AMC Global Media Inc.

Good day, and thank you for standing by. Welcome to the AMC Network's Third Quarter 2025 Earnings Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I'd like to hand the conference over to your first speaker today, Nick Siebert, SVP, Corporate Development and Investor Relations. Please go ahead.

Thank you. Good morning and welcome to the AMC Network's third quarter 2025 earnings conference call. Joining us this morning are Kristen Dolan, Chief Executive Officer, Patrick O'Connell, Chief Financial Officer, Kim Kelleher, Chief Commercial Officer, and Dan McDermott, President of Entertainment and AMC Studios. Today's press release is available on our website at amcnetworks.com. We will begin with prepared remarks, and then we'll open the call for questions. Today's call may include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that could cause actual results to differ. Please refer to AMC Network's SEC filings for a discussion of risks and uncertainties. The company disclaims any obligation to update any forward-looking statements made on this call today. We will discuss certain non-GAAP financial measures. The required definitions and reconciliations can be found in today's press release. And with that, I'd like to turn the call over to Kristen.

Thanks, Nick, and thanks, everyone, for joining us this morning. We're pleased with our performance in the third quarter and our progress in several key areas. We delivered another quarter of healthy free cash flow and are on track to achieve our increased guidance of $250 million in free cash for the full year. The results we reported today mark a key milestone in our transition from a cable networks business to a global streaming and technology-focused content company. Streaming revenue growth accelerated in the quarter and offset affiliate revenue declines, resulting in stable domestic subscription revenues. As we have previously discussed, we expect streaming to be our single largest source of revenue in our domestic segment this year. This is a first for us and a meaningful inflection point as we continue to manage the business for the long term. As much larger companies spin off assets or split up to find clarity in a complicated time, we've built the components of a modern media business that is nimble, independent, and well-suited to today's environment and whatever comes next. We have a successful studio that produces programming and franchises that attract passionate and engaged viewers. We're home to the world's largest collection of targeted services, bringing fans of specific genres and unmatched level of curation and depth. We window our own content across a full distribution ecosystem of domestic and international networks, streaming services, theaters, and fast channels. And we service all of this with a unified technology platform that allows us to deliver our content to viewers wherever they want to watch in a scalable way with predictable costs. A few highlights before I turn things over to Patrick. As previewed on our last call, we renewed and expanded our branded content licensing agreement with Netflix, which has been beneficial for both companies. We reserve new seasons of our most important franchises for our own platforms, and get the promotional benefits of making prior seasons available to Netflix's large base of U.S. subscribers. This new agreement also expands to select international markets with a combination of first and second window rights focused on our biggest franchises like Anne Rice, Dark Winds, and The Walking Dead. Turning to other key partnerships, we renewed a long-term distribution agreement with DirecTV, which expands the availability of our networks and programming across linear, fast, and streaming. Next year, DIRECTV will hard bundle the ad-supported version of AMC Plus in video packages that include AMC's linear network and will also add Shudder to one of their genre packages. We continue to work with Charter to raise awareness among Spectrum TV customers that ad-supported AMC Plus is now included in their video package. More than 850,000 Spectrum customers have opted into AMC Plus since its inclusion in the package earlier this year. We've also expanded our relationship with Cox. All five of our linear networks are now included in their streaming-only TV plan, Cox TV Lite. Just this week, we launched our first triple bundle with Amazon Prime Video, offering AMC+, MGM+, and Starz at significant savings over standalone pricing. During last quarter's call, as we were finalizing our upfront negotiations, we noted a more than 25% increase in digital advertising commitments. I'm pleased to say the final figure was an increase of 40%. This is meaningful growth in an increasingly important category as our digital presence expands and advertisers see the impact of reaching viewers across all platforms that feature our popular and critically acclaimed programming. Our FAST and AVOD business continues to grow. We recently renewed our distribution with CTV leaders Samsung and Roku and expect to launch four new FAST channels by the end of the year. As discussed last quarter, we're also implementing this successful strategy internationally. We currently have fast channels in the UK, Canada, Germany, Spain, and Latin America. Globally, as of the end of September, we have 33 fast channels distributed across 22 platforms, totaling 215 active channel feeds. Combined, our portfolio streaming services delivered an all-time high in viewership during the quarter. including the highest ever viewership of AMC+. Acorn TV, our streaming service focused on international crime dramas and mysteries, is having its best year ever. We're thrilled with the new talent, energy, and momentum we're bringing to this beloved service, now in its second decade, and one of the world's first and most successful targeted streaming services. Irish Blood, the new series starring an executive produced by Alicia Silverstone, premiered in August and is already Acorn's number one series ever and has been renewed for a second season. We're currently in production in Nova Scotia on a new series called You're Killing Me, starring and executive produced by Brooke Shields. We just completed another successful Fear Fest, one of our biggest programming events of the year, now spanning thousands of hours of programming across AMC, AMC Plus, and Shudder. Brand partnerships included an integrated show sponsorship with Hyundai, a Universal Studios promotion on Shudder for Black Phone 2, and multi-platform partnerships with Bacardi and Kraft Heinz, anchored by full-week placements on Sphere, as well as on our linear streaming and social platforms. On AMC and AMC+, we just brought fans a third series in our popular Anne Rice Immortal Universe, Anne Rice's Talamasca, The Secret Order. The first episode has already been seen by 2 million viewers across all platforms and is pacing as the most-watched series premiere since The Walking Dead, The Ones Who Live. Interview with the Vampire will return next year with a new season called The Vampire Lestat, focused on the popular character Lestat as the world's first truly immortal rock star. We've completed production of a new series that will premiere next spring on AMC and AMC Plus called The Audacity. written and produced by Better Call Saul and Succession writer Jonathan Glatzer. It's a provocative, timely, and darkly comedic series featuring an amazing cast including Billy Magnuson, Sarah Goldberg, Zach Galifianakis, Rob Corddry, and Simon Helberg. Next year, we're planning to go into production on a new franchise, Great American Stories, the first season of which will be focused on John Steinbeck's The Grapes of Wrath. Our film group is experiencing one of the most successful years in its history. with recent theatrical release Good Boy joining this summer's Clown in a Cornfield to deliver two of the three highest-grossing opening weekends we've ever had. Dangerous Animals also saw solid box office results this summer. Just as important as the theatrical success is the impact these films have when they move to streaming on AMC Plus and Shudder, extending the reach of our high-quality IP with minimal audience duplication. Earlier, I spoke about the strategic components of our business and our commitment to remaining fast moving and adaptable as our industry evolves. Our achievements are only possible because of our people, and I'm extremely proud of the work we're doing and the culture we have built together. To support our employees during this dynamic period in media and to advance our company with dedication and focus, we recently offered a voluntary buyout program to most of our US workforce. This program did not have specific financial targets, Rather, its purpose was to strengthen our talent base and ensure we have the right skills for the future. The result of this initiative is a less than 5% reduction in our total employee base. We are thankful for the contributions of those who have chosen to pursue new opportunities and, of course, those who are driving this new era of the company. AMC Networks continues to differentiate itself during this changing time in media. As I said at the top of the call, when I look across our business, I see a company that has the pieces and the people necessary to succeed in this environment and to move quickly to find new and better ways to bring engaged fans the content they love. And now I'll turn the call over to Patrick.