AMC NetworksNASDAQ_AMCX_2023(10-K).pdf

《AMC NetworksNASDAQ_AMCX_2023(10-K).pdf》由会员分享，可在线阅读，更多相关《AMC NetworksNASDAQ_AMCX_2023(10-K).pdf（142页珍藏版）》请在三个皮匠报告上搜索。

1、UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON,D.C.20549 FORM 10-KAnnual report pursuant to Section 13 or 15(d)of the Securities Exchange Act of 1934For the fiscal year ended December 31,2023orTransition report pursuant to Section 13 or 15(d)of the Securities Exchange Act of 1934For the t

2、ransition period from to Commission File Number:1-35106AMC Networks Inc.(Exact name of registrant as specified in its charter)Delaware 27-5403694(State or other jurisdiction ofincorporation or organization)(I.R.S.EmployerIdentification No.)11 Penn Plaza,New York,NY 10001(Address of principal executi

3、ve offices)(Zip Code)(212)324-8500(Registrants telephone number,including area code)Securities registered pursuant to Section 12(b)of the Act:Title of each classTrading Symbol(s)Name of each exchange on which registeredClass A Common Stock,par value$0.01 per shareAMCXThe NASDAQ Stock Market LLCSecur

4、ities registered pursuant to Section 12(g)of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer,as defined in Rule 405 of the Securities Act.Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d)of the Act.Ye

5、s No Indicate by check mark whether the registrant(1)has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of1934 during the preceding 12 months(or for such shorter period that the registrant was required to file such reports),and(2)has been subject tosuch f

6、iling requirements for the past 90 days.Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T(232.405 of this chapter)during the preceding 12 months(or for such shorter period that

7、the registrant was requiredto submit such files).Yes No 2025/2/11 20:00amcx-20231231https:/www.sec.gov/Archives/edgar/data/1514991/000151499124000007/amcx-20231231.htm1/142Indicate by check mark whether the registrant is a large accelerated filer,an accelerated filer,a non-accelerated filer,a smalle

8、r reporting companyor an emerging growth company(as defined in Exchange Act Rule 12b-2).Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth companyIf an emerging growth company,indicate by check mark if the registrant has elected not to use the exten

9、ded transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a)of the Exchange Act.Indicate by check mark whether the registrant has filed a report on and attestation to its managements assessment of the effectiveness of itsinternal contro

10、l over financial reporting under Section 404(b)of the Sarbanes-Oxley Act(15 U.S.C.7262(b)by the registered public accountingfirm that prepared or issued its audit report.If securities are registered pursuant to Section 12(b)of the Act,indicate by check mark whether the financial statements of the re

11、gistrant includedin the filing reflect the correction of an error to previously issued financial statements.Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrants executive off

12、icers during the relevant recovery period pursuant to 240.10D-1(b).Indicate by check mark whether the registrant is a shell company(as defined in Rule 12b-2 of the Exchange Act).Yes No The aggregate market value of the registrants common stock held by non-affiliates of the registrant,computed by ref

13、erence to the closing price ofa share of common stock on June 30,2023(the last business day of the registrants most recently completed second fiscal quarter)wasapproximately$372 million.The number of shares of common stock outstanding as of February 2,2024:Class A Common Stock par value$0.01 per sha

14、re32,077,134 Class B Common Stock par value$0.01 per share11,484,408 DOCUMENTS INCORPORATED BY REFERENCE:Certain information required in Item 10 through Item 14 of Part III of this Annual Report on Form 10-K is incorporated herein by reference to theRegistrants definitive Proxy Statement for its 202

15、4 Annual Meeting of Stockholders,which shall be filed with the Securities and ExchangeCommission pursuant to Regulation 14A of the Securities Exchange Act of 1934,as amended,within 120 days of the Registrants fiscal year end.2025/2/11 20:00amcx-20231231https:/www.sec.gov/Archives/edgar/data/1514991/

16、000151499124000007/amcx-20231231.htm2/142TABLE OF CONTENTS PageFORWARD-LOOKING STATEMENTS4Part IItem 1.Business5Item 1A.Risk Factors20Item 1B.Unresolved Staff Comments34Item 1C.Cybersecurity34Item 2.Properties35Item 3.Legal Proceedings35Item 4.Mine Safety Disclosures36Part IIItem 5.Market for Regist

17、rants Common Equity,Related Stockholder Matters and Issuer Purchases of EquitySecurities37Item 6.Reserved38Item 7.Managements Discussion and Analysis of Financial Condition and Results of Operations39Item 7A.Quantitative and Qualitative Disclosure About Market Risk56Item 8.Financial Statements and S

18、upplementary Data57Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure57Item 9A.Controls and Procedures57Item 9B.Other Information58Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections58Part IIIItem 10.Directors,Executive Officers and Co

19、rporate Governance59Item 11.Executive Compensation59Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters59Item 13.Certain Relationships and Related Transactions,and Director Independence59Item 14.Principal Accountant Fees and Services59Part IVItem 15

20、.Exhibits and Financial Statement Schedules60Item 16.Form 10-K Summary60SIGNATURES6432025/2/11 20:00amcx-20231231https:/www.sec.gov/Archives/edgar/data/1514991/000151499124000007/amcx-20231231.htm3/142FORWARD-LOOKING STATEMENTSThis Annual Report on Form 10-K contains statements that constitute forwa

21、rd-looking information within the meaning of thePrivate Securities Litigation Reform Act of 1995.In this Annual Report on Form 10-K there are statements concerning our futureoperating results and future financial performance.Words such as expects,anticipates,believes,estimates,may,will,should,could,

22、potential,continue,intends,plans and similar words and terms used in the discussion of future operatingresults and future financial performance identify forward-looking statements.You are cautioned that any such forward-lookingstatements are not guarantees of future performance or results and involv

23、e risks and uncertainties and that actual results ordevelopments may differ materially from the forward-looking statements as a result of various factors.Factors that may cause suchdifferences to occur include,but are not limited to:the level of our revenues;market demand,including changes in viewer

24、 consumption patterns,for our programming networks,our subscriptionstreaming services,our programming,and our production services;demand for advertising inventory and our ability to deliver guaranteed viewer ratings;the highly competitive nature of the cable,telecommunications,streaming and programm

25、ing industries;the cost of,and our ability to obtain or produce,desirable content for our programming services,other forms ofdistribution,including digital and licensing in international markets,as well as our film distribution businesses;market demand for our owned original programming and our film

26、 content;the loss of any of our key personnel and artistic talent;the impact of strikes,including those related to the Writers,Directors,and Screen Actors guilds;the security of our program rights and other electronic data;our ability to maintain and renew distribution or affiliation agreements with

27、 distributors;economic and business conditions and industry trends in the countries in which we operate,including increases ininflation rates and recession risk;fluctuations in currency exchange rates and interest rates;changes in domestic and foreign laws or regulations under which we operate;chang

28、es in laws or treaties relating to taxation,or the interpretation thereof,in the United States or in the countries inwhich we operate;the impact of existing and proposed federal,state and international laws and regulations relating to data protection,privacy and security,including the European Union

29、s General Data Protection Regulation(GDPR),the CaliforniaConsumer Privacy Act(CCPA)and other similar comprehensive privacy and security laws that have been or may beenacted in other states;our substantial debt and high leverage;reduced access to,or inability to access,capital or credit markets,or si

30、gnificant increases in costs to borrow;the level of our expenses;future acquisitions and dispositions of assets;our ability to successfully acquire new businesses and,if acquired,to integrate,and implement our plan with respect tobusinesses we acquire;problems we may discover post-closing with the o

31、perations,including the internal controls and financial reportingprocess,of businesses we acquire;uncertainties regarding the financial results of equity method investees,issuers of our investments in marketable equitysecurities and non-marketable equity securities and changes in the nature of key s

32、trategic relationships with partners andjoint ventures;the outcome of litigation,arbitration and other proceedings;whether pending uncompleted transactions,if any,are completed on the terms and at the times set forth(if at all);financial community and rating agency perceptions of our business,operat

33、ions,financial condition and the industry inwhich we operate;the impact of pandemics or other health emergencies on the economy and our business;events that are outside our control,such as political unrest in international markets,terrorist attacks,natural disasters andother similar events;andthe fa

34、ctors described under Item 1A,Risk Factors in this Annual Report.We disclaim any obligation to update or revise the forward-looking statements contained herein,except as otherwise requiredby applicable federal securities laws.2025/2/11 20:00amcx-20231231https:/www.sec.gov/Archives/edgar/data/1514991

35、/000151499124000007/amcx-20231231.htm4/14242025/2/11 20:00amcx-20231231https:/www.sec.gov/Archives/edgar/data/1514991/000151499124000007/amcx-20231231.htm5/142Part IItem 1.Business.AMC Networks Inc.is a Delaware corporation with its principal executive offices located at 11 Penn Plaza,New York,NY100

36、01.AMC Networks Inc.is a holding company and conducts substantially all of its operations through its majority owned orcontrolled subsidiaries.Unless the context otherwise requires,all references to we,our,us,AMC Networks or theCompany refer to AMC Networks Inc.,together with its subsidiaries.AMC Ne

37、tworks Inc.refers to AMC Networks Inc.individually as a separate entity.Our telephone number is(212)324-8500.AMC Networks Inc.was incorporated on March 9,2011 as an indirect,wholly-owned subsidiary of Cablevision SystemsCorporation(Cablevision Systems Corporation and its subsidiaries are referred to

38、 as Cablevision).On June 30,2011,Cablevisionspun off the Company,and AMC Networks Inc.became an independent public company.OVERVIEWAMC Networks is a global entertainment company known for its popular and award-winning content.We distribute ourcontent to audiences globally on an array of distribution

39、 platforms,including linear networks,subscription streaming services andother ad-supported streaming platforms,as well as through licensing arrangements.We have an extensive library of television andfilm properties,including several storied franchises such as The Walking Dead Universe,the Anne Rice

40、catalog,and the AgathaChristie library that are well-known to global audiences.We have operated in the entertainment industry for more than 40 years,and over that time we have created targeted andfocused video entertainment products that we own and operate and that are powered by distinguished brand

