AMC Networks Inc. (AMCX): Business Model Canvas [Dec-2025 Updated]

You're looking at AMC Networks Inc., and honestly, the story isn't just about cable anymore; it's a masterclass in strategic pivot, moving from legacy distribution to a focused, niche streaming future. After two decades analyzing media shifts, I see a company doubling down on high-value IP like The Walking Dead Universe while aggressively building out targeted SVODs (Subscription Video on Demand) like Shudder and Acorn TV. The real test is execution, especially as they target a free cash flow outlook of approximately $250 million for 2025, balancing high content costs against subscriber growth across their diverse channels. Dive into the full Business Model Canvas below to see exactly how they are structuring their partnerships, costs, and revenue streams to make this transition stick.

AMC Networks Inc. (AMCX) - Canvas Business Model: Key Partnerships

You're looking at the core distribution and strategic alliances that keep AMC Networks Inc. operating in this shifting media landscape. Honestly, the numbers tell a clear story about where the focus is now-streaming and cost control, supported by legacy deals.

Major MVPDs (DirecTV, Charter) for linear and bundled streaming distribution

Distribution agreements with traditional multichannel video programming distributors (MVPDs) remain critical, though affiliate revenues are shrinking. As of the third quarter of 2025, affiliate revenues were down 13% to $142 million, primarily due to basic subscriber declines. Still, these partners are key to bundling the direct-to-consumer (DTC) offering.

AMC Networks Inc. reported that as of December 31, 2024, its flagship AMC network reached approximately 60 million subscribers, We TV reached approximately 59 million, BBC America (BBCA) reached approximately 56 million, and IFC reached approximately 52 million, all with agreements with major U.S. and Canada distributors.

Specific MVPD partnership highlights include:

• Renewed long-term affiliate agreement with DirecTV, expanding the relationship beyond linear to include certain streaming services, like ad-supported AMC+, in their genre packaging.
• DirecTV is now distributing 6 of AMC Networks' FAST channels.
• Continued strong performance for ad-supported AMC+ on Charter, with over 850k+ Spectrum TV customers accessing the service since its launch.

Amazon Prime Video for triple-bundle offerings (e.g., AMC+, MGM+, Starz)

AMC Networks Inc. launched its first triple bundle with Amazon Prime Video during the third quarter of 2025. This offering packages AMC+, MGM+, and Starz together at a single, discounted price point. The company did not disclose the specific subscriber count for this new bundle as of the Q3 2025 report. The overall streaming segment is growing, with streaming revenues increasing 14% to $174 million in Q3 2025.

Netflix for renewed branded content and international licensing agreements

The relationship with Netflix was extended through a renewed branded content licensing agreement for "The AMC Collection." This expansion specifically includes international licensing rights for certain AMC Studios' original programming. This type of content licensing helps diversify revenue streams outside of the domestic linear base.

Runway AI for integrating artificial intelligence into marketing and development

AMC Networks Inc. became the first major cable entertainment company to formally partner with Runway AI in June 2025. This partnership is clearly aimed at efficiency, coming after AMC Networks reported profits dropped nearly 50% to $63 million in its latest earnings report (Q1 2025). The technology use is focused on:

• Speeding up "pre-visualization" during development to create early concept visuals.
• Generating marketing images and promotional materials without costly traditional photo or video shoots.

The company's combined streaming platforms maintained over 10 million subscribers as of Q1 2025, signaling a need to keep content promotion fresh with fewer resources.

FAST/AVOD distributors like Roku and Samsung for channel expansion

The Free Ad-Supported Streaming Television (FAST) and Advertising Video On Demand (AVOD) distribution channels are a growth area. AMC Networks Inc. continued momentum here by renewing key distribution agreements.

These renewals specifically involve:

• Renewed agreements with Roku to deliver its free streaming channels through The Roku Channel.
• Renewed agreements with Samsung to deliver its free streaming channels through Samsung TV Plus.

Finance: Finance needs to model the Q4 2025 affiliate revenue run-rate based on the Q3 13% decline and project the impact of the DirecTV FAST channel distribution on overall AVOD revenue by end of year.

AMC Networks Inc. (AMCX) - Canvas Business Model: Key Activities

You're looking at the core actions AMC Networks Inc. is taking right now to navigate the media landscape, which is all about shifting focus and making cash work hard. Here's the breakdown of what they are actively doing to execute their strategy as of late 2025.

