.

On January 7, we will launch the ultimate expression of The Walking Dead universe on AMC plus. Fans new and old will have access to every episode of every series exclusive specials, behind the scenes collections, cast diaries, and more. We recently announced another major development in our expanding partnership with Netflix, an innovative agreement to develop and coproduce new AMC Studios series. Together, we will jointly fund and own these titles and they will be available on both of our platforms.

The first show greenlit under this new construct is a spy drama called Bannerman, Jeff Daniels just joined the cast in a leading role, and we expect to be in production this January with a premiere later in the year. Turning to advertising. We saw continued improvement in our advertising revenue trends in the third quarter. We recently wrapped a successful upfront that underscored strength of our programming and our ability to deliver impactful content integrations to our clients. We leverage this competitive advantage to support premium pricing and secure firm investments across our networks.

The ad market is evolving, We are seeing an increasing portion of digital budget shift to the traditional upfront window, creating a year round buying environment. Our early investments in programmatic, audience targeting, and data capabilities have positioned us to capture these additional advertising dollars outside of the traditional upfront window. We are also seeing significant category strength in political. We have 2 upcoming series that have generated strong interest from a wide variety of top-tier advertisers. Thunder Road, a multigenerational racing drama starring Dennis Quaid that is currently in production in partnership with NASCAR, and Point Break, a series we are coproducing with Alcon Entertainment and Studio Canal based on the cult classic action film.

We have already closed more than a dozen sponsorships and integrations for these shows with more in the works. I would like to close by highlighting the importance of our successful and growing AMC Studios business. We have spent the last 2 decades nurturing creative relationships and building out our production capabilities and expertise. The significance of strong talent relationships has been a topic of discussion in our industry lately. It is fundamental to who we are and what we have been able to achieve. Our studio operation adds valuable IP to our library every year.

It drives our linear channels, targeted streaming services, fast channels, and high impact sales to third parties, including Apple, Netflix, and other partners around world. We produce across the entire spectrum of rights including fully owned originals, coproductions, and productions for third parties. Silo, which has gone on to become a huge hit for Apple TV, is just 1 example of our ability to develop and produce for other platforms. More recently, Netflix bought The Hedlands, a new AMC studio series in development starring Coleman Domingo.

We are having a very active fall with some other notable content highlights, including Kill Jackie starring Catherine Zeta Jones, Yaga, starring Carrie-Ann Moss, Heated Rivalry star Hudson Williams, which is already the biggest AMC plus exclusive series launch ever. The 30th anniversary of FearFest, Acorn TV's An Autumn to Die For, another season of Creepshow on Shudder, Best Christmas Ever, our biggest programming event of the year, is right around the corner. Third season of Anne Rice's Mayfair Witches, which moves to Salem, Massachusetts, will premiere on December 30th, Rise of the Saints produced with the NFL and Skydance Sports arrives in February. Along with a new unscripted series called Cursed Sports.

And there is so much more to come in 2027. We appreciate your time and continued interest in AMC Global Media. Now I would like to turn the call over to Hozefa.

Hozefa Shabbir Lokhandwala: Thank you, Kristin. Before I review our third quarter results, I would like to briefly expand on a couple of recent developments that Kristin mentioned in her remarks. First, we entered into a settlement agreement related to The Walking Dead as disclosed on our Form 8-K filed on September 8. The $120 million settlement payment is comprised of 2 parts. First, an $85 million payment that was paid in the third quarter Second, $35 million advance against future participations will be paid in January. The settlement payment has no impact to adjusted operating income. The third quarter, we sold our ALLBLK streaming service to Macro, a company we have been investors in for many years.