41、s,including AMC,AMC+,BBC AMERICA(which we operate through a joint venture with BBC Studios),IFC,SundanceTV,WE tv,Acorn TV,Shudder,Sundance Now,ALLBLK,HIDIVE and IFC Films.Our distinctive,critically-acclaimed content spans multiple genres,including drama,documentary,comedy,reality,anime,anthology,fea

42、ture film and short form.Our content and our brands are wellknown and well regarded by our key constituents our viewers and subscribers as well as distributors and advertisers.Ournetwork,streaming and show brands have developed strong,dedicated followings within their respective targeted demographic

43、s,increasing their value to our key constituents.Through our AMC Studios in-house studio,production and distribution operation,weown and control a significant portion of the original scripted series that we deliver to viewers on our linear and streamingplatforms.Our ability to produce and own high q

44、uality content has provided us with the opportunity to license our owned contentto leading third-party platforms.Our owned content as well as the content that we license is distributed domestically andinternationally across linear networks,digital streaming services,home video and syndication.Intern

45、ationally,we deliver programming that reaches subscribers in approximately 110 countries and territories around theworld.The international division of the Company,AMC Networks International(AMCNI),consists of our premier AMC globalbrand as well as a portfolio of popular,locally recognized brands del

46、ivering programming in a wide range of genres.AMC Networks also operates a film distribution business that distributes independent narrative and documentary films underthree distinct film brands:IFC Films,RLJ Entertainment Films(RLJE Films)and Shudder.The IFC Films brand in particular isknown for at

47、tracting high-profile talent and distributing films that regularly garner critical acclaim and industry honors,includingnumerous Academy Award,Golden Globe,and Cannes Film Festival Award winning titles,and has been behind some of the mostculturally impactful and successful independent film and docum

48、entary releases of all time.The film distribution business alsooperates IFC Films Unlimited,a subscription streaming service comprised of a broad range of theatrically-released and awardwinning titles from its distribution labels.StrategyOur strategy is to create,showcase and curate high-quality,bra

49、nd-defining content that appeals to distinct audiences as weaim to maximize the distribution,advertising and content licensing revenue of each of our branded services.Our strategic areas of focus are:Continued Development of High-Quality Original Content including Owned and Controlled Content and Va

50、luable IP.Weintend to continue to develop strong high-quality original content across our linear networks and streaming services to optimize ourdistribution,advertising and content licensing revenue,further enhance our brands,strengthen our engagement with our viewers,subscribers,distributors and ad

51、vertisers,and to build viewership and attract and retain subscribers for our streaming services.AMC Networks wholly-owned or majority-controlled library includes more than 7,500 episodes and nearly 1,500 films,aswell as more than 20,000 episodes of highly localized unscripted lifestyle content from

52、our AMCNI business.In addition,we havestoried titles and brands known to global audiences,such as The Walking Dead and the Anne Rice catalog,and we own a majorityinterest in the Agatha Christie library.52025/2/11 20:00amcx-20231231https:/www.sec.gov/Archives/edgar/data/1514991/000151499124000007/amc

53、x-20231231.htm6/142By leveraging our library of titles and original content,we are able to enrich the content mix across all of our linear andstreaming platforms.As content licensing deals with third parties expire,hundreds of hours of our popular and acclaimed showsand films become exclusive conten

54、t in our owned and controlled library,which we can then utilize across our various services orre-license to third parties,including critically acclaimed hit series,such as Halt and Catch Fire,Turn:Washingtons Spies,andRectify,as well as all 11 seasons of The Walking Dead and all eight seasons of Fea

55、r the Walking Dead to be discovered andrediscovered by viewers and subscribers,driving growth and value across our portfolio.Multi-Platform Distribution Approach to Content Monetization and Distribution while Growing Streaming Offerings andTargeted Brands.We distribute our content across an array of

56、 distribution platforms,including our own linear networks at cost-effective rates,subscription streaming services and ad-supported streaming platforms,as well as through licensing arrangementswith other distributors and platforms so that our viewers can access our content where,when and how they wan

57、t to watch it.As partof our strategy,we are aiming to expand distribution of our services and content in order to increase our total addressable market.To that end,we have partnerships with all major streaming services and digital platforms,including Netflix,Hulu,Apple TV,Amazon Prime and Roku,to ma

58、ke our content available on various platforms permitting subscribers to access programs at theirconvenience,including electronic-sell-through(EST)and physical(DVD and Blu-ray)formats.We also have agreements withtraditional MVPDs,such as Comcast,Charter,DirectTV,Dish,Verizon and Cox,and virtual MVPDs

59、,such as Philo,YouTube TV,Sling and DirectTV Stream,as well as Connected TV solutions including Samsung Smart TV,Vizio,LG and XumoTV.We aim toprovide similar content across our traditional and streaming offerings.Our targeted streaming strategy is to serve distinct audiences and build loyal and enga

60、ged fan communities around eachservice.With our targeted approach,we are serving audiences with streaming offerings that are companions to(rather thancompetitive with)the larger general entertainment streaming services.As we assess the optimal level and mix of programmingacross our platforms,we will

61、 prioritize curation to provide compelling offerings that aim at maximizing subscriber engagement andretention.We have launched several of our services,most notably AMC+,Acorn TV,Shudder and HIDIVE,in key international markets,including Canada,parts of Europe,Australia and New Zealand.We will contin

62、ue to be opportunistic in determining the mostoptimal monetization strategy for new international markets.Growth and Innovation in Advertising and Advertising Technologies.We continue to leverage our high-quality popular contenton our networks to optimize our advertising revenue.In addition,we are e

63、mbracing an array of new advertising opportunities,including an expanding and robust presence on free ad-supported streaming(FAST)and advertising video on demand(AVOD)platforms.We currently have a total of 17 active distinct channels featuring our content,in different configurations,across majorFAST

64、 platforms,such as Pluto TV,Tubi,Plex,Sling TV and Samsung TV Plus.We have increased the value of our linear anddigital advertising inventory by establishing a leadership position in advanced advertising technologies,including addressableadvertising and programmatic buying-including the industrys fi

65、rst deployment of programmatic buying on linear televisionthrough our Audience+platform to make it easier for a wider variety of advertisers to partner with us and to make theimpressions they buy smarter and more effective.We have seen the number of advertisers utilizing these tools increase and our

66、targeted audience advertising sales have grown as a result.In addition to our own initiatives,we are also participating in broaderindustry efforts focused on expanding the availability of addressable advertising.Although advertising revenue has declined inrecent years,and we expect advertising reven

67、ue to continue to decline as the advertising market gravitates toward other distributionplatforms,we believe that,in the mid and long-term,our products enhance our value to advertisers through better targeting,dataand measurement and we believe they will contribute to growth of our overall business.

68、We continue to create opportunities for leading consumer brands to leverage the strength of our content and our proven abilityto build and engage large,vibrant and passionate fan communities around our shows and franchises.Through an initiative calledthe AMC Networks“Content Room,”we offer brands an

69、d advertisers opportunities to reach fans of our shows and franchises incompelling and innovative ways including through custom short-form content on social media platforms and through on-the-ground live events.Maintain Financial Discipline With Focus on Free Cash Flow.We are aiming to become more e

70、fficient to drive free cash flowand maximize stockholder value,including through streamlining our organization;remaining prudent with our investments inprogramming,including continuing to focus on reducing programming spend to historical levels;implementing,and trackingcomprehensive goals,strategies

71、 and tactics driving efficiencies in the business;enhancing our technology and customer service;improving marketing;and reducing corporate costs.RevenueWe earn revenue principally from the distribution of our programming and the sale of advertising.In 2023,distributionrevenues and advertising sales

72、accounted for 74%and 26%of our consolidated revenues,net,respectively.For the year endedDecember 31,2023,one distributor accounted for greater than 10%of our consolidated revenues,net.62025/2/11 20:00amcx-20231231https:/www.sec.gov/Archives/edgar/data/1514991/000151499124000007/amcx-20231231.htm7/14

73、22025/2/11 20:00amcx-20231231https:/www.sec.gov/Archives/edgar/data/1514991/000151499124000007/amcx-20231231.htm8/142Distribution RevenueDistribution revenue primarily includes:fees charged to distributors that carry our network brands and content;subscriptionfees paid for our streaming services;and

74、 revenue earned from the licensing of our original programming.Subscription revenue:Our programming networks as well as our streaming services are distributed to our viewing audiencethroughout the United States(“U.S.”)and around the world via cable and other multichannel video programming distributi

75、onplatforms,including direct broadcast satellite(DBS),platforms operated by telecommunications providers,virtual or digitalmulti-channel video programming distributors(MVPDs and collectively distributors),and through our direct to consumer(DTC)apps.Our programming networks are available on every maj

76、or U.S.distribution platform.Our programming networksdistribution agreements expire at various dates through 2029.For our streaming services,we earn monthly or annual subscriptionfees as the streaming service is provided to our customers.We frequently negotiate with distributors in an effort to incr

77、ease the subscriber base for our networks.We have in someinstances made upfront payments to distributors in exchange for these additional subscribers.We also may support the distributorsefforts to market our programming networks and streaming services or we may permit distributors to offer limited p

78、romotionalperiods without payment of subscriber fees.As we continue our efforts to add subscribers,our subscriber revenue may benegatively affected by such deferred carriage fee arrangements,discounted subscriber fees and other payments;however,webelieve that these transactions generate a positive r

79、eturn on investment over the contract period.Content licensing revenue:We sell rights to our owned original programming and content acquired under long-termdistribution arrangements for distribution in a variety of forms including television markets worldwide,streaming services ordigital platform pr

80、oviders,such as Netflix,Hulu,and Amazon Prime,electronic-sell-through(EST)and physical(DVD and Blu-ray)formats.We also earn revenue,to a lesser extent,through the distribution of AMC Studios produced series to third parties.Advertising RevenueWe earn advertising revenue by selling advertising time o

81、n our programming networks,on digital platforms we own and onan increasing number of AVOD and FAST platforms in the U.S and the U.K.In the U.S.,we sell advertising time in both theupfront and scatter markets.In the upfront market,advertisers buy advertising time for the upcoming season,and by purcha

82、sing inadvance,often receive discounted rates.In the scatter market,advertisers buy advertising time close to the time when thecommercials will be run,and often pay a premium.The mix between the upfront and scatter markets is based upon a number offactors,such as pricing,demand for advertising time