Producing and acquiring high-quality, distinctive original content (IP)

AMC Networks Inc. continues to focus on developing and acquiring content that builds fan communities, especially for its streaming portfolio. The company renewed multiple series within The Walking Dead Universe franchise for new seasons, including The Walking Dead: Dead City and The Walking Dead: Daryl Dixon. For the Acorn TV service, the inaugural "Murder Mystery May" programming event drove the service's biggest month ever, with record engagement and subscriber acquisition. Furthermore, development was announced for a new AMC Studios franchise, Great American Stories, starting with The Grapes of Wrath. Content licensing revenue was reported at $84 million in the second quarter of 2025, marking a 26% increase year-over-year, and is anticipated to total approximately $250 million for the full year 2025.

Managing the strategic transition from linear cable to global streaming focus

The company is executing a clear strategic plan to transition from a cable networks business to a global streaming- and technology-focused company. This pivot is significant because, during the third quarter of 2025, domestic streaming revenue of $174 million surpassed income from affiliate fees charged to cable and satellite companies, which totaled $142 million. This marks a meaningful inflection point where streaming is expected to be the single largest source of domestic revenue for the year. The company expects quarterly streaming revenue growth to accelerate, projecting full-year streaming revenue growth in the low to mid-teens.

Expanding the portfolio of targeted streaming services (SVOD, AVOD, FAST)

AMC Networks Inc. is actively expanding its portfolio of targeted streaming services, which include AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK, and HIDIVE. The company reported 10.4 million streaming subscribers as of the end of the third quarter of 2025, a 2% year-over-year increase. The FAST channels business saw continued expansion, including the launch of 11 FAST channels on TCLtv+ and the introduction of two new channels, AcornTV Mysteries and Love After Lockup, during the second quarter of 2025. Management also revealed the launch of four new FAST channels by the end of the year following the third quarter results.

Maximizing free cash flow, with an increased 2025 outlook of approximately $250 million

A primary key activity is maximizing free cash flow (FCF) to fund strategy and manage debt. AMC Networks Inc. increased its full-year 2025 FCF outlook to approximately $250 million. This outlook is supported by strong year-to-date performance and programming efficiencies. The company generated $96 million in FCF in the second quarter of 2025 and $42 million in the third quarter of 2025. The company also reduced gross debt by approximately $400 million since March 31, 2025, through financing transactions.

Here are the key financial and subscriber metrics supporting this focus:

Optimizing advertising technology for digital and linear platforms

The company is capitalizing on advertising innovation, particularly in the digital space, to offset linear headwinds. During upfront negotiations, AMC Networks Inc. secured a 40% increase in digital advertising commitments, up from an initial note of over 25%. This digital commitment growth is contrasted with US advertising revenues declining by 18% to $123 million in the second quarter of 2025 due to linear ratings declines. The company also announced a partnership with Runway to incorporate its AI models and tools into AMC Networks' marketing and programming development processes.

The advertising revenue breakdown for recent quarters shows this dynamic:

• Advertising revenue in Q3 2025 was $110 million.
• Advertising revenue in Q2 2025 was $123 million.
• Digital advertising commitments saw a 40% increase in final upfront figures.

AMC Networks Inc. (AMCX) - Canvas Business Model: Key Resources

You're looking at the core assets AMC Networks Inc. (AMCX) relies on to drive its business in late 2025. Honestly, it's a mix of legacy content value and aggressive streaming build-out.

Exclusive, High-Value Content Franchises

The intellectual property is central, especially the tentpole universes. AMC controls approximately 4,700+ hours of original programming, which an internal valuation put at around $1.2 billion back in 2022.

Key franchises driving this include:

• The Walking Dead Universe, with renewals for The Walking Dead: Dead City and The Walking Dead: Daryl Dixon confirmed.
• The Anne Rice Immortal Universe, expanded with the premiere of Anne Rice's Talamasca: The Secret Order.
• Other prestige series like Dark Winds.

The branded content licensing agreement with Netflix, featuring 'The AMC Collection,' generated 210 million global views in the second half of 2024 and the first half of 2025.

