AMC Networks, the company behind such cable channel brands as AMC, IFC and Sundance TV, as well as such streaming services as AMC+, Acorn TV and horror streamer Shudder, reported a 10 percent drop in fourth-quarter U.S. advertising revenue to $124.8 million on Thursday.
U.S. subscription revenue of $314.8 million was up slightly from a year-ago $314 million on higher streaming revenues offsetting the 13 percent fall in affiliate revenues to $138 million. Streaming revenue, which is driving growth at the company, rose 17 percent to $177 million on gains from sub price increases.
The company, led by CEO Kristin Dolan, saw its streaming subscriber numbers at the end of the fourth quarter stand at 10.4 million customers, which was unchanged from the streaming subscriber tally for the end of the third quarter of 2025 and the end of the fourth quarter in 2024.
AMC Networks is in the midst of a strategic pivot, deemphasizing its linear TV channels (which include AMC, IFC, Sundance TV, WE TV and BBC America) in favor of niche and targeted streaming platforms like the horror-focused Shudder, the international crime and mystery-focused Acorn TV, anime-centric HIDIVE, as well as its flagship AMC+ service for premium scripted TV, Sundance Now, and ALLBLK.
During an after-market analyst call, Dolan touted AMC Networks as a sustainable business by leaning into niche streaming platforms as the biggest source of revenue in its domestic business. “Industry consolidation is highlighting the value of studio assets and powerful IP, and our dynamic mix of content across a wide range of platforms underscores our strength as a studio-based programmer, able to build franchises and engage fans,” she argued.
To reflect that pivot to the global streaming arena, AMC Networks recently hired former Peacock exec Annie Luo for the newly created position of president of streaming growth.
Overall revenues for the fourth quarter total revenues fall 1 percent to $595 million, compared to $599 million in the same period of 2024. That beat an analyst forecast for AMC Networks’s revenues to reach $585.2 million. The company shrunk its operating loss for the fourth quarter to $50.8 million, against a year-earlier operating loss of $254.2 million.
AMC Networks in its domestic operations saw total revenues reach $515 million, down 1 percent from a year-earlier $520.2 million. Total international revenues for the latest financial quarter fell 5 percent to $81.3 million, with subscription revenues rising 1.2 percent to $48.5 million, while advertising revenue dropped 12.7 percent to $29.5 million.
Dolan on the analyst call talked about the rights for The Walking Dead returning to AMC Networks as the popular zombie series streams on Netflix and the current carriage deal is set to end. “The rights are very valuable. I can’t say a lot right now, but we are in conversations now, preparing for the rights coming back, and finding a home for them in the future. We’re just not ready to speak about it now, but we are in conversations,” she said.