83、and economic conditions.Internationally,advertising markets vary byjurisdiction.The majority of international advertising is sold close to the time when the commercials will be run(similar to the U.S.scatter market)and we are generally represented by third-party sales agents.Our arrangements with ad

84、vertisers provide for a set number of advertising units to air over a specific period of time at anegotiated price per unit.In most domestic advertising sales arrangements,we guarantee specified viewer ratings.If theseguarantees are not met,we are generally required to provide additional advertising

85、 units to the advertiser at no charge.For thesetypes of arrangements,a portion of the related revenue is deferred if the guarantees are not met and is subsequently recognizedeither when we provide the required additional advertising unit or the guarantee obligation contractually expires.In the U.S.,

86、mostof our advertising revenues vary based upon the popularity of our programming as measured by Nielsen.In addition to the Nielsenrating,our advertising rates are also influenced by the demographic mix of our viewing audiences,since advertisers tend to paypremium rates for more desirable demographi

87、c groups of viewers.Our programming networks have advertisers representing companies in a broad range of sectors,including automotive,restaurants/food,health,technology and telecommunications industries.ProgrammingOur programming strategy is to target audiences with high-quality,compelling stories a

88、nd powerful brands.We obtainprogramming through a combination of development,production and licensing;and we distribute programming directly toconsumers in the U.S.and throughout the world through our programming networks,streaming services,theatrical release ofacquired films and other forms of dist

89、ribution.Our programming includes original programming that we control,either throughoutright ownership or through long-term licensing arrangements,as well as acquired programming that we license from studios andother rights holders.Original ProgrammingThrough our AMC Studios operation,we produce ow

90、ned original programming primarily for our programming networks andstreaming services,and also for license to third parties worldwide.Decisions as to how to distribute programming are made on thebasis of a variety of factors including the relative value of any particular alternative.72025/2/11 20:00

91、amcx-20231231https:/www.sec.gov/Archives/edgar/data/1514991/000151499124000007/amcx-20231231.htm9/142We also contract with some of the industrys leading production companies to produce original programming that appears onour programming networks and streaming services.These contractual arrangements

92、either provide us with outright ownership ofthe programming,in which case we hold all programming and other rights to the content,or they consist of long-term licensingarrangements,which provide us with exclusive rights to exhibit the content on our programming networks,but may be limited interms of

93、 specific geographic markets or distribution platforms.The license agreements are typically of multi-season duration andprovide us with a right of first negotiation or a right of first refusal on the renewal of the license for additional programmingseasons.Acquired ProgrammingThe majority of the con

94、tent on our programming networks and streaming services consists of films,episodic series andspecials that we acquire pursuant to rights agreements with film studios,production companies or other rights holders.Thisacquired programming includes episodic series such as Law and Order,The X-Files,Crimi

95、nal Minds,CSI:Miami,Two and a HalfMen and Batman,as well as an extensive film library.The rights agreements for this content are of varying duration and generallypermit our programming networks and streaming services to carry these series,films and other programming during certainwindow periods.SEGM

96、ENTSWe manage our business through the following two operating segments:Domestic Operations:Includes our five programming networks,our global streaming services,our AMC Studiosoperation and our film distribution business.Our programming networks are AMC,WE tv,BBC AMERICA,IFC,and SundanceTV.Our globa

97、l streaming services consist of AMC+and our targeted subscription streaming services(Acorn TV,Shudder,Sundance Now,ALLBLK,and HIDIVE).Our AMC Studios operation produces originalprogramming for our programming services and third parties and also licenses programming worldwide.Our filmdistribution bus

98、iness includes IFC Films,RLJ Entertainment Films and Shudder.The operating segment also includesAMC Networks Broadcasting&Technology,our technical services business,which primarily services theprogramming networks.International and Other:Includes AMCNI,our international programming businesses consis

99、ting of a portfolio ofchannels around the world,and 25/7 Media(formerly Levity),our production services business.On December 29,2023,AMC Networks sold its interest in 25/7 Media to the noncontrolling interest holders.See Note 4 to theconsolidated financial statements for additional information relat

100、ing to the 2023 sale of the production servicesbusiness and the 2021 spin-off of the Levity comedy venues business.For financial information of the Company by operating segment,see Item 7,Managements Discussion and Analysis ofFinancial Condition and Results of Operations Consolidated Results of Oper

101、ations and Note 23 to the accompanyingconsolidated financial statements.Domestic OperationsOur flagship AMC brand consists of the AMC programming network,AMC+streaming service and AMC Studios.AMC programming networkAMC is the home of some of the most popular and acclaimed dramas on television.As of

102、December 31,2023,AMCreached approximately 65 million Nielsen subscribers and had distribution agreements with all major U.S.andCanada distributors.In 2023,AMC expanded The Walking Dead Universe franchise with the premiere of two new series:The WalkingDead:Dead City and The Walking Dead:Daryl Dixon,f

103、eaturing some of the most popular characters from TheWalking Dead,the highest-rated series in cable television history,which ended in late 2022.The Company alsocompleted production of The Walking Dead:The Ones Who Live,a new series centered on the epic love story ofcentral characters Rick and Michon

104、ne,which will premiere in February 2024.2025/2/11 20:00amcx-20231231https:/www.sec.gov/Archives/edgar/data/1514991/000151499124000007/amcx-20231231.htm10/14282025/2/11 20:00amcx-20231231https:/www.sec.gov/Archives/edgar/data/1514991/000151499124000007/amcx-20231231.htm11/142In 2023,AMC launched the

105、highly anticipated Anne Rices Mayfair Witches,the second endeavor in the Anne RiceImmortal Universe,debuting on the heels of Anne Rices Interview with the Vampire.Both series were quicklyrenewed for second seasons,which are expected to appear in 2024.AMC also presented the second season of Dark Wind

106、s,“perhaps the most ambitious Native-led TV show ever made,”according to The Hollywood Reporter,starring Zahn McClarnon and executive produced by Robert Redford andGeorge R.R.Martin.The series has achieved 100%Fresh ratings on Rotten Tomatoes for each of its first two seasonsand has been renewed for

107、 season three,expected in 2025.AMCs film library consists of films that are licensed under long-term contracts with major studios such as TwentiethCentury Fox,Warner Bros.,Sony,MGM,NBC Universal,Paramount and Buena Vista.AMC generally structures itscontracts for the exclusive cable television rights

108、 to air the films during identified window periods.AMC+streaming serviceLaunched in 2020,AMC+is the Companys premium streaming bundle featuring an extensive lineup of popular andcritically acclaimed programming from AMC,BBC AMERICA,IFC and SundanceTV along with full access totargeted streaming servi

109、ces Shudder,Sundance Now and IFC Films Unlimited.Its content library includes fanfavorites Mad Men,Interview with the Vampire,Killing Eve,The Killing,A Discovery of Witches,Halt&Catch Fire,Hell on Wheels,Turn:Washingtons Spies,The Terror,Orphan Black,Rectify,Portlandia,Gangs of London and seriesfrom

110、 The Walking Dead Universe,among many others.In 2023,AMC+successfully launched two new installments in the popular The Walking Dead Universe franchise The Walking Dead:Dead City and The Walking Dead:Daryl Dixon and concluded the original spin-off Fear TheWalking Dead after eight highly-rated seasons

111、.AMC+also featured a slate of critically acclaimed dramas includingthe second season of Dark Winds,the third and final season of Happy Valley,new original Lucky Hank starring BobOdenkirk,the award-winning feature film BlackBerry(also available as a limited series),and the launch of breakoutseries Ma

112、yfair Witches from the growing AMC franchise Anne Rices Immortal Universe.AMC+is also the exclusive streaming home of the Companys full slate of films from IFC Films,RLJE Films andShudder following theatrical and digital distribution.AMC+is available to subscribers through either ad-supported or com

113、mercial free plans through our DTC apps,aswell as through MVPDs and virtual MVPDs,and digital streaming platforms such as Amazon Prime Video Channels,Apple TV Channels and The Roku Channel.AMC+is currently available in several international markets including Canada,Spain,Australia and New Zealand.AM

114、C StudiosAMC Studios is AMC Networks in-house production and distribution operation which launched in 2010 with TheWalking Dead,the highest-rated show in cable television history.Since then,AMC Studios has produced several critically acclaimed,award-winning and culturally distinctiveoriginals for AM

115、C Networks suite of channels and services including Anne Rices Interview with the Vampire,AnneRices Mayfair Witches,Dark Winds,The Walking Dead:Dead City,The Walking Dead:Daryl Dixon,Fear theWalking Dead,Halt and Catch Fire,The Terror anthology,Preacher,and the Peabody Award-winning Rectify,as wella

116、s unscripted series Ride with Norman Reedus and James Camerons Story of Science Fiction.Upcoming AMC Studios series include The Walking Dead:The Ones Who Live,Parish,Orphan Black:Echoes,andThe Terror:Devil in Silver for AMC and AMC+.AMC Studios also produced Sanctuary A Witches Tale for SundanceNow.

