AMC Networks has extended the employment agreement of Chief Content Officer Dan McDermott through December 31, 2028. The new contract, effective November 18, 2025, provides a base salary of $1.625 million, retroactive to July 1, 2025, and a target bonus of at least 130 % of salary, retroactive to January 1, 2025. McDermott will also receive annual cash and equity awards totaling roughly $1.6 million, split evenly between the two forms of compensation.
McDermott has overseen the development of AMC’s flagship franchises, including the expansive Walking Dead universe, Anne Rice’s Immortal Universe, and Dark Winds. He has guided AMC Studios’ production of third‑party content such as Apple TV+’s Silo, reinforcing the studio’s role as a creator of high‑profile, externally‑commissioned series. His leadership has been central to AMC’s strategy of building a library of distinctive, high‑quality shows that drive subscriber acquisition and retention.
AMC’s streaming platforms collectively serve 10.4 million users as of the second quarter of 2025, a figure that matches the most recent quarterly report. The subscriber base has grown steadily, reflecting the success of the company’s niche‑programming focus and the expansion of its ad‑supported tiers. The growth in users is a key metric for AMC’s transition to a streaming‑first business model, where streaming revenue is expected to become the largest component of domestic income.
Financially, AMC reported a 7 % decline in net revenues to $555 million in Q1 2025, followed by a 4 % drop to $600 million in Q2 2025 and a 6.3 % year‑over‑year decline to $561.74 million in Q3 2025. In contrast, streaming revenues increased 8 % to $157 million in Q1, 12 % to $169 million in Q2, and 14 % to $174 million in Q3, underscoring the resilience of the streaming segment amid broader revenue pressure. Free cash flow remained strong, reaching $94 million in Q1 and $96 million in Q2, before falling to $42 million in Q3, a 22.1 % decline that reflects higher content spend and investment in new platforms.
CEO Kristin Dolan highlighted the company’s strategic shift during the Q3 2025 earnings call, noting that the quarter marked a “major step in the company’s shift from a traditional cable network to a global streaming and technology‑driven content business.” She emphasized that streaming revenue growth accelerated and would become the company’s largest source of domestic revenue, while also pointing to the generation of strong free cash flow and progress toward debt reduction. The comments signal confidence that the content strategy, anchored by McDermott’s leadership, will continue to drive growth and profitability.
The contract extension reinforces AMC’s focus on “programming, partnerships, and profitability.” By retaining McDermott, the company signals its commitment to sustaining a pipeline of high‑quality, niche programming that differentiates it from larger competitors. The extension also supports AMC’s broader initiatives, including the launch of ad‑supported AMC+ on Charter, the development of FAST channels, and strategic licensing deals such as the partnership with Netflix. These moves aim to broaden revenue streams, improve cost efficiency, and strengthen the company’s competitive position in an increasingly crowded streaming market.
In the competitive landscape, AMC faces pressure from larger players with broader content libraries. The company’s strategy of focusing on distinctive, high‑quality shows, coupled with the expansion of ad‑supported tiers and FAST channels, is designed to attract and retain subscribers while managing costs. McDermott’s continued leadership is expected to help AMC navigate these challenges, ensuring that its content portfolio remains a key driver of subscriber growth and profitability in the coming years.
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