AMC Global Media Swings to a Loss After Walking Dead Settlement

The Tip Desk · November 12, 2026 · 3 min read

Third-quarter net revenues were $566.1 million as an $85 million Walking Dead settlement charge produced a $1.13 a share loss.

AMC Global Media Inc. (AMCX) reported a $41.6 million operating loss for the three months ended September 30, 2026, after an $85 million charge for a Walking Dead legal settlement that was zero a year earlier, when the company posted $55.5 million of operating income.

The television and streaming company recorded the charge in impairment and other charges, which totaled $81.3 million in the quarter. Diluted earnings were a loss of $1.13 a share versus $1.38 of diluted earnings a year earlier. Adjusted EPS, which excludes the settlement and other items, was $0.44.

On September 4, the company settled breach-of-contract claims with Robert Kirkman and other producers tied to The Walking Dead and Fear the Walking Dead. Total consideration was $120 million: $85 million in cash paid September 16, 2026, and $35 million due by January 31, 2027, treated as an advance against Modified Adjusted Gross Receipts participation. A jury trial had been scheduled for October 27, 2026.

Net cash used in operating activities was $42 million. Free cash flow was negative $52.4 million; excluding the one-time settlement payment, the company said free cash flow was $33 million.

Consolidated net revenues were $566.1 million, up 0.8% from $561.7 million a year earlier, after a 9% year-over-year decline in the second quarter. Chief Executive Officer Kristin Dolan said consolidated revenue growth was led by licensing and streaming, with sequential and year-over-year improvements in domestic affiliate and advertising trends.

Domestic Operations revenue was $495.1 million, up 1.9% from $485.7 million a year earlier, after a 3% year-over-year decline in the first quarter. Subscription revenue was $308.4 million. Streaming revenue increased 4% to $181 million, primarily from price increases; excluding ALLBLK in both periods, streaming revenue increased 7%. Affiliate revenue declined 11% to $127 million on basic subscriber declines. Advertising revenue decreased 7% to $102.4 million, primarily due to lower marketplace pricing, partially offset by digital advertising growth. Content licensing and other revenue increased 41.7% to $84.2 million, primarily due to the timing and availability of deliveries.

Domestic Operations segment adjusted operating income decreased 20.6% to $89.1 million, primarily driven by increased technical and operating expenses.

International revenue decreased 5.0% to $73.3 million from $77.1 million a year earlier, or 4% excluding foreign-currency translation, after a 4% year-over-year increase in the second quarter. International subscription revenue decreased 4.2% to $46.1 million, primarily due to the wind-down of a Poland and Africa joint venture and currency. Advertising decreased 6.3% to $24.3 million on a weaker U.K. market, partially offset by digital growth. International segment adjusted operating income decreased 11.8% to $10.5 million.

Adjusted operating income fell 25.4% to $70.4 million from $94.4 million a year earlier.

On August 26, the company sold ALLBLK in a cash transaction and recorded a $3.7 million pre-tax gain. Third-quarter restructuring and other related charges were $2.2 million, including $2.1 million related to the ALLBLK sale. Subsequent to the divestiture, the company entered a long-term content licensing agreement with the buyer.

An accelerated share repurchase with Citibank for $30 million of Class A stock concluded in October, repurchasing 2,817,888 shares. As of September 30, 2026, $87 million of authorization remained under the stock repurchase program.

The company said all seasons of The Walking Dead will be available on AMC+ beginning January 7, 2027, as part of a collection that includes six spin-off series. It also greenlit a Netflix co-production spy drama called Bannerman, a co-produced series Point Break with Alcon Entertainment and StudioCanal, and Happy Jack, a comedy starring Charlie Sheen and Martin Sheen set to premiere on AMC and AMC+ in 2027. Production commenced on Thunder Road, a racing drama produced with NASCAR and starring Dennis Quaid.