117、In addition to producing series for AMC Networks suite of channels,AMC Studios recently produced season 1 ofSILO for Apple TV+.92025/2/11 20:00amcx-20231231https:/www.sec.gov/Archives/edgar/data/1514991/000151499124000007/amcx-20231231.htm12/142Other Programming NetworksAs of December 31,2023,WE tv

118、reached approximately 64 million Nielsen subscribers and had distributionagreements with all major U.S.distributors.Driven by unscripted originals,WE tv continues to be the#1 U.S.cable network for Black women on Friday nightsand home to a popular slate of series and franchises including Love After L

119、ockup,Life After Lockup,Toya&Reginae,as well as fan favorites Mama June:Road to Redemption,along with the#1 and#2 programs for Black women onThursday nights;Growing Up Hip Hop and Brat Loves Judy.In 2023,the network also premiered new unscripted series,Grown&Gospel,Keke Wyatts World and Breaking The

120、 Ice,aswell as a new series in the Love After Lockup franchise,Love After Lockup:Innocent After Lockup.The network alsowent into production on new,highly anticipated 2024 series,The Barnes Bunch an unscripted series that followsNBA legend Matt Barnes and his family,and Debs House,a new scripted seri

121、es based on the life of Debra Antney,who also serves as executive producer.WE tvs programming also includes popular series S.W.A.T.,CSI:Miami and Law&Order as well as feature films,with certain exclusive license rights from studios such as Paramount,Sony,MGM,Disney and Warner Bros.A joint venture be

122、tween AMC Networks and BBC Studios(the commercial arm of the BBC),BBC AMERICAreached approximately 60 million Nielsen subscribers and had distribution agreements with all major U.S.distributorsas of December 31,2023.BBC AMERICA is a hub of innovative,culturally contagious programming with“Britishnes

123、s”at its core.Thenetwork has attracted wide critical acclaim for its influential series,including 2023s Happy Valley appearing onmany influential television critics year-end Best Of lists,and award-winning natural history programming from theBBC.In 2023 the network brought viewers Frozen Planet II,t

124、he sequel to the four-time Emmy-winning seriesFrozen Planet and the epic Planet Earth III,narrated by the legendary Sir David Attenborough.Orphan Black:Echoes,the spinoff from the Emmy Award-winning original series Orphan Black,is slated to premierein 2024.As of December 31,2023,IFC reached approxim

125、ately 56 million Nielsen subscribers and had distribution agreementswith all major U.S.distributors.IFC is the home of offbeat,unexpected comedies.Originals include the Emmy-nominated Coopers Bar starring RheaSeahorn,and SisterS starring Sarah Goldberg.The networks slate includes a mix of fan favori

126、te movies and classic television comedies.IFCs programming also includes films from various film distributors,including Fox,Miramax,Sony,Lionsgate,Universal,Paramount and Warner Bros.2025/2/11 20:00amcx-20231231https:/www.sec.gov/Archives/edgar/data/1514991/000151499124000007/amcx-20231231.htm13/142

127、102025/2/11 20:00amcx-20231231https:/www.sec.gov/Archives/edgar/data/1514991/000151499124000007/amcx-20231231.htm14/142As of December 31,2023,SundanceTV reached approximately 54 million Nielsen subscribers and had distributionagreements with all major U.S.distributors.SundanceTV launched in 1996 and

128、 is committed to the mission of celebrating creativity and distinctive storytellingand classic movies.SundanceTV attracts viewer and critical acclaim for its original unscripted programming,including Off Script withThe Hollywood Reporter featuring the entertainment industrys leading talents,and the

129、True Crime Story franchisefeaturing It Couldnt Happen Here from Hilarie Burton Morgan.Other Streaming ServicesThe Companys streaming portfolio of branded subscription services serve a targeted,passionate fanbase with contentdepth,curation and community.The content on these platforms is a mix of lice

130、nsed and owned original programming.Ourvarious services are distributed in several key markets internationally,including Canada,the U.K.,parts of Europe,Australiaand New Zealand.Our streaming services,including AMC+,ended 2023 with approximately 11.4 million aggregate paid streaming subscribers.Our

131、streaming portfolio includes the following targeted services:Acorn TV is North Americas largest streaming service specializing in mysteries and dramas from around the world.In 2023,the service premiered Happy Valley,the acclaimed series that holds a 100%critics score on Rotten Tomatoesand landed on

132、many critics year-end“Best Of”lists.Exclusive original series include Mrs.Sidhu Investigates,Dalgliesh,Signora Volpe,and Harry Wild,starring andexecutive produced by Emmy and Golden Globe winner,Jane Seymour.Other international favorites on the service include the Australian set My Life Is Murder st

133、arring Lucy Lawless,theromantic comedy Under the Vines from New Zealand and the French language hits Candice Renoir and Balthazar.Long-running fan favorite hit series include Murdoch Mysteries,Midsomer Murders,Brokenwood Mysteries,ChelseaDetective and Doc Martin starring Martin Clunes.Acorn TV is cu

134、rrently available in key international markets including Canada,the U.K.,Australia and New Zealand.Called“one of the best streaming services in the world”by RogerE,Shudder offers a premium selection ingenre entertainment covering horror,thrillers and the supernatural,bringing subscribers Hollywood f

135、avorites,cultclassics and original series,and critically acclaimed new genre films.2023 programming highlights included:Shudders annual programming event Halfway to Halloween which featuredoriginal series and specials including popular anthology series Slasher:Ripper starring Eric McCormack(Will&Gra

136、ce)and The Boulet Brothers Halfway to Halloween TV Special,among many others;a new season of Shudderoriginal series The Last Drive-In with Joe Bob Briggs and The Boulet Brothers Dragula,the return of hit foundfootage anthology V/H/S with all-new installment V/H/S/85;and a newly-branded“FearFest Shoc

137、ked by Shudder”two-month programming event leading up to Halloween and featuring more than 700 hours of films,series andspecials curated by Shudder and presented across AMC Networks entire portfolio of networks and streaming services.A paid subscription is defined as a subscription to a direct-to-co

138、nsumer service or a subscription received through distributor arrangements,in which we receive afee for the distribution of our streaming services.11112025/2/11 20:00amcx-20231231https:/www.sec.gov/Archives/edgar/data/1514991/000151499124000007/amcx-20231231.htm15/142Shudder is currently available i

139、n international markets including Canada,the U.K.,Ireland,Australia and NewZealand.Sundance Now offers a rich selection of engrossing dramas and romance,imaginative fantasy,gripping mysteries,riveting true crime and intelligent thrillers,featuring empowered characters telling one-of-a-kind stories f

140、rom aroundthe world.In 2023,the service debuted a strong slate of original series including mystery series The Vanishing Triangle,Britishcrime drama The Long Shadow,a new series in its True Crime Story franchise,True Crime Story:Citizen Detective,Bloodlands,Wrongly Accused,Israeli mystery series Bro

141、ken Ties and a second season of Sundance Now exclusiveanthology series The Pact.Sundance Now also houses critically-acclaimed and award-winning original and streaming exclusive series includingpopular supernatural thriller A Discovery of Witches,acclaimed UK adaptation of the French hit Call My Agen

142、t!,TenPercent,multi-Emmy winner State of the Union,glamorous drama Riviera,British true crime thrillers starring DavidTennant Des and Litvinenko,celebrated French spy drama The Bureau,and acclaimed Swedish drama The Restaurant,among many others.ALLBLK is focused on Black content from Black creators

143、and storytellers.ALLBLK is an invitation to a world of streaming entertainment that is inclusively,but unapologetically Black.Featuring a diverse lineup of content that spans genres and generations,in 2023 ALLBLK premiered several newseries and documentaries including:legal drama Judge Me Not create

144、d by the honorable Judge Lynn Toler;docuseriesOmega:The Gift&The Curse executive produced by R&B sensation Omarion;and documentary The Hustle of617MikeBiv from GRAMMY award-winning artist Michael L.Bivins.The services lineup also includes:original series La Carte co-executive produced by Meagan Good

145、;Partners InRhyme co-created by trailblazing rap legend MC Lyte;multi-season success A House Divided;and Double Cross.HIDIVE LLC(“HIDIVE”)operates an anime-focused streaming service offering a robust library of entertainment thatincludes television series,movies,and original video animations.In addi

146、tion to its deep and diverse catalog,HIDIVEoffers first-run simulcasts of the best new anime at or near the same time as their Japanese broadcast,which in 2023included the global hit series Oshi no Ko and The Eminence in Shadow.HIDIVE is currently available in the U.S.and Canada as well as key overs

147、eas markets including the U.K.,Ireland,Australia,and New Zealand.HIDIVEs distribution reach continues to grow through its expanding network of partnersand the development of new services including its Anime X HIDIVE FAST channel.Our subsidiary Sentai Holdings,LLC(“Sentai”)is a leading global acquire

148、r,producer and supplier of anime contentthat it distributes through its affiliates including HIDIVE,The Anime Network and Sentai Filmworks,as well as selectcommercial partners.With strong industry relationships and access to key content creators in Japan,Sentai curates oneof the anime industrys most

149、 diverse libraries of top trending and classic titles.122025/2/11 20:00amcx-20231231https:/www.sec.gov/Archives/edgar/data/1514991/000151499124000007/amcx-20231231.htm16/142Film DistributionAMC Networks also operates a film business that distributes movies under three very distinct brands:IFC Films,

150、RLJEntertainment Films and Shudder.The IFC Films brand is known for being a home to independent and auteur focused films,attracting high-profile talent and filmmakers.Titles distributed through IFC Films regularly garner critical acclaim,industryhonors,and awards recognition including those from lea

151、ding national and international Festivals such as Cannes and Toronto,aswell as the Academy Awards,Golden Globes,Gotham,and Spirit Awards,to name a few.The brand is behind some of the mostsuccessful,groundbreaking and culturally impactful independent film and documentary releases of all time.RLJ Ente

152、rtainmentFilms is a market leader in acquiring tentpole and cast-driven genre content with an eye towards broad commercial appeal.Shudderoperates the highest profile,horror-focused streaming service in the United States,and has become the prime destination foraudiences to discover trend-setting film

153、makers in the horror landscape.Shudder provides a curated experience that platforms fan-favorite classics to contemporary genre hits and has established a dedicated and devout fanbase with a tremendous allegiance forthe brand.The film distribution business also operates IFC Films Unlimited,a subscri

154、ption streaming service comprised of a broadrange of theatrically-released and award-winning titles from its distribution brands.All three brands have a distinct approach whilecomplementing one another-each synonymous with quality and commercial content,consistently debuting the next generation ofdi

155、stinguished filmmakers.Between the three brands,the expansive and diverse library consists of over 2,500 titles.IFC Films,our film distribution business,is a leading distributor of high-quality,talent-driven independent films.On average,IFC Films theatrically releases over 20 films a year across all

156、 genres.IFC Films is a leader in progressivewindowing strategies and pioneered the“day and date”model to maximize revenue and marketing effectiveness.In its history,IFC Films has distributed over 1,000 films with a robust library which currently consists of over 800films.IFC Films is known for its f

157、ostering approach to filmmakers,distributing the early films of directors such asChristopher Nolan,Greta Gerwig,Barry Jenkins,Alfonso Cuaron and Richard Linklater.Notable 2023 releases include the Oscar shortlisted international film The Taste of Things;box office hit Skinamarink;Lakota Nation vs.Th

158、e United States;award-winning Monica;and the Gotham Independent Film Award andIndependent Spirit Award-nominated BlackBerry;Shudders When Evil Lurks and birth/rebirth;and RLJE Films TheAngry Black Girl and Her Monster.AMC Networks Broadcasting&TechnologyAMC Networks Broadcasting&Technology is a full