Portfolio of Niche Streaming Services

AMC Networks operates a suite of targeted subscription video on demand (SVOD) services. As of Q2 2025, the company reported 10.4 million streaming subscribers across these platforms. This number reflects a definition change that focuses on a la carte subscribers, excluding those accessing via video packages.

The portfolio includes:

• Acorn TV
• Shudder
• ALLBLK
• Sundance Now

The company is also heavily invested in Free Ad-Supported Streaming Television (FAST) channels. They launched 11 FAST channels on TCLtv+ and introduced Acorn TV Mysteries and Love After Lockup. Management indicated plans to launch 4 new FAST channels by the end of 2025. Streaming revenue growth accelerated, with Q3 2025 streaming revenue hitting $174 million, a 14% increase year-over-year. Streaming is expected to be the single largest source of domestic revenue for AMC Networks in 2025.

AMC Studios, the In-House Production and Distribution Arm

AMC Studios is the engine for much of the exclusive content. Content licensing revenue was strong, reported at $84 million in Q2 2025, marking a 26% year-over-year increase. For Q3 2025, content licensing revenue was $59 million. The studio is also looking toward efficiency, announcing a partnership with Runway to incorporate AI models and tools into marketing and programming development processes.

Long-Term Affiliate Agreements with Major US Cable Providers

Securing distribution through established linear providers remains a key resource, though affiliate revenue is declining. Affiliate revenues in Q3 2025 dropped 13% to $142 million, driven by basic subscriber declines. However, long-term agreements are being leveraged for streaming distribution.

Recent distribution milestones include:

Historically, as of December 31, 2016, AMC had agreements reaching approximately 91 million Nielsen subscribers.

Cash Flow Generation

The company is focused on profitability metrics, specifically free cash flow. AMC Networks increased its full-year 2025 free cash flow outlook to approximately $250 million.

Cash flow generation through the first nine months of 2025:

• Q2 2025 Free Cash Flow: $96 million.
• Q3 2025 Free Cash Flow: $42 million.
• Total generated in the first 9 months of 2025: $232 million.

The company reiterated confidence in achieving the $250 million target for the full year 2025.

AMC Networks Inc. (AMCX) - Canvas Business Model: Value Propositions

You're looking at how AMC Networks Inc. delivers value in this shifting media landscape. It's all about distinctive content and flexible access points for viewers.

Premium, genre-specific content for passionate, engaged fan communities is central. For instance, the company renewed multiple series in The Walking Dead Universe franchise, including The Walking Dead: Dead City and The Walking Dead: Daryl Dixon for new seasons. Engagement is a key metric; in the first quarter of 2025, the company saw a sequential double-digit increase in viewership hours per subscriber. The Acorn TV service saw its biggest month ever during the inaugural "Murder Mystery May" programming event, hitting a multi-year high in subscriber acquisition.

Flexibility in viewing is delivered across linear cable, ad-free SVOD, and ad-supported tiers. As of the third quarter of 2025, AMC Networks Inc. counted 10.4 million paid streaming subscribers across its portfolio, up from 10.2 million as of March 31, 2025. The company launched an ad-supported AMC+ option for Charter Spectrum TV Select customers at the end of March 2025. Furthermore, the FAST channels business expanded, launching 11 FAST channels on TCLtv+ and introducing two new ones: AcornTV Mysteries and Love After Lockup.

Here's a quick look at how domestic revenue streams reflect this multi-platform approach for the third quarter ended September 30, 2025:

The deep library of acclaimed series and independent films supports licensing value. Content licensing revenues for the third quarter of 2025 were $59 million. This figure followed a strong second quarter of 2025 where licensing revenues hit $84 million, which included the sale of the company's music catalog and executive producer fees related to Apple TV+'s Silo. The film library itself consists of films licensed under long-term contracts with major studios such as Warner Bros., Sony, MGM, NBC Universal, Paramount, Lionsgate, and Buena Vista.

Curated streaming bundles offer cost savings and increased reach. The company continued momentum in Amazon Prime Video Channels streaming bundles in Q2 2025, including AMC+ bundles with AcornTV, Discovery+, Starz, and MGM+. A new bundled offering of Acorn TV and MGM+ launched on Amazon in the third quarter. You should note that the company also renewed a long-term affiliate agreement with the National Content & Technology Cooperative (NCTC).

