Steven Cahal

Steven Cahal from Wells Fargo inquired about the advertising performance in 2025, noting it was below expectations, and sought clarification on the low double-digit guidance for 2026, including the underlying factors and confidence in the outlook. He also asked about the monetization strategy and potential value of The Walking Dead streaming rights returning to AMC Networks.

Answer

CEO Kristin Dolan stated that AMC Networks has a long-standing relationship with Netflix for The Walking Dead, and the returning rights are valuable and a consistent top performer on streaming. She confirmed that the company is in active conversations regarding future monetization and is optimistic about the opportunity. Chief Commercial Officer Kim Kelleher attributed the advertising challenges in the first half of 2025 to an influx of digital inventory and subsequent pricing pressure. She noted that AMC Networks responded with a streaming-first upfront strategy, leading to improved momentum in Q3 and Q4, and is focused on growing streaming, FAST, and AVOD advertising to mitigate linear declines.