159、-service network programming feed origination and distributioncompany located in Bethpage,New York,which primarily services most of the national programming networks of theCompany.AMC Networks Broadcasting&Technology consolidates origination and satellite communication functions in a67,000 square-fo

160、ot facility designed to keep AMC Networks at the forefront of network origination and distributiontechnology.AMC Networks Broadcasting&Technology has 30 plus years of experience across its network servicesgroups,including network origination,affiliate engineering,network transmission,and traffic and

161、 scheduling thatprovide day-to-day delivery of any programming network,in high definition or standard definition.International and OtherOur International and Other segment includes the operations of AMCNI and included 25/7 Media until its sale on December29,2023.As described below,AMCNI operates a p

162、ortfolio of channels centered around the flagship AMC channel and localchannels supported by local production in the U.K.,Latin America,and parts of Europe.AMC Networks InternationalAMCNI,the international division of the Company,delivers entertaining and acclaimed programming that reachessubscriber

163、s in approximately 110 countries and territories around the world,through operational centers in132025/2/11 20:00amcx-20231231https:/www.sec.gov/Archives/edgar/data/1514991/000151499124000007/amcx-20231231.htm17/142London,Madrid,Budapest,Prague,Miami and Buenos Aires.AMCNI consists of our global bra

164、nd,AMC,as well as a portfolio of popular,locally recognized brands deliveringprogramming in a wide range of genres,including sports,film,cooking,lifestyle,crime and investigation,science,documentary and kids.Our local and regional channels are programmed for local audiences and language,and we devel

165、op and license localcontent that is tailored to individual market tastes.AMCNI operates a number of joint venture partnerships and managed channel services as well as direct to consumerservices.A joint venture with Paramount International Networks delivers a portfolio of seven entertainment channels

166、which is managed from London,including TRUE CRIME,TRUE CRIME XTRA,LEGEND and LEGENDXTRA(U.K.only)CBS Justice,CBS Europa,and CBS Reality(available outside of the U.K.).Dreamia,a joint venture with NOS in Portugal,delivers channels including Canal Hollywood,Canal Panda,Panda Kids,Biggs,Blast,Casa e Co

167、zinha,and recently launched the over-the-top(OTT)applicationPanda+.The UK portfolio of channels reaches viewers via the Sky,Virgin Media,Freesat and Freeview platforms and ondemand via the WATCH FREE UK player available from Freesat,Freeview and YouView and downloadable via IOS,Android,and all major

168、 device/manufacturer stores.A significant part of AMCNI UKs content library is also availablevia partnerships with major streaming platforms such as FreeVee,Pluto TV,Rakuten TV and Samsung TV.Highlights of the top AMCNI locally recognized channels are detailed below:El Gourmet is a“go-to”TV culinary

169、 destination for Latin American audiences that connects with its viewers bycelebrating local traditions and featuring culinary experiences from all over the world.Its mission is to reunite familyand friends around the table to make memorable life experiences.Launched over two decades ago,El Gourmet

170、offers 100%of its content in Spanish,with over 75%originalproductions and more than 250 episodes premiering each year,showcasing some of the greatest celebrity cooks of thisregion.El Gourmets original productions have been awarded 15 Martin Fierro Awards(granted by the Association ofArgentine Televi

171、sion and Radio Journalists)as well as 13 Taste Awards in the United States.Our U.K.business operates a joint venture with Paramount Global delivering a portfolio of entertainment channels in theU.K.including TRUE CRIME,LEGEND,TRUE CRIME XTRA and LEGEND XTRA.TRUE CRIME is increasingly airing owned lo

172、cally produced true crime content aimed at women in the 50+demographic.These factual programs analyze authentic criminal cases predominantly from the U.K.and the UnitedStates through firsthand interviews,archive footage and key evidence.142025/2/11 20:00amcx-20231231https:/www.sec.gov/Archives/edgar

173、/data/1514991/000151499124000007/amcx-20231231.htm18/142Jim Jam is a pre-school kids channel focused on education,providing a stimulating,engaging and safe environmentfor 2-5 year olds and contributing to their social,intellectual,and emotional development by providing learningthrough fun.Popular co

174、ntent includes Bob The Builder,Fireman Sam,Thomas and Friends and Pettson and Findus.Jim Jam is available in over 60 EMEA countries.Canal Hollywood is one of the leading pay-TV film channels in Spain and Portugal,offering a wide selection ofmovies produced by major U.S.studios.Genres include comedy,

175、drama,thriller,western,musical,and science fiction and the industrys biggest stars.The channel began broadcasting in 1993 and is distributed on all pay-TV platforms in Spain and Portugal,reachingmore than 10 million households.Sports 1&Sports 2 are basic cable channels in our core Central European t

176、erritories.The channels broadcast European football,European Handball,NBA and ice hockey among other live sports events.REGULATIONOur businesses are subject to and affected by regulations of U.S.federal,state and local government authorities,and ourinternational operations are subject to laws and re

177、gulations of regulators in the countries in which they operate,as well asinternational bodies,such as the European Union.The Federal Communications Commission(the FCC)regulates U.S.programming networks directly in some limited respects;other FCC regulations,although imposed on cable television opera

178、tors,satellite operators,or other MVPDs,affect programming networks indirectly.The rules,regulations,policies and proceduresaffecting our businesses are constantly subject to change and increasingly,legislative and regulatory proposals seek to cover allsources of content,including the digital platfo

179、rms over which we offer content,which may affect our regulatory burdens in thefuture.The descriptions below are summary in nature and do not purport to describe all present and proposed laws and regulationsaffecting our businesses.Closed CaptioningOur networks must provide closed-captioning of progr

180、amming for the hearing impaired,and comply with other regulationsdesigned to make our content more accessible,and we must provide closed captioning on certain video content that we offer on theInternet or through other Internet Protocol distribution methods.We must also ensure that our DTC applicati

181、ons can pass throughclosed captions on content and comply with certain other accessibility requirements.Congress and the FCC periodically considerproposals to enhance that accessibility,and are doing so now.Some of those proposals,if adopted,would increase our obligationssubstantially.CALM ActFCC ru

182、les require MVPDs to ensure that all commercials comply with specified volume standards,and our distributionagreements generally require us to certify compliance with such standards.152025/2/11 20:00amcx-20231231https:/www.sec.gov/Archives/edgar/data/1514991/000151499124000007/amcx-20231231.htm19/14

183、2Emergency Alert Codes or Attention SignalsWe may not include emergency alert codes or attention signals,or simulations of them,in our content under anycircumstances other than a genuine alert,an authorized test of the emergency alert system,or a permissible public serviceannouncement.Obscenity Rest

184、rictionsCable operators and other MVPDs are prohibited from transmitting obscene programming,and our distribution agreementsgenerally require us to refrain from including such programming on our networks.Program CarriageThe Communications Act and the FCCs program carriage rules prohibit distributors

185、 from favoring their affiliatedprogramming networks over unaffiliated similarly situated programming networks in the rates,terms and conditions of carriageagreements between programming networks and cable operators or other MVPDs.Despite these rules,certain regulatoryinterpretations and court decisi

186、ons make it more difficult for our programming networks to challenge a distributors decision todecline to carry one of our programming networks or discriminate against one of our programming networks.Packaging Programming and Volume DiscountsThe FCC from time to time examines whether to adopt rules

187、restricting how programmers package and price their networks,or whether to impose other restrictions on carriage agreements between programmers and MVPDs.We do not currently requiredistributors to carry more than one of our national programming networks in order to obtain the right to carry a partic

188、ular nationalprogramming network.However,we generally negotiate with a distributor for the carriage of all of our national networksconcurrently,and we offer volume discounts to distributors who make our programming available to larger numbers of subscribersor who carry more of our programming networ

189、ks.Some states also have sought to regulate the manner in which MVPDs package and offer programming.We generally do notallow our networks or individual programs on those networks today to be offered by distributors on an a la carte basis.Effect of Must-Carry and Retransmission Consent RequirementsTh

190、e FCCs implementation of the statutory must-carry obligations requires cable and DBS operators to give certainbroadcasters preferential access to channel space and preferential channel positions,and FCC retransmission consent rules allowbroadcasters to require cable and DBS operators to carry broadc

191、ast-affiliated networks as a condition of access to the localbroadcast station and to charge substantial fees for both carriage of the local broadcast station and the broadcast-affiliatednetworks.In contrast,programming networks,such as ours,have no guaranteed right of carriage on cable television o

192、r DBSsystems nor any guaranteed channel position.These carriage laws may reduce the amount of channel space that is available forcarriage of our networks by cable television systems and DBS operators,or the amount of programming funds that cable and DBSoperators have available for carriage of our ne

193、tworks.Website RequirementsWe maintain various websites that provide information regarding our businesses and offer content for sale.The operation ofthese websites may be subject to a range of federal,state and local laws such as privacy,data security,accessibility,child safety,oversight of user-gen

194、erated content,and consumer protection regulations.For example,most states have enacted laws that imposedata security and security breach obligations,and new frameworks regulating consumer privacy have recently been established atthe state level and overseas,including the European Unions General Dat

195、a Protection Regulation,or the GDPR,the CaliforniaConsumer Privacy Act,or as amended,the CCPA and other similar comprehensive privacy laws that have been enacted in otherstates.The GDPR,the CCPA and other state laws impose,among other things,stringent operational requirements for processorsand contr

196、ollers of personal data,including expansive disclosures about how personal information is to be used,and significant finesfor violations.In addition,the FCC from time to time considers whether some or all websites offering video programming shouldbe considered MVPDs and regulated as such,which would

197、 increase our regulatory costs and obligations substantially.Other RegulationThe FCC also imposes rules that may impact us regarding a variety of issues such as advertising in childrens television,andtelemarketing.Programming businesses are also subject to regulation by regulators in the countries i

198、n which they operate,as wellas international bodies,such as the European Union.In certain countries,these regulations include restrictions on types ofadvertising that can be sold on our networks,programming content requirements,requirements to make programming available onnon-discriminatory terms,an

199、d local content quotas.162025/2/11 20:00amcx-20231231https:/www.sec.gov/Archives/edgar/data/1514991/000151499124000007/amcx-20231231.htm20/142COMPETITIONOur programming services,consisting of linear networks and streaming services,operate in three highly competitive markets.First,our programming ser

