AMC Global Media outlines $2.4B-$2.45B 2026 revenue outlook driven by $500M Netflix Walking Dead deal

AMC Global Media’s Q2 2026 earnings call centered on a major content licensing win with Netflix for the entire Walking Dead universe, covering all 7 series and 371 episodes. Management said the deal will add $200-225 million to 2026 content licensing revenue and should materially boost high-margin income, improve multiyear visibility, and support raised full-year revenue and AOI guidance. The company also cited better affiliate renewal terms and rising free cash flow as additional positives. However, subscription revenue fell 5% in the quarter, with a 17% affiliate loss only partly offset by 6% streaming growth. Management flagged risks including slower subscriber acquisition, modest domestic subscription declines, advertising pressure, and timing mismatches in revenue recognition. Overall, the announcement was supportive for near-term profitability and guidance, but the stock reaction reflects ongoing concerns about core subscription trends.