• The company ended Q1 2025 with 10.2 million streaming subscribers after implementing tighter credit standards.
• The CEO stated that streaming revenue growth accelerated and will represent the largest single source of domestic revenue for the full year 2025.
• The full year 2025 Free Cash Flow outlook was increased to approximately $250 million.

AMC Networks Inc. (AMCX) - Canvas Business Model: Customer Relationships

You're navigating the shift from legacy cable to a streaming-first model, so understanding how AMC Networks Inc. manages its audience relationships is key to seeing where the revenue is actually coming from now.

Automated self-service via Direct-to-Consumer (DTC) streaming apps is the primary growth engine. Streaming revenue accelerated, hitting $174 million in the third quarter of 2025, a 14% year-over-year increase. This growth was primarily driven by the impact of price increases across their services. As a result, streaming is expected to be the single largest source of domestic revenue for AMC Networks in 2025. The company reported 10.4 million streaming subscribers as of September 30, 2025.

Community-driven engagement is used to boost retention, especially around core franchises. For example, the inaugural "Murder Mystery May" programming event drove Acorn TV's biggest month ever, showing record engagement and viewership. Furthermore, AMC Networks renewed multiple series within The Walking Dead Universe franchise, including The Walking Dead: Dead City and The Walking Dead: Daryl Dixon for new seasons.

Here's a quick look at the Q3 2025 financial results tied directly to these customer groups:

Account management focuses heavily on large affiliate and advertising partners to offset linear declines. Affiliate revenues, which are a traditional bedrock, declined 13% to $142 million in Q3 2025, attributed to basic subscriber declines and contractual rate decreases upon renewal. On the partnership front, AMC Networks renewed a long-term affiliate agreement with the National Content & Technology Cooperative (NCTC). For advertising, the company saw a 40% increase in digital advertising commitments during its upfront negotiations. They are also focusing on advertising growth from their 33 FAST channels across 22 platforms.

The focus on higher-quality subscribers is evident in their operational shifts. The company explicitly stated that a sequential decrease in streaming subscribers in Q1 2025 (from a recast 10.4 million at the end of 2024 to 10.2 million) reflected a continued focus on quality, realized through the implementation of tighter credit standards for new sign-ups across DTC and partner funnels. This strategy helped keep Domestic Subscription Revenues flat in Q3 2025, as the 14% growth in streaming revenues successfully offset the decline in affiliate revenues. In Q1 2025, management noted a year-over-year improvement in retention.

• Streaming revenue growth offset affiliate declines, leading to flat Domestic Subscription Revenues of $316 million in Q3 2025.
• The company updated its streaming subscriber definition to only include those who pay a fee directly or through a platform arrangement, excluding those receiving access via a linear video package.
• The Q1 2025 subscriber count dropped by 200,000 after the definition change, which excluded about 2 million pay-TV subscribers from the previous count.
• The company is using its ad-supported AMC+ on Charter Spectrum TV, which saw over 850,000 Spectrum TV customers access the service since launch.

Finance: draft 13-week cash view by Friday.

AMC Networks Inc. (AMCX) - Canvas Business Model: Channels

You're looking at how AMC Networks Inc. gets its content-from premium apps to traditional boxes-out to viewers as of late 2025. It's a clear pivot, where digital is now the primary domestic revenue driver, but the legacy infrastructure still matters for reach.

Direct-to-Consumer (DTC) streaming apps (AMC+, Acorn TV, Shudder, etc.).

The core of the DTC strategy centers on the portfolio of targeted services, with AMC+ acting as the umbrella brand. The company reported a total of 10.4 million streaming subscribers across its SVOD platforms as of the end of the third quarter of 2025. This figure reflects a focus on higher-quality, a la carte subscribers following a definition change earlier in the year. Streaming revenues for the third quarter of 2025 hit $174 million, marking a 14% year-over-year increase, primarily driven by price increases across the services. Management stated that streaming revenue is on pace to be the largest single source of domestic revenue for the full year 2025.

Here's a look at the key financial metrics related to the streaming push through Q3 2025:

The success of specific content, like the premiere of Anne Rice's Talamasca: The Secret Order, is tied directly to driving acquisition activity for AMC+.

Traditional MVPDs/Cable Operators (e.g., Charter, DirecTV) for linear carriage.