200、vices compete with other programming services to obtain distribution on cable television systems andother multichannel video programming distribution systems,and ultimately for viewing by each distributors subscribers.Second,our programming services compete with other programming services and other

201、sources of video content,to secure desiredentertainment programming.Third,our programming services compete with other sellers of advertising time and space,includingother cable programming networks,radio,newspapers,outdoor media and,increasingly,internet sites.The success of ourbusinesses depends on

202、 our ability to license and produce content for our programming services that is adequate in quantity andquality and will generate satisfactory viewer ratings.In each of these cases,some of our competitors are large publicly heldcompanies that have greater financial resources than we do.Distribution

203、 of Programming ServicesThe business of distributing programming services to cable television systems and other MVPDs and licensing of originalprogramming for distribution is highly competitive.Our programming services face competition from other programming networksand services for carriage by a pa

204、rticular MVPD,and for the carriage on the service tier that will attract the most subscribers.Onceour programming service is selected by a distributor for carriage,that service competes for viewers not only with the otherprogramming services available on the distributors system,but also with over-th

205、e-air broadcast television,Internet-based video andother online services,mobile services,radio,print media,motion picture theaters,DVDs,and other sources of information andentertainment.The continued growth of subscription streaming services,such as Netflix and Amazon Prime,and the increasedoffering

206、s by virtual MVPDs have increased the competition for audiences by providing an alternative to the traditional televisioncontent distribution model by changing when,where and how audiences consume video content.Important to our success in each area of competition we face are the prices we charge for

207、 our programming services,thequantity,quality and variety of the programming offered on our services,and the effectiveness of our services marketing efforts.The competition for viewers among advertiser supported networks is directly correlated with the competition for advertisingrevenues with each o

208、f our competitors.Our ability to successfully compete with other networks and services may be hampered because the cable television systemsor other MVPDs through which we seek distribution may be affiliated with other programming networks or services.In addition,because such distributors may have a

209、substantial number of subscribers,the ability of such programming services to obtaindistribution on the systems of affiliated distributors may lead to increased distribution and advertising revenue for suchprogramming networks or services because of their increased penetration compared to our progra

210、mming services.Even if suchaffiliated distributors carry our programming services,such distributors may place their affiliated programming network on a moredesirable tier,thereby giving the affiliated programming network a competitive advantage over our own.New or existing programming networks that

211、are affiliated with broadcasting networks like ABC,CBS,Fox or NBC may alsohave a competitive advantage over our programming networks in obtaining distribution through the bundling of agreements tocarry those programming networks with agreements giving the distributor the right to carry a broadcast s

212、tation affiliated with thebroadcasting network.Part of our strategy involves exploiting identified segments of the cable television viewing audience that are generally welldefined and limited in size.Our networks have faced and will continue to face increasing competition as other programmingnetwork

213、s and online or other services seek to serve the same or similar niches.We also seek to increase our content licensing revenues by expanding the opportunities for licensing our programmingthrough other media platforms and we compete with other programming companies in this market based on the desira

214、bility of ourprogramming.Sources of ProgrammingWe also compete with other programming networks and other distributors including digital distribution platforms to securedesired programming.Most of our original programming and all of our acquired programming is obtained through agreements withother pa

215、rties that have produced or own the rights to such programming.Competition for this programming will increase as thenumber of programming networks and other distributors increases.Other programming networks or streaming services that areaffiliated with programming sources such as movie or television

216、 studios or film libraries may have a competitive advantage over usin this area.With respect to the acquisition of entertainment programming,such as syndicated programs and movies that are not producedby or specifically for networks,our competitors include national broadcast television networks,loca

217、l broadcast television stations,other cable programming networks,Internet-based video content distributors,and video-on-demand172025/2/11 20:00amcx-20231231https:/www.sec.gov/Archives/edgar/data/1514991/000151499124000007/amcx-20231231.htm21/142programs.Some of these competitors have exclusive contr

218、acts with motion picture studios or independent motion picturedistributors or own film libraries.Competition for Advertising RevenueOur programming networks,and ad-supported streaming services,must compete with other sellers of advertising time andspace,including other MVPDs,radio,newspapers,outdoor

219、 media and increasing shifts in spending toward online and mobileofferings from more traditional media.While the evolution of advanced advertising technologies,including addressable advertisingand programmatic buying,creates additional monetization opportunities,we compete with other programming net

220、works to gain anadvantage in the use of such technologies.We compete for advertisers on the basis of rates we charge and also on the number anddemographic nature of viewers who watch our programming.Advertisers will often seek to target their advertising content to thosedemographic categories they c

221、onsider most likely to purchase the product or service they advertise.Accordingly,the demographicmake-up of our viewership can be equally or more important than the number of viewers watching our programming.HUMAN CAPITAL RESOURCESAt AMC Networks we are passionate about telling quality authentic sto

222、ries that connect with audiences in meaningful waysand that stand out within a crowded landscape.We believe the strength of our workforce is one of the significant contributors to oursuccess.Our key human capital management objectives are to invest in and support our employees so that we have the ab

223、ility toattract,develop and retain a high performing and diverse workforce.TalentThe Company employed approximately 1,900 employees as of December 31,2023.Our global workforce,as of December31,2023,was 50%women,with 45%of our leadership positions(vice president or equivalent and above)held by women,

224、including our Chief Executive Officer and four additional members of the Companys senior leadership team.More than 30%ofour U.S.-based workforce are people of color and 19%of U.S.-based leadership positions are held by people of color.We aim to attract top talent through our corporate brand and our

225、reputation for innovation and high-quality content,as wellas through the many benefits we offer.We aim to retain our talent by emphasizing our competitive rewards;offering opportunitiesthat support employees both personally and professionally;and our commitment to fostering a positive,inclusive and

226、collaborativecorporate culture.We assess employee sentiment through a global employee engagement survey to identify what we are doing welland what opportunities and challenges we need to address in the coming year.Our benefit offerings are designed to meet the range of needs of our diverse workforce

227、 and support the health,finance,andwell-being of employees.While offerings vary by location,they generally include:employee and family medical,dental and visioncoverage;life and disability insurance coverage;adoption assistance;backup child/elder care;child care resources;collegeplanning;domestic pa

228、rtner coverage;domestic partner tax equalization;gender confirmation surgery;employee assistanceprograms;financial planning seminars and identity theft protection.In addition,for certain of our productions,the Company,through in-house and third-party production service companies,engages the services

229、 of writers,directors,actors and various crew members who are subject to certain specially negotiatedcollective bargaining agreements.Since these agreements are generally entered into on a per-project basis,negotiations occur onvarious agreements throughout the year.We believe that our relations wit

230、h the labor unions and our employees are generally good.Diversity,Equity and InclusionAt AMC Networks,we recognize that diversity is a business imperative.We seek to offer programming that reflects andresonates with our diverse audiences.To further this goal,we aim to hire from a diverse pool of tal

231、ent to help align our employeebase,including those working in support of our programming and production content and strategy,with our existing and potentialaudiences.We remain committed to fostering a workplace that is diverse,equitable and inclusive,where everyone treats each otherwith kindness and

232、 respect,creating a space where everyone feels they belong.Some examples of our areas of focus include:Our Content We have a long track record of championing and supporting independent and diverse voices and using ourplatforms and brands to bring these storytellers vision to life.Encouraging diverse

233、 and inclusive voices and points of view onour screens,on our sets,and in our writers rooms is fundamental to our creative process.In 2023,we debuted several criticallyacclaimed and fan-favorite series and films across our portfolio of brands and services depicting the full spectrum of the humanexpe

234、rience including:the second season of AMCs Dark Winds,a top 10 cable drama which has received a perfect 100 RottenTomatoes rating for both its first and second seasons;IFC Films Monica featuring“one of the best performances of182025/2/11 20:00amcx-20231231https:/www.sec.gov/Archives/edgar/data/15149

235、91/000151499124000007/amcx-20231231.htm22/1422023,”from star Trace Lysette;AMCs Anne Rices Mayfair Witches,the biggest premiere in the history of AMC+at the time of itsdebut;and WE tvs Brat Loves Judy among many others.Developing Talent Pipelines We strive to create robust pipelines of diverse talen

236、t for our workplace to provide employmentopportunities that are accessible to historically excluded and underrepresented communities.We do this primarily by partneringwith leading industry diversity advocacy organizations and through our corporate internship program where we supportopportunities and

237、 access for candidates from diverse and under-represented communities through a broad range of organizationsincluding:The Entertainment Industry College Outreach Program(EICOP)HBCU in LA and New York internship programs,T.Howard Foundation,Future Now,Black Theatre Coalition,and the Institute of Amer

238、ican Indian Arts(IAIA).High Impact Partnerships We work with leading industry organizations to promote greater inclusion in the stories we tell,the partners we work with,and the audiences who enjoy our content.The following are a few examples of our active partnershipsand collaborations through whic

239、h we strive to empower the next generation of storytellers:We continued to build on the strong and impactful partnerships that have resulted in many firsts in 2023 our first officialpartnership with an organization by and for veterans in our industry VME(Veterans in Media&Entertainment-unitingcurren

240、t and former members of the military working in film and television),our first Native American Diverse Supplier(Amber Morningstar Byars),impact producer for our IFC film,Lakota Nation v.US,who spoke to our employees on theimportance of authentic representation and education about Native and Indigeno

241、us communities,our first Indigenous Non-Profit public service announcement highlighting our commitment to Native representation and amplifying the incrediblework of the Native American Rights Fund.Our old and new workforce pipeline partnerships were responsible for helpingus to recruit our most dive

242、rse intern class ever.We were thrilled to partner with ReelWorks in supporting the inauguralIATSE Entertainment Industry Hair Stylist Training,focused on increasing job access for makeup and hair professionalsof color.We launched a new partnership with Black Theatre Coalition to provide fellowships

243、at AMC Networks in casting,communications and production,working together to help develop the next generation of entertainment leaders.We continued our partnerships with Coded for Inclusions Staff Me Up job matching platform for production crewsdesigned to help change the way hiring happens in Holly

244、wood,and Mentorship Matters to connect showrunners withemerging writers of color for dynamic year-long mentorships.We announced partnerships with several film festivals across the U.S.focused on identifying,developing,and amplifyingtalent from underrepresented and historically excluded communities.S