The sale included a new multiyear content licensing agreement which will continue to fuel the growth of ALLBLK, under Macro stewardship. ALLBLK represented approximately 600 thousand streaming subscribers at the time of sale. To accurately reflect the core business trends in our results going forward, we intend to provide comparable growth rates reflecting the divestiture of ALLBLK where relevant. Onto our consolidated results. Consolidated revenue grew 1% in the third quarter. Consolidated AOI was $70 million and free cash flow reflecting the impact of the $85 million litigation settlement was negative $52 million Excluding this onetime payment, free cash flow for the third quarter would have been $33 million Moving to our segment results.

Domestic operations revenue grew 2% in the third quarter, Subscription revenue decreased by 2%, which reflected streaming revenue growth of 4%, an 11% decrease in affiliate revenue. Excluding the revenue contribution from ALLBLK, streaming revenue grew 7% on a comparable basis. Streaming revenue growth reflected price increases across all of our services. We saw a meaningful improvement in our affiliate revenue rate of decline in the third quarter as new agreements and contractual changes took effect. Domestic operations advertising revenue decreased 7% due to a softer advertising market partially offset by continued digital advertising growth. We are seeing continued healthy demand for our content.

Third quarter content licensing revenue was $84 million and reflected the timing of content deliveries in the period. In the third quarter, we started the co exclusive license for the streaming rights to fear the walking dead. In The US. As a reminder, for the full year, we anticipate domestic operations content licensing revenue in the range of $460 million to $485 million. The majority of that revenue will be recognized in the fourth quarter. Regarding adjusted operating income for the quarter, domestic operations AOI was $89 million with an 18% margin. The decrease in AOI was primarily driven by increased technical and operating expenses. Moving to international. International revenue decreased by 5% to $73 million for the third quarter.

Excluding the impact of foreign currency translation, international revenue decreased by 4%. International subscription revenue, excluding FX, decreased 3%, reflecting the impact of the previously disclosed wind down of a joint venture that operated primarily in Poland and Africa. International advertising revenue, excluding FX, decreased 6%, reflecting a softer UK advertising market partially offset by digital advertising growth. International AOI for the third quarter was $11 million with a 14% margin. Turning to the balance sheet. We ended the quarter with $440 million of cash on hand and net debt of approximately $1.3 billion. In October, we completed our previously announced $30 million accelerated share repurchase plan under which we repurchased 2.8 million shares.

Now I will briefly discuss our outlook for 2026. It is important to note that the scope of our outlook had previously contemplated a full year of ALLBLK and that we expect to achieve our guidance for the year despite no longer benefiting from the inclusion of ALLBLK's results going forward. As such, for the full year 2026, we anticipate consolidated revenue in the range of $2.4 billion to $2.45 billion and adjusted operating income in the range of $410 million to $420 million. From where we sit today, we continue to anticipate free cash flow of approximately $150 million including the after tax impact of the onetime $85 million settlement payment I reviewed earlier in my remarks.

As we get closer to the end of the year, it is worth mentioning that the variability in the timing of cash payments and receipts can cause free cash flow shift from 1 quarter to another in any given period. Before I close, I would like to echo Kristin's remarks regarding the power and impact of our content and studio. We are building on decades of experience and momentum at AMC Studios to unlock new opportunities across the full spectrum of rights. Great content is at the core of this company.

Whether that is fully owned IP, and beloved franchises, an innovative new approach to co productions, or how we are just beginning to capitalize on the growing opportunity to produce for others. AMC Global Media is taking advantage of the competitive edge we have as a studio owner. We remain focused on the broad distribution and monetization of the compelling high quality content that fuels our business. We will be prudent in balancing healthy free cash flow generation with the right programming investment levels to support the business. We will be thoughtful and opportunistic when it comes to capital allocation.

Maintaining our focus towards the longer term strength of the balance sheet and continuing to prioritize gross debt reduction over M&A and share repurchases. With that, I will now hand the call back to Nick and begin our Q&A.

Nicholas Seibert: Thanks, Hozefa. Operator, please open the line for Q&A.

Operator: Certainly. Our first question for today comes from the line of Steven Cahall from Wells Fargo. Your question, Kristin, thank you for the comments on advertising improving.