While the focus shifts to streaming, the linear carriage agreements remain a significant channel for both legacy revenue and as a promotional funnel for DTC services. AMC Networks reaches probably somewhat under 60 million U.S. homes through its linear channels. Affiliate revenues, which come from these deals, declined 13% to $142 million in Q3 2025 due to basic subscriber declines.

Key recent distribution partnerships include:

• Renewed long-term affiliate agreement with DirecTV, expanding the relationship to include ad-supported AMC+ in their genre packaging.
• DirecTV will also carry 6 of AMC Networks' FAST channels.
• Continued strong performance with Charter, where over 850k+ Spectrum TV customers have accessed ad-supported AMC+ since its launch.
• Renewed the agreement with the National Content & Technology Cooperative (NCTC).

Third-party streaming aggregators (Amazon Prime Video Channels, Apple TV).

Distributing content through major third-party platforms is a key strategy to reach consumers without requiring them to download a standalone app, helping to manage customer acquisition costs. AMC Networks has seen continued momentum here, especially with bundling.

Notable third-party aggregator activity as of mid-2025:

• Launched a triple bundle with Amazon Prime Video, offering AMC+, MGM+, and Starz at a combined savings.
• In Q2 2025, momentum continued in Amazon Prime Video Channels with bundles including AMC+ with Acorn TV, Discovery+, Starz, and MGM+.
• Content licensing revenue was supported by executive producer fees related to Apple TV+'s series Silo in the second quarter of 2025.

Free Ad-Supported Television (FAST) platforms (Roku, Samsung, TCLtv+).

The FAST channel strategy is designed to monetize content outside the core subscription tiers and serve as a promotional tool to drive awareness toward the premium DTC services. AMC Networks is actively scaling its inventory in this space.

The scale of the FAST operation as of late 2025 includes:

• Operating 33 FAST channels across 22 platforms.
• Offering over 250 global feeds across these channels.
• Secured key distribution renewals with platforms like Roku and Samsung.
• Launched 11 FAST channels on TCLtv+ during the second quarter of 2025.
• The company is using FAST and AVOD (Advertising Video On Demand) channels to allow audiences to sample series, with the goal of driving them to subscription services.

Finance: review the Q4 2025 budget allocation between DTC marketing spend and FAST channel operational costs by next Tuesday.

AMC Networks Inc. (AMCX) - Canvas Business Model: Customer Segments

You're looking at the customer base for AMC Networks Inc. (AMCX) as of late 2025, which is clearly split between legacy linear viewers and the growing direct-to-consumer (DTC) audience. The company is actively managing the transition, which you see reflected in the differing performance metrics across these groups.

The traditional base is definitely shrinking. Affiliate revenues, which come from those linear TV subscribers, dropped 13% in the third quarter of 2025, directly due to 'basic subscriber declines'. This segment is a legacy anchor, but the financial pressure is clear.

The DTC segment, representing cord-cutters and a la carte seekers, is the growth engine. As of the third quarter of 2025, AMC Networks Inc. reported 10.4 million paid streaming subscribers across its services. This figure excludes users bundled with linear packages, focusing only on those paying a fee directly or via a platform channel store. Domestic streaming revenue was a bright spot, growing 14% to $174 million in Q3 2025, primarily driven by price increases. CEO Kristin Dolan stated that streaming is expected to be the single largest source of domestic revenue for the full year 2025.

The niche genre enthusiasts form the core of the DTC success. These are the dedicated fans of specific content verticals. For example, the inaugural "Murder Mystery May" event drove Acorn TV to its biggest month ever in terms of subscriber acquisition in the second quarter of 2025. The company also expanded its genre packaging with partners like DirecTV, which will add Shudder to one of its genre packages.

Global content buyers and international distributors are the third major segment, supporting the company through licensing. International subscription revenue for the third quarter of 2025 was $48 million. Content licensing revenues overall for the company in Q3 2025 were $59 million, though this was down 27% compared to the prior period due to the timing of deliveries. The company did renew a branded content licensing agreement for 'The AMC Collection' with Netflix.

Here's a quick look at the key revenue and subscriber metrics for the domestic and international segments as of the third quarter of 2025:

The DTC customer base is also being reached through partnerships. More than 850,000 Spectrum TV customers have accessed the ad-supported AMC+ since its launch as part of the Charter deal.

