AMC Global Media posts streaming growth amid debt restructuring

AMC Global Media (NASDAQ:AMCX) reported a slight decline in first-quarter revenue as gains in its streaming business were offset by continued softening in the linear television market.

For the quarter ended March 31, 2026, the company posted net revenues of $542.1 million, a 2% decrease from the prior-year period.

Operating income stood at $31.3 million, while adjusted operating income reached $69.0 million, representing an adjusted operating margin of 13%.

Despite the revenue dip, the company maintained positive cash generation, reporting free cash flow of $64.8 million.

The company’s "differentiated playbook," as described by CEO Kristin Dolan, saw streaming revenue climb 11% to $174 million.

Streaming now accounts for more than one-third of the company’s domestic operations revenue.

This growth was primarily driven by price increases across its suite of services—including AMC+, Shudder, and Acorn TV—which helped mitigate a slight 1% dip in total streaming subscribers to 10.1 million.

The results reflect a broader industry trend where legacy media firms are balancing the managed decline of linear advertising—which fell 5% for AMC this quarter—with the higher-margin potential of direct-to-consumer digital platforms.

The company also reiterated its full-year financial outlook, buoyed by a 200% year-over-year increase in ad-supported AMC+ activations through "hard-bundle" partnerships.