Steven Cahall: I was wondering if you could just unpack that a little more. Is the advertising improvement coming from the impressions you are delivering? Are you seeing some firmer I know you have worked hard on combining sort of linear and dynamic advertising. So we just love to understand that bit of the portfolio better. And then on the AOA guidance for the year, I am not certain about this, but I think ALLBLK might have been losing a little bit of money, and I know you did not change the AOI guidance for the year. At least I do not think you did. So just wanted to check-in if anything changed in the underlying performance of the business. Thank you.

Kristin Aigner Dolan: Great. Thanks, Steven. Yes. The early investments that we did have in programmatic, addressable, and data capabilities are definitely helping us really be positioned to catch the shift from traditional to digital demand. And so we are seeing that. But at the same time, you know, our ratings are continuing to be, you know, positive for particularly up on BBC America, IFC, and WE TV. So you have that in the digital growth. And then, you know, I will flip it to Kimberly just to talk about the overall trend improvements in third quarter.

Kimberly Kelleher: Yeah. As Kristin was saying, Steven, it is it is worth highlighting that we were really early and aggressive with our investments in programmatic audience targeting and our data capabilities. And that is really now positioning us to capture the growing digital demand. We did see some early impact from Q3 political advertising that was very much in the digital space. We were able to capitalize on that on that growth, which we will see into Q4 in October timing, due to the fact that we have made most of our linear impressions addressable. So that flexibility with the digital flexibility that they were looking for, we were able to carry through to our linear inventory.

Kristin Aigner Dolan: And then on your ALLBLK question, I would say, you know, we. When we started the service, we began with 60 thousand subscribers. We grew that 10-fold to 600 thousand subscribers. We were really quite diligent and careful in our investment expense programming. But, really, what we were seeing as we got further into it was that the, content that we are putting on from WE TV was really driving a lot of the viewership, and then we launched all reality. And so with the macro team, they are, you know, they are very focused on this particular audience.

We think they can take it to the next level with more scripted series because they have the machine that can drive the real attention of the black audience. As far as the actual accounting of it, I am gonna ask Hozefa, but Thanks, Kristin.

Hozefa Shabbir Lokhandwala: We have not disclosed details on the transaction, but I will say that ALLBLK was profitable. And, you know, on sort of the underlying business there is no change. Thank you.

Operator: Thank you. Thank you. And our next question comes from the line of David Karnovsky from JPMorgan. Your question please.

David Karnovsky: Hi. Maybe just following up on the advertising, Kristin, you kind of talked to I suppose, this is within cable, more of the market moving to versus upfronts.

Analyst: Just maybe you can unpack the drivers. What does that mean? Over the medium term as you kind of reposition to a full selling cycle throughout the year? And then second question, just like when you look at your streaming services, just what opportunity do you see right now to expand distribution as maybe some other platforms look to wider than their channel offerings, and then within that, they are bundles.

Kristin Aigner Dolan: Can you. I am sorry. Can you say that again, David? We are having a little trouble hearing you.

David Karnovsky: Just a second question on streaming. Sure. On streaming, it was just what opportunity you see to expand distribution of your of your services as potentially others look to open channel stores or drive more bundles?

Kristin Aigner Dolan: Alright. I will answer the second 1, and then I will let Kimberly speak to the advertising. So constantly looking ways to expand our distribution. We are big believers, as you know, in the hard bundled model with partners like Charles and Philo. But we are also in the process of relaunching our services with a more consistent front end using the capabilities that we augmented Shutter with last year, and now we are on the verge of relaunching AMC plus with more advanced capabilities. So, d to c becomes more interesting for us again because we have spent the last couple years getting a unified platform and a consistent, cost to serve across the streaming services.

But then we are really in every major. You know, we are with every equipment manufacturer all the big ones on every, you know, retail platform that most people go to or on things like Peloton. I mean, we are really constantly looking for any avenue, particularly because the targeted streaming services that we focus on versus the broad based entertainment services really do have very specific audiences so we can help look for ways that might be nontraditional to partner and distribute the streaming services to those very specific targeted audiences.