245、upplier Diversity We continued developing our supplier diversity program with the launch of a new supplier reportingtool,regular internal showcases and hosting events for diverse suppliers.The Companys efforts were also recognized by theindustry with AMC Networks supplier diversity team receiving th

246、e 2023 WBEC Metro NY Presidents Award.We are committedto supplier diversity and advancing the social and economic inclusion of businesses owned by historically excluded andunderrepresented groups including women,minorities,veterans,people with disabilities,and the LGBTQ+community.We seekto promote o

247、pportunities for diverse ideas and innovative solutions that strengthen our organization and the stories we tell,thesuppliers we work with,and the communities where we live and operate.We strive to use best practices in supplier diversity toidentify and work with businesses that are at least 51%owne

248、d,operated and controlled by one or more of the following:MinorityBusiness Enterprise(MBE),Women Business Enterprise(WBE),Lesbian,Gay,Bisexual,Transgender,Queer Enterprises(LGBTQ+),Veteran Owned Business(VBE),Service Disabled Veterans(SDV),and Disability-Owned Business Enterprise(DOBE).Fostering Inc

249、lusive Communities We have 12 Business Employee Resource Groups(BERGs)that form communitiesthrough shared interests and experiences with more than 20 chapters across the U.S.,U.K.,Europe and Latin America.Our BERGmembers strive to create a culture of belonging for our employees by facilitating netwo

250、rking and connections with peers;supporting the acquisition of diverse talent;providing an avenue to facilitate leadership and skill development;and helping toincrease the organizations overall cultural competency.They are an important part of driving our business objectives,includingcurating themed

251、 content collections that help drive streaming subscriber engagement and growth,acting as a valuable soundingboard for content development and programming,leading heritage month celebrations and supporting employee engagement andretention.Learning Together We equip our employees and our production s

252、taff with the tools and knowledge they need to expandawareness and understand what promoting diversity,equity and inclusion really means.We provide learning opportunities across avariety of topics ranging from exploring unearned advantage and disadvantage and cultivating an inclusive writers room an

253、d set tobuilding a more equitable workforce through inclusive hiring practices.192025/2/11 20:00amcx-20231231https:/www.sec.gov/Archives/edgar/data/1514991/000151499124000007/amcx-20231231.htm23/142CultureOur Company has a proud history as the home to many of the greatest stories and characters in t

254、he history of TV and film.This history is imbued in our corporate culture and values and informs who we are and our mission to be a premier destination forpassionate and engaged fan communities around the world with entertainment that stands out,drives popular culture and fuels theCompanys growth.Th

255、roughout the year we bring together partners,business leaders and our creative talent for engaging and thought-provokingconversations for our employees about our content and industry trends,and advancing diversity,equity and inclusion.In 2023,wecontinued the Companys“Courageous Conversations”series,

256、a monthly opportunity for all employees to engage on key social andcultural issues impacting our community and society at large,presented and facilitated by experts.Giving and social impact programs and initiatives are an important part of our culture because at AMC Networks we want tobe a source fo

257、r positive change in the communities where we live and work.Through philanthropic efforts,community outreachand strong and lasting partnerships,we support causes aimed at advancing a culture of inclusivity and amplifying everyones voice.In 2023,we matched donations from more than 250 employees in su

258、pport of more than 240 causes on our online giving andvolunteering platform,Give Back at AMCN.Through the platform,employees can research and learn about organizations doingimportant and difference-making work and make personal charitable donations,which includes an annual company match.Other initia

259、tives to foster community and social impact include paid time off for full-time employees for Juneteenth,VeteransDay,an annual floating holiday and a volunteer day of their choice.AVAILABLE INFORMATIONOur corporate website is http:/ and the investor relations section of our website is located athttp

260、:/.We make available,free of charge through the investor relations section of our website,ourannual reports on Form 10-K,quarterly reports on Form 10-Q and current reports on Form 8-K and amendments to those reportsfiled or furnished pursuant to Section 13(a)or 15(d)of the Securities Exchange Act of

261、 1934,as well as our proxy statements,assoon as reasonably practicable after we electronically file such material with,or furnish it to,the Securities and ExchangeCommission(SEC).References to our website in this Annual Report on Form 10-K(this Annual Report)are provided as aconvenience and the info

262、rmation contained on,or available through,the website is not part of this or any other report we file withor furnish to the SEC.We use the following,as well as other social media channels,to disclose public information to investors,the media andothers:Our website(http:/);andOur X(formerly Twitter)ac

263、count(AMC_Networks).Our officers may use similar social media channels to disclose public information.It is possible that certain information we orour officers post on our website and on social media could be deemed material,and we encourage investors,the media and othersinterested in AMC Networks t

264、o review the business and financial information we or our officers post on our website and on thesocial media channels identified above.The information on our website and those social media channels is not incorporated byreference into this Annual Report.Item 1A.Risk Factors.A wide range of risks ma

265、y affect our business,financial condition and results of operations,now and in the future.Weconsider the risks described below to be the most significant.There may be other economic,business,competitive,regulatory orother factors that are currently unknown or unpredictable or that we do not presentl

266、y consider to be material that could havematerial adverse effects on our future results.Risks Relating to Our BusinessOur business depends on the appeal of our programming to our U.S.and international viewers and our distributors,whichis often unpredictable and volatile.Our business depends upon vie

267、wer preferences and audience acceptance in the United States and internationally of theprogramming on our networks.These factors are often unpredictable and volatile,and subject to influences that are beyond ourcontrol,such as the quality and appeal of competing programming,general economic conditio

268、ns and the availability of otherentertainment activities.We may not be able to anticipate and react effectively to shifts in viewer preferences and/or interests in2025/2/11 20:00amcx-20231231https:/www.sec.gov/Archives/edgar/data/1514991/000151499124000007/amcx-20231231.htm24/142202025/2/11 20:00amc

269、x-20231231https:/www.sec.gov/Archives/edgar/data/1514991/000151499124000007/amcx-20231231.htm25/142our markets.A change in viewer preferences has caused,and could in the future continue to cause,the audience for certain of ourprogramming to decline,which has resulted in,and could in the future conti

270、nue to result in,a reduction of advertising revenues andjeopardize our bargaining position with distributors.In addition,certain of our competitors have more flexible programmingarrangements,as well as greater amounts of available content,distribution and capital resources,and may react more quickly

271、 thanwe might to shifts in tastes and interests.The success of our business depends on original programming,and our ability to accurately predict how audiences willrespond to our original programming is particularly important.Because our network branding strategies depend significantly on arelativel

272、y small number of original programs,a failure to anticipate viewer preferences for such programs could be especiallydetrimental to our business.We periodically review the programming usefulness of our program rights based on a series of factors,including ratings,type and quality of program material,

273、standards and practices,and fitness for exhibition.We have incurred write-offs of program rights in the past,including$403.8 million in the fourth quarter of 2022,and may incur future program rightswrite-offs if it is determined that program rights have limited,or no,future usefulness.In addition,ou

274、r AMC,IFC and SundanceTV programming networks broadcast feature films.In general,the popularity offeature-film content on linear television has declined,and may continue to decline,due in part to the broad availability of suchcontent through an increasing number of distribution platforms.If the popu

275、larity of feature-film programming further declines,wemay lose viewership,which would decrease our revenues.If our programming does not gain the level of audience acceptance we expect,or if we are unable to maintain the popularityof our programming,our ratings would suffer,which will negatively affe

276、ct advertising revenues,and we may have a diminishedbargaining position with distributors,which could reduce our distribution revenues.Ratings have declined in recent years,whichhas had a negative effect on our advertising revenues and our financial results.We cannot assure you that we will be able

277、tomaintain the success of any of our current programming or generate sufficient demand and market acceptance for our newprogramming.The failure to develop popular new programming to replace programming that is older or ending can have adverse impacts onour business and results of operations.Our prog

278、ramming services success depends upon the availability of programming that is adequate in quantity andquality,and we may be unable to secure or maintain such programming.The success of our programming services,consisting of linear networks and streaming services,depends upon the availabilityof quali

279、ty programming,particularly original programming and films,that is suitable for our target markets.While we producecertain of our original programming through our studio operations,we obtain most of the programming on our services(includingoriginal programming,films and other acquired programming)th

280、rough agreements with third parties that have produced or controlthe rights to such programming.These agreements expire at varying times and may be terminated by the other parties if we are notin compliance with their terms.Competition for programming has increased as the number of programming netwo

281、rks and streaming services has increased.Certain programming networks and streaming services that are affiliated with programming sources such as movie or televisionstudios or film libraries have a competitive advantage over us.In addition to other cable programming networks,such asParamount Global

282、and Warner Bros.Discovery,Inc.,we also compete for programming with national broadcast televisionnetworks,local broadcast television stations,video on demand services and subscription streaming services,such as Netflix,Hulu,Apple TV and Amazon Prime.Some of these competitors have exclusive contracts

283、 with motion picture studios or independentmotion picture distributors or own film libraries.We cannot assure you that we will ultimately be successful in producing or obtaining the quality programming our networksand streaming services need to be successful.Increased programming costs have adversel

284、y affected and may continue to adversely affect our profits.We produce original programming and other content and may continue to invest in this area,the costs of which aresignificant.We also acquire programming and television series,as well as a variety of digital content and other ancillary rights

285、from other companies,and we pay license fees,royalties or contingent compensation in connection with these acquired rights.Ourinvestments in original programming have been and are expected to continue to be significant and involve complex negotiationswith numerous third parties.These costs may not b

286、e recouped when the content is broadcast or distributed,and higher costs maylead to decreased profitability or potential write-downs.Increased competition from additional entrants into the market fordevelopment and production of original programming,such as Netflix,Hulu,Apple TV,and Amazon Prime,inc

287、reases ourprogramming content costs.We incur costs for the creative talent,including actors,writers and producers,who create our original programming.Some ofour original programming has achieved significant popularity and critical acclaim,which has increased and could continue toincrease the costs o

288、f such programming in the future.In addition,from time to time we have disputes with writers,2025/2/11 20:00amcx-20231231https:/www.sec.gov/Archives/edgar/data/1514991/000151499124000007/amcx-20231231.htm26/142212025/2/11 20:00amcx-20231231https:/www.sec.gov/Archives/edgar/data/1514991/0001514991240

