AMC Networks Announces Key Amendments to 10.50% Senior Secured Notes; Extends Consent Solicitation

New York, NY – February 23, 2026: AMC Networks Inc. (Nasdaq: AMCX) has announced significant developments regarding its 10.50% Senior Secured Notes due 2032. The company has successfully obtained the required majority consent from noteholders to implement crucial amendments to the indenture governing these notes, alongside extending its ongoing consent solicitation process. These changes and the high level of noteholder participation could have material implications for shareholders and the company’s financial flexibility.

Key Highlights for Investors

• Receipt of Requisite Consents: AMC Networks received valid consents from approximately 94% of outstanding noteholders, significantly surpassing the minimum threshold required to enact the proposed amendments.
• Amendments to the Indenture: The approved amendments are threefold:
  1. Relaxation of Restricted Payments Covenant: The company is now permitted to buy back, purchase, redeem, retire, or otherwise acquire its equity interests up to an aggregate amount of \$50 million. This enhanced flexibility may pave the way for share buybacks or similar shareholder return initiatives, which are often viewed positively by the market.
  2. Revision of Trademark Transfer Covenant: Transfers or licenses of certain trademarks to unrestricted subsidiaries are now limited to non-exclusive licenses only. This change tightens control over the company’s intellectual property, potentially safeguarding core brand value.
  3. Restrictions on Investments in Unrestricted Subsidiaries: Investments made under the definition of “Permitted Investments” are now restricted to certain specific clauses, limiting the company’s risk exposure regarding its unrestricted subsidiaries.
• Consent Solicitation Extended: The deadline for participation in the consent solicitation process has been extended to 5:00 p.m. (New York City time) on March 6, 2026, unless extended or terminated earlier. The extension provides additional time for participation and potentially wider engagement with noteholders.
• Irrevocability of Consents: Once the supplemental indenture was executed, consents delivered by noteholders could no longer be revoked, locking in support for the amendments.
• Payment of Consent Fee: The amendments will become operative once AMC Networks notifies the trustee that the consent fee, as detailed in the Consent Solicitation Statement, has been paid.

Implications for Shareholders

Shareholder Value and Potential Price Sensitivity:

• The ability to repurchase or otherwise acquire up to \$50 million of AMC Networks’ equity could signal management’s confidence in the company’s future prospects and may support share price performance through buybacks or similar capital return strategies.
• The amendments restricting investments and trademark transfers may be seen as prudent steps to reduce risk and protect key assets, which could be welcomed by the market.
• The strong support from noteholders (94%) demonstrates broad confidence in AMC Networks’ management and direction.

About AMC Networks

AMC Networks is a prominent creator and curator of celebrated series and films, with a diverse portfolio that includes targeted streaming services such as AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK, HIDIVE, and All Reality. The company’s cable networks encompass AMC, BBC AMERICA, IFC, SundanceTV, and We TV, alongside film distribution labels like Independent Film Company and RLJE Films. AMC Studios serves as its in-house studio, producing franchise hits like The Walking Dead Universe and the Anne Rice Immortal Universe, while AMC Networks International manages its international programming operations.

Forward-Looking Statements and Risks

This announcement contains forward-looking statements related to the timing, terms, and completion of the consent solicitation, as well as implications of the amendments. These statements are subject to risks and uncertainties, and actual results may differ materially due to a variety of factors, including perceptions of AMC Networks’ financial health, industry conditions, and other risks as noted in the company’s SEC filings.

Contact Information

For more information on the consent solicitation, noteholders can contact D.F. King & Co., Inc. at [email protected] or by phone at (646) 989-1649 (collect) or (800) 967-7510 (toll-free). J.P. Morgan Securities LLC is serving as the solicitation agent and can be reached at (212) 834-3554 (collect) or (866) 834-4666 (toll-free).

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a solicitation to buy or sell any securities. Investors should review AMC Networks’ official filings and consult their financial advisors before making investment decisions. Forward-looking statements are subject to risks and actual outcomes may differ materially.

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