So there is anything you think we are missing as far as distribution partners, I would love any inputs, but I it is something we think about pretty much every day. So it is it is a good combination of wholesale, retail, and d to c in the. As well as bundles.

Operator: And on the first part of your question, I do think we are seeing scatter in a much more kind of robust way than we have for the last couple years, to be honest, David.

Kimberly Kelleher: A lot of it, though, is tied very specifically to the fact that we are we are in our Super Bowl period with FearFest and all our robust core kind of programming right into Best Christmas Ever in Q4, so we are looking to continue that on. We. We are very pleased with the upfront results but it is nice to see the robustness and the fill rate associated with the digital inventory continue on as strongly as they have.

Kristin Aigner Dolan: Thank you.

Operator: Thank you. Thank you. As a reminder, ladies and gentlemen, if you do have Our next question comes from the line of Sean Diffley from Morgan Stanley. Your question please.

Sean Diffley: Great. Thanks very much. 2 if I may. First on the marketing plan for The Walking Dead coming to AMC plus in January. Curious what your go to market's gonna be there. Obviously, people can still watch it on Netflix, but how do you plan to attack people that maybe are not on Netflix? And then second on affiliate, was wondering if you could give us any breakdown in terms of the subscriber declines versus pricing. It seems like Pay TV ecosystem sub declines may be getting a little less bad from others. I am curious if you guys are seeing the same. Thanks very much.

Kristin Aigner Dolan: Great. I will start with The Walking Dead. So, obviously, it is huge for us to have about 377 episodes for the series for all of the different iterations So, you know, we are definitely gonna be pushing the tonnage equation, and we have a lot of just across every. A lot of the other you know, series and content that we have, but The Walking Dead in particular is very you know, closely associated with AMC and now with AMC plus. And then we have a lot of extra content from all the. Not just the regular spin offs, but, you know, behind the scenes and a bunch of different studio content that we have recorded over the years.

So that will be in included. And then, obviously, we will have the final season of Daryl Dixon. Coming up, you know, that we are gonna put a lot of tonnage behind that as well. But I think, you know, there is there is a lot with this series around, you know, multigenerational viewing. Around just the postapocalyptic point of view that is still featured on a lot of shows So we feel like having a destination and then looking at opportunities for, you know, special offers like we just did, you know, earlier this year, a $29.99 annual for AMC plus.

Like, the combination of having this beloved franchise fully on air along with of the other supplemental programming that we have done across the Anne Rice universe and other places make it a really. We are we are very excited about the first quarter this year. I will say that. Dan, you wanna add anything?

Dan McDermott: The only thing I would say is, The Walking Dead universe is an evergreen franchise. Franchise for us. It. The audience expands with every new generation that finds it. And we have lots of plans to keep, new series coming in this universe, well into the future.

Hozefa Shabbir Lokhandwala: Sorry, Sean. What was the second question? Just on the affiliate, revenue trends. Maybe just any breakdown on subscriber declines versus rate. I know you have had some renewals, but are you seeing any plateauing in the pay TV ecosystem Fox, for example, has called out some improvement there. Curious if you are seeing that as well. Maybe only commentary I would give you there without getting into stuff that we do not disclose is that the Q3 rate of decline improved due to new agreements and contractual changes that we commented on. And then, you know, we expect the full year rate decline as we talked about to look similar to 2025.

Kristin Aigner Dolan: And I would actually just add to that our weighted agreement term length has not gone down. So we are still averaging about 4 years. In our renewals. Thank you very much.

Operator: Thank you. And our next question comes from the line of Charles Wilber from Guggenheim Securities. Your question please.