289、00007/amcx-20231231.htm27/142producers and other creative talent over the amount of royalty and other payments(See Item 3.Legal Proceedings for additionalinformation).We believe that disputes of this type are endemic to our business and similar disputes may arise from time to time inthe future.Incre

290、ases in the costs of programming have led to and may in the future lead to decreased profitability or otherwiseadversely impact our business.Although in some cases the financial commitment for original programming is partially offset by foreign,state or local taxincentives,there is a risk that the t

291、ax incentives will not remain available for the duration of a series.If tax incentives are no longeravailable,reduced substantially,or cannot be utilized,we may incur higher costs in order to complete the production or produceadditional seasons.If we are unable to produce original programming conten

292、t on a cost effective basis,our business,financialcondition and results of operations may be materially adversely affected.Changes in the operating environment of multichannel distributors,including declines in the number of subscribers,could have a material negative effect on our business and resul

293、ts of operations.Our business derives a substantial portion of its revenues and income from cable television providers and other MVPDs.Subscription streaming services and virtual MVPDs have changed when,where and how audiences consume video content.Thesechanges pose risks to the traditional U.S.tele

294、vision industry,including(i)the disruption of the traditional television contentdistribution model by subscription streaming services and virtual MVPDs,which are increasing in number and some of which havea significant and growing subscriber base,and(ii)the disruption of the advertising supported te

295、levision model resulting fromincreased video consumption through subscription streaming services and virtual MVPDs with no advertising or less advertisingthan on television networks,and time shifted viewing of television programming.In part as a result of these changes,over the pastfew years,the num

296、ber of subscribers to traditional MVPDs in the United States has declined and the U.S.television industry hasexperienced declines in ratings for programming,which has negatively affected subscription and advertising revenues,includingours.Developments in technology and new content delivery products

297、and services have also led to an increased amount of videocontent,as well as changes in consumers expectations regarding the availability of video content,their willingness to pay foraccess to or ownership of such content,their perception of what quality entertainment is and their tolerance for comm

298、ercialinterruptions.We are engaged in efforts to respond to and mitigate the risks from these changes,but the success of these initiativesdepends in part on the cooperation of measurement companies,advertisers and affiliates and,therefore,is not within our control.We have incurred significant costs

299、to implement our strategy and initiatives,and will continue to do so,and if they are notsuccessful,our competitive position,businesses and results of operations could be adversely affected.We are subject to intense competition,which may have a negative effect on our profitability or on our ability t

300、o expand ourbusiness.The programming industry is highly competitive.Our programming networks and streaming services compete with otherprogramming networks and other types of video programming services for marketing and distribution by cable and other MVPDsystems and ultimately for viewing by their s

301、ubscribers.We compete with other providers of programming networks for the right tobe carried by a particular cable or other MVPD system and for the right to be carried by such system on a particular tier ofservice.The increasing offerings by virtual MVPDs through alternative distribution methods cr

302、eates competition for carriage onthose platforms.Our programming networks and streaming services compete with other programming networks,streamingservices,and other sources of video content to secure desired entertainment programming.Competition for content,audiences and advertising is intense and c

303、omes from broadcast television,other cable networks,distributors,including subscription streaming services and virtual MVPDs,social media content distributors,and otherentertainment outlets and platforms,as well as from search providers,social networks,program guides and second screenapplications.We

304、 face significant competition for the development and production of original programming,including from,among others,cable programming networks such as Paramount Global and Warner Bros.Discovery,Inc.,and subscription streaming servicessuch as Netflix,Hulu,Apple TV,and Amazon Prime,which has increase

305、d and is expected to continue to increase our content costsas creating competing high quality,original content requires significant investment.Additionally,new technological developments,including the development and use of generative artificial intelligence,are rapidly evolving.If our competitors g

306、ain an advantageby using such technologies,our ability to compete effectively and our results of operations could be adversely impacted.Ascompetition for the creation and acquisition of quality programming continues to escalate,the complexity of negotiations overacquired rights to the content and th

307、e value of the rights we acquire or retain has increased and is expected to further increase,leading to increased acquisition costs,and our ability to successfully acquire content of the highest quality may face greateruncertainty.Our ability to compete successfully depends on a number of factors,in

308、cluding our ability to create or acquire high quality andpopular programs,adapt to new technologies and distribution platforms,and achieve widespread distribution for our content.Morecontent consumption options increase competition for viewers as well as for programming and creative talent,which can

309、 decreaseour audience ratings,and therefore potentially our advertising revenues.222025/2/11 20:00amcx-20231231https:/www.sec.gov/Archives/edgar/data/1514991/000151499124000007/amcx-20231231.htm28/1422025/2/11 20:00amcx-20231231https:/www.sec.gov/Archives/edgar/data/1514991/000151499124000007/amcx-2

310、0231231.htm29/142Certain programming networks affiliated with broadcast networks like ABC,CBS,Fox or NBC or other key free-to-airprogramming networks in countries where our networks are distributed may have a competitive advantage over our programmingnetworks in obtaining distribution through the bu

311、ndling of carriage agreements for such programming networks with adistributors right to carry the affiliated broadcasting network.In addition,our ability to compete with certain programmingnetworks for distribution may be hampered because the cable television or other MVPDs through which we seek dis

312、tribution maybe affiliated with these programming networks.Because such distributors may have a substantial number of subscribers,the abilityof such programming networks to obtain distribution on the systems of affiliated distributors may lead to increased distribution andadvertising revenue for suc

313、h programming networks because of their increased penetration compared to our programmingnetworks.Even if the affiliated distributors carry our programming networks,they may place their affiliated programming networkon a more desirable tier,thereby giving their affiliated programming network a compe

314、titive advantage over our own.Ourcompetitors could also have preferential access to important technologies,customer data or other competitive information.Therecan be no assurance that we will be able to compete successfully in the future against existing or potential competitors,or thatcompetition w

315、ill not have a material adverse effect on our business,financial condition or results of operations.In addition,our competitors include market participants with interests in multiple media businesses that are often verticallyintegrated,whereas our businesses generally rely on distribution relationsh

316、ips with third parties.As more cable and satelliteoperators,Internet service providers,subscription streaming services,other content distributors,aggregators and search providerscreate or acquire their own content,some of them have significant competitive advantages,which could adversely affect our

317、abilityto negotiate favorable terms and distribution or otherwise compete effectively in the delivery marketplace.Certain of ourcompetitors also have preferential access to important technologies,customer data or other competitive information.There can be no assurance that we will be able to compete

318、 successfully in the future against existing or new competitors,orthat competition will not have a material adverse effect on our business,financial condition or results of operations.Because a limited number of distributors account for a large portion of our business,failure to renew our programmin

319、gnetworks distribution agreements,renewal on less favorable terms,or the termination of those agreements,either in theUnited States or internationally,could have a material adverse effect on our business.Our programming networks depend upon agreements with a limited number of cable television system

320、 operators and otherMVPDs.The loss of any significant distributor could have a material adverse effect on our consolidated results of operations.Currently our programming networks have distribution agreements with staggered expiration dates through 2029.Failure torenew distribution agreements,or ren

321、ewal on less favorable terms(including with respect to price,packaging,positioning and othermarketing opportunities),or the termination of distribution agreements could have a material adverse effect on our results ofoperations.A reduced distribution of our programming networks would adversely affec

322、t our distribution revenues,and impact ourability to sell advertising or the rates we charge for such advertising.Even if distribution agreements are renewed,there is noassurance that the renewal rates will equal or exceed the rates that we currently charge these distributors.In addition,we have,in

323、some instances,made upfront payments to distributors in exchange for additional subscribers or haveagreed to waive or accept lower subscription fees if certain numbers of additional subscribers are provided.In certain cases,wealso support our distributors efforts to market our programming networks o

324、r permit distributors to offer promotional periodswithout payment of subscriber fees.As we continue our efforts to add viewing subscribers,our net revenues may be negativelyaffected by these deferred carriage fee arrangements,discounted subscriber fees or other payments.Our efforts to attract and re

325、tain streaming subscribers may not be successful,which may adversely affect our businessOur ability to attract subscribers depends in part on our ability to consistently provide compelling content choices,effectivelymarket our streaming services,as well as provide a quality experience for subscriber

326、s.Furthermore,the relative service levels,content offerings,pricing and related features of competitors to our service may adversely impact our ability to attract and retainsubscribers.For example,we have in the past increased,and may in the future increase,prices for our streaming services,whichcou

327、ld result in subscribers cancelling their subscriptions or potential subscribers not choosing to sign up for our services.We incursignificant marketing expenditures to attract streaming subscribers,therefore retention of those subscribers is critical to ourbusiness model.We must continually add new

328、subscriptions both to replace canceled subscriptions and to grow our streamingservices beyond our current subscription base.While we permit multiple users within the same household to share a single accountfor noncommercial purposes,if account sharing is abused,our ability to add new subscribers may

329、 be hindered and our results ofoperations may be adversely impacted.If we are unable to successfully compete with current and new competitors in both retainingour existing subscriptions and attracting new subscriptions,our streaming services will be adversely affected.232025/2/11 20:00amcx-20231231h

330、ttps:/www.sec.gov/Archives/edgar/data/1514991/000151499124000007/amcx-20231231.htm30/142We may not be able to adapt to new content distribution platforms and to changes in consumer behavior resulting fromthese new technologies,which may adversely affect our business.We must successfully adapt to tec

331、hnological advances in our industry,including alternative distribution platforms andviewing technologies.Our ability to exploit new distribution platforms and viewing technologies will affect our ability to maintainor grow our business.New forms of content distribution provide different economic mod

332、els and compete with current distributionmethods in ways that are not entirely predictable.Such competition has reduced and is likely to continue to reduce demand for ourtraditional television offerings and could reduce demand for the offerings of digital platforms and,in turn,reduce our revenue fro

333、mthese sources.Accordingly,we must adapt to changing consumer behavior driven by advances such as virtual MVPDs,video ondemand,subscription streaming services,including services such as Netflix,Hulu,Apple TV and Amazon Prime,and mobiledevices.Gaming and other consoles such as Microsofts Xbox and Roku have established themselves as alternative providers ofvideo services.Such changes have impacted a