• by Wayne Friedman , Staff Writer, February 13, 2026

AMC Networks -- a still predominantly midsized cable TV networks group -- continues to be a microcosm of how to find a way to succeed among giant TV/streaming competitors.

The downside is another double-digit percentage decline in key areas, with U.S. advertising revenue 10% lower in the fourth quarter to $124.8 million, with traditional affiliate fee-based revenue sinking 13% to $139 million.

And looking at all subscription revenues (including streaming and affiliate fees), this was flat (up 0.3%) to $314.9 million. All this meant that overall revenue for the quarter was virtually unchanged -- slipping 1% to $515.1 million.

Now the upside -- looking into this result, streaming revenue up 17% to $177 million, which is now the largest business component at AMC. But at the same time domestic streaming subscribers did not grow -- remaining at 10.4 million.

So then what’s the plan? It goes somewhat beyond even looking at streaming per se.

CEO of AMC Networks Kristin Dolan is negotiating to get back the streaming rights to its prized “Walking Dead” programming.

Currently, Netflix has an exclusive deal to stream the show.

With this -- and hopefully, continuing steady streaming growth -- the company believes that can be a major boost focused around what other legacy TV-based media companies covet: its valuable library.

“Industry consolidation is highlighting the value of studio assets and powerful IP,” she said on an analysts quarterly earnings call on Wednesday.

Overall content licensing revenue is still small on a quarterly basis -- 12% to $75.3 million. Guggenheim Securities estimates content revenue will contribute around $260 million in domestic content licensing revenues this year -- and no doubt more if “Walking Dead” returns.

For the year overall, AMC Networks sank 4.5% to $2.3 billion. It did post $133.3 million in operating income -- a reversal of a $39.6 million loss a year ago.

All this coming from its cable network brands AMC, IFC, Sundance TV, WE TV and now niche streaming services as AMC+, Acorn TV, amine-focused HIDIVE, ALLBLK, and horror streamer Shudder.

Recently, Brian Wieser, media analyst/founder of Madison and Wall, notes the bottom line is that just moving streaming could be a tougher issue.

“This is because there might not only be less advertising inventory to sell with streaming, but that AMC Networks will have more pressure to offer up “closed-loop,” business outcome focused performance which directly ties advertising to actual sales and other key business metrics.

More work needs to be done. Not dead yet -- walk before running.