Charles Wilber: Hi. Yes. I just was hoping you could you expand upon, the economics of the, new coproduction agreements that you announced and outlined there with Netflix and Alcon and Studio Canal. Just kinda how you see those co productions, going forward and what changes from an economic sense, versus your kind of your existing production. Thank you.

Kristin Aigner Dolan: Well, you know, there is there is lots of value we get out of partnering. With various platforms and other studios around. I would say, you know, just answering the Netflix question, you know, it is. We have a very attractive partner model with a great partner in Netflix that allows us to reduce our programming cash investment and support our core business while still allowing for that shared long term upside. So, you know, the near term monetization is across our own platforms. And the long term licensing opportunity comes after both parties' initial license period ends. And then revenue flows through waterfall, costs are recouped, and profits are shared. So that is that is very appealing to us.

And then on the, on the international coproduction, like with Alcon and Studio Canal, again, you know, the value of an international copro is that we share in the cost of creation of the asset. Then we monetize it in our respective territories and jointly own the asset in perpetuity. So, you know, it is a significantly greater upside for us than if we just fully finance to show and then work to sell it off internationally piecemeal. So, you know, what we are seeing is multiple partners around the world want to join up, with us and, you know, and others.

Yeah. it is it is just an attractive business model that I think there is a lot of people that are engaging in, and we are doing it more and more.

Operator: And our next question comes from the line of David Joyce from Seaport Research Partners. Your question please.

David Joyce: You. In thinking about your international, you know, business what are the pros and cons of maintaining the network infrastructure versus moving more to a licensing model? Just. And to see where you are on that and how things could be evolving given you have got these new, you know, streaming related injections strategies, and what have you.

Kristin Aigner Dolan: So I will I will give it a shot, David. You know, the countries that we are we are very heavily focused on are predominantly Iberia, so we are in Spain and Portugal there. We have 15 linear channels there. We have usually, we are in the top view as far as most viewed within the country. And Spain and Portugal are slightly, they are a little bit different than the US in the sense that everybody overbuilds everybody. And Netflix is there and a few other streaming services are there. But it is not nearly as prevalent as it is in The US.

So the traditional business model still performs quite well for us particularly because we have some of the most highly viewed channels in the. In both of those countries. Then when you move to central Northern Europe, we are predominantly sports services there. So Sport1 and Sport2 in the countries where we operate are the most popular and most viewed linear sports channels in those countries. there is very little streaming. central Northern Europe.

So between our local channels in cooking and, you know, in lifestyle on top of the sports that we do there, we feel confident that, you know, again, it is probably 15 or 20 years different than what it was in The US when it comes to those markets. Like, the broadband is strong and the capabilities are strong, but the government subsidizes a lot of the content. So you get full cable bundle in those countries for $20 a month. So there is really not a lot of push to drive incremental content because you can get so much for your dollar.

The UK, I think everybody knows, is a little bit of a of a hybrid. there is a variety of things going on over there, but we like being on the ground and partnering you know, with Sky and with ITV and some of the other folks in The UK and we are gonna continue to do that and then Latam is. You know, that is that is sort of the Wild West, I think, for a lot of the companies in that it is a very high growth marketplace. there is a lot of eyeballs, a lot of advertising dollars to be made, but the theft situation in a lot of the larger countries like Brazil is still challenging.

So it makes it a hard business model more because we cannot guarantee that we are gonna get paid for everything that we are doing because there is there is just a lot of theft in those marketplaces. So you know, we focus on the traditional business where it makes the most sense in these areas, and then, you know, luckily, we have all the opportunistic things we have been doing in The US for the past you know, 5 to 8 years. So we are able to learn from that and imbue our learnings from what is going on in The US to our strategies and use those to inform our go forward plans in the other countries.

All right. Thanks for the update.

Operator: Thank you. This does conclude the question-and-answer portion of today's program. I would like to hand the program back to Nicholas Seibert for any further remarks.

Nicholas Seibert: Thank you all for joining us today. We appreciate your interest in AMC Global Media. Have a nice day.

Operator: Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

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