The customer base is segmented by access method and content preference:

• Linear Pay-TV Subscribers: Base experiencing basic subscriber declines.
• DTC Cord-Cutters: Paying for a la carte services like AMC+, Shudder, Acorn TV.
• Niche Genre Enthusiasts: Loyal users of genre services like Shudder and Acorn TV.
• Global Distributors: Buyers for content licensing deals.

The company is also expanding its reach to non-paying, ad-supported viewers through FAST channels, with DirecTV set to carry 6 of their FAST channels.

AMC Networks Inc. (AMCX) - Canvas Business Model: Cost Structure

The cost structure for AMC Networks Inc. is heavily influenced by its legacy linear television operations colliding with its aggressive pivot to direct-to-consumer (DTC) streaming. Content remains the single largest variable cost driver, though management is actively seeking to control it. The company is explicitly aiming to become more efficient, including continuing to focus on reducing programming spend to historical levels.

A significant, non-recurring cost event impacting the structure was the substantial write-downs taken in late 2024. These impairment charges reflect the declining perceived value of the traditional cable assets. For the year ended December 31, 2024, AMC Networks Inc. recorded total impairment and other charges of $399.5 million. This was a major hit to the balance sheet, driven by lower expected future cash flows from the linear marketplace.

The technology and platform development costs are now a critical, growing component as AMC Networks Inc. transitions to a global streaming- and technology-focused company. This investment is necessary to support the DTC ecosystem, which CEO Kristin Dolan noted is key to their strategy of being a wholesale streamer, leveraging partnerships for distribution and technology to ensure costs are predictable and scalable. The company is also leveraging AI in programming development through a partnership with Runway to enhance creative work and cut costs.

Affiliate fee payments to cable operators represent a cost component embedded within the revenue line, as upfront payments are recorded as deferred carriage fees and amortized as a reduction to revenue. The ongoing decline in the linear subscriber universe directly pressures this revenue stream, which in turn reflects the underlying cost/value exchange with distributors. For instance, in the third quarter of 2025, affiliate revenue was $142 million, a decline of 13% year-over-year.

Selling, General, and Administrative (SG&A) expenses are being addressed through organizational streamlining. As part of this efficiency drive, AMC Networks Inc. offered voluntary buyouts to around 5 percent of its global workforce in late 2025. This action is intended to "ensure we have the right skills for the future" and reduce corporate costs generally.

Here is a summary of the most significant, non-recurring cost-related charges and recent revenue trends that reflect the underlying cost base pressures:

The ongoing operational focus on cost management is evident in several key areas:

• Aiming to reduce programming spend to historical levels.
• Workforce reduction via voluntary buyouts affecting less than 5 percent of the global workforce.
• Anticipating full-year 2025 Content Licensing Revenue to exceed $250 million.
• Expecting consolidated Adjusted Operating Income (AOI) in the range of $400 million to $420 million for the full year 2025.

AMC Networks Inc. (AMCX) - Canvas Business Model: Revenue Streams

You're looking at the engine room of AMC Networks Inc. (AMCX) to see exactly where the cash is coming from as they push hard into streaming. Honestly, the numbers tell a clear story of transition, with the old guard pulling back while the new digital platforms step up.

Here's the quick math on the major revenue buckets from the third quarter of 2025, which really shows the pivot in action. We can see the streaming segment is definitely gaining ground, which is what management has been talking about for a while now.

The domestic subscription picture is more nuanced than just the streaming number alone, so you have to look at the components that make up that total subscription revenue, which was flat year-over-year at $316.2 million. The growth in streaming perfectly offset the expected declines elsewhere.

• Domestic Streaming Subscription Revenue: $174 million, up 14% year-over-year.
• Affiliate Fees from Linear Cable Networks: This segment is defintely declining, dropping 13% in the quarter.
• Total Domestic Subscription Revenue: Remained flat at $316.2 million.

Advertising revenue, which includes both the traditional linear channels and the newer digital inventory, saw a significant pullback. The linear side is clearly facing headwinds from viewership changes, which is why the digital advertising growth, reportedly up 40% in upfront commitments, is so critical to watch moving forward.

The international segment provided a slight lift, though when you adjust for currency effects, the underlying performance was flatter. Content licensing revenue is lumpy by nature, so the 27% drop to $59 million in Q3 2025 is more about delivery timing than a structural issue, especially with the renewed Netflix agreement in place.

Finance: draft 13-week cash view by Friday.