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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2022
or
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from   to
Commission File Number: 1-35106
AMC Networks Inc.
(Exact name of registrant as specified in its charter)
Delaware27-5403694
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
11 Penn Plaza,
New York,NY10001
(Address of principal executive offices)(Zip Code)
(212) 324-8500
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.01 per shareAMCXTheNASDAQStock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  þ    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company (as defined in Exchange Act Rule 12b-2).
Large accelerated filerþAccelerated filer¨
Non-accelerated filer¨Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  þ
The number of shares of common stock outstanding as of July 29, 2022:
Class A Common Stock par value $0.01 per share31,434,451
Class B Common Stock par value $0.01 per share11,484,408




AMC NETWORKS INC. AND SUBSIDIARIES
FORM 10-Q
TABLE OF CONTENTS
 
Page




PART I. FINANCIAL INFORMATION
Item 1.    Financial Statements.
AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
(unaudited)
June 30, 2022December 31, 2021
ASSETS
Current Assets:
Cash and cash equivalents$817,344 $892,221 
Accounts receivable, trade (less allowance for doubtful accounts of $8,028 and $8,030)
744,432 815,444 
Current portion of program rights, net13,794 10,068 
Prepaid expenses and other current assets429,899 282,453 
Total current assets2,005,469 2,000,186 
Property and equipment, net of accumulated depreciation of $313,611 and $286,133
213,940 225,791 
Program rights, net1,941,899 1,731,838 
Intangible assets, net374,348 399,434 
Goodwill684,236 709,344 
Deferred tax assets, net12,280 11,334 
Operating lease right-of-use assets111,673 125,866 
Other assets449,794 545,153 
Total assets$5,793,639 $5,748,946 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable$153,178 $173,207 
Accrued liabilities298,807 340,407 
Current portion of program rights obligations299,830 307,054 
Deferred revenue243,734 167,071 
Current portion of long-term debt33,750 33,750 
Current portion of lease obligations 37,076 36,596 
Total current liabilities1,066,375 1,058,085 
Program rights obligations187,197 218,321 
Long-term debt, net2,791,673 2,804,720 
Lease obligations132,548 151,839 
Deferred tax liabilities, net197,977 163,600 
Other liabilities133,697 165,860 
Total liabilities4,509,467 4,562,425 
Commitments and contingencies
Redeemable noncontrolling interests270,726 283,849 
Stockholders' equity:
Class A Common Stock, $0.01 par value, 360,000 shares authorized, 66,027 and 65,485 shares issued and 31,434 and 30,892 shares outstanding, respectively
660 655 
Class B Common Stock, $0.01 par value, 90,000 shares authorized, 11,484 shares issued and outstanding
115 115 
Preferred stock, $0.01 par value, 45,000 shares authorized; none issued
  
Paid-in capital341,403 347,971 
Accumulated earnings2,285,664 2,098,047 
Treasury stock, at cost (34,593 and 34,593 shares Class A Common Stock, respectively)
(1,419,882)(1,419,882)
Accumulated other comprehensive loss(243,292)(175,818)
Total AMC Networks stockholders' equity964,668 851,088 
Non-redeemable noncontrolling interests48,778 51,584 
Total stockholders' equity1,013,446 902,672 
Total liabilities and stockholders' equity$5,793,639 $5,748,946 
See accompanying notes to condensed consolidated financial statements.
1


AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)

Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Revenues, net
$738,025 $771,392 $1,450,182 $1,463,133 
Operating expenses:
Technical and operating (excluding depreciation and amortization)
325,772 338,841 610,009 619,413 
Selling, general and administrative
231,819 198,618 462,472 390,153 
Depreciation and amortization27,231 22,604 49,821 47,850 
Impairment and other charges 142,918  158,973 
Restructuring and other related charges 155  8,780 
Total operating expenses584,822 703,136 1,122,302 1,225,169 
Operating income153,203 68,256 327,880 237,964 
Other income (expense):
Interest expense(31,980)(31,519)(62,777)(66,261)
Interest income2,467 3,008 4,927 5,350 
Loss on extinguishment of debt   (22,074)
Miscellaneous, net(742)14,174 5,086 19,580 
Total other expense(30,255)(14,337)(52,764)(63,405)
Income from operations before income taxes122,948 53,919 275,116 174,559 
Income tax expense(33,028)(11,321)(74,662)(37,236)
Net income including noncontrolling interests89,920 42,598 200,454 137,323 
Net income attributable to noncontrolling interests(6,491)(6,713)(12,837)(14,417)
Net income attributable to AMC Networks' stockholders$83,429 $35,885 $187,617 $122,906 
Net income per share attributable to AMC Networks' stockholders:
Basic$1.93 $0.84 $4.36 $2.91 
Diluted$1.91 $0.83 $4.29 $2.84 
Weighted average common shares:
Basic43,192 42,481 42,987 42,207 
Diluted43,679 43,382 43,697 43,277 
See accompanying notes to condensed consolidated financial statements.
2


AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
 
Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Net income including noncontrolling interests$89,920 $42,598 $200,454 $137,323 
Other comprehensive income (loss):
Foreign currency translation adjustment(51,740)7,675 (70,333)(14,349)
Unrealized gain on interest rate swaps 598  1,208 
Other comprehensive income (loss), before income taxes(51,740)8,273 (70,333)(13,141)
Income tax expense (141) (284)
Other comprehensive income (loss), net of income taxes(51,740)8,132 (70,333)(13,425)
Comprehensive income38,180 50,730 130,121 123,898 
Comprehensive income attributable to noncontrolling interests
(4,463)(6,775)(9,978)(14,209)
Comprehensive income attributable to AMC Networks' stockholders
$33,717 $43,955 $120,143 $109,689 
See accompanying notes to condensed consolidated financial statements.
3


AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(in thousands)
(unaudited)

Class A
Common
Stock
Class B
Common
Stock
Paid-in
Capital
Accumulated EarningsTreasury
Stock
Accumulated
Other
Comprehensive
Loss
AMC Networks Stockholders’
Equity
Noncontrolling InterestsTotal Stockholders' Equity
Balance, March 31, 2022$660 $115 $335,803 $2,202,235 $(1,419,882)$(193,580)$925,351 $51,627 $976,978 
Net income attributable to AMC Networks’ stockholders— — — 83,429 — — 83,429 — 83,429 
Net income attributable to non-redeemable noncontrolling interests— — — — — — — 1,870 1,870 
Purchase of noncontrolling interests, net of tax— — (3,066)— — — (3,066)(1,297)(4,363)
Distribution to noncontrolling member— — — — — — — (1,394)(1,394)
Other comprehensive income— — — — — (49,712)(49,712)(2,028)(51,740)
Share-based compensation expenses— — 8,683 — — — 8,683 — 8,683 
Net share issuances under employee stock plans— — (17)— — — (17)— (17)
Balance, June 30, 2022$660 $115 $341,403 $2,285,664 $(1,419,882)$(243,292)$964,668 $48,778 $1,013,446 



Class A
Common
Stock
Class B
Common
Stock
Paid-in
Capital
Accumulated EarningsTreasury
Stock
Accumulated
Other
Comprehensive
Loss
AMC Networks Stockholders’
Equity
Noncontrolling InterestsTotal Stockholders' Equity
Balance, March 31, 2021$653 $115 $314,331 $1,934,472 $(1,419,882)$(156,237)$673,452 $48,109 $721,561 
Net income attributable to AMC Networks’ stockholders— — — 35,885 — — 35,885 — 35,885 
Net income attributable to non-redeemable noncontrolling interests— — — — — — — 3,143 3,143 
Distributions to noncontrolling member— — — — — — — (1,441)(1,441)
Other comprehensive income— — — — — 8,070 8,070 62 8,132 
Share-based compensation expenses— — 16,262 — — — 16,262 — 16,262 
Balance, June 30, 2021$653 $115 $330,593 $1,970,357 $(1,419,882)$(148,167)$733,669 $49,873 $783,542 


See accompanying notes to condensed consolidated financial statements.









4




AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(in thousands)
(unaudited)

Class A
Common
Stock
Class B
Common
Stock
Paid-in
Capital
Accumulated EarningsTreasury
Stock
Accumulated
Other
Comprehensive
Loss
AMC Networks Stockholders’
Equity
Noncontrolling InterestsTotal Stockholders' Equity
Balance, December 31, 2021$655 $115 $347,971 $2,098,047 $(1,419,882)$(175,818)$851,088 $51,584 $902,672 
Net income attributable to AMC Networks’ stockholders— — — 187,617 — — 187,617 — 187,617 
Net income attributable to non-redeemable noncontrolling interests— — — — — — — 4,309 4,309 
Purchase of noncontrolling interests, net of tax— — (3,066)— — — (3,066)(1,297)(4,363)
Distributions to noncontrolling member— — — — — — — (2,959)(2,959)
Other comprehensive income (loss)— — — — — (67,474)(67,474)(2,859)(70,333)
Share-based compensation expenses— — 16,812 — — — 16,812 — 16,812 
Net share issuances under employee stock plans5 — (20,314)— — — (20,309)— (20,309)
Balance, June 30, 2022$660 $115 $341,403 $2,285,664 $(1,419,882)$(243,292)$964,668 $48,778 $1,013,446 


Class A
Common
Stock
Class B
Common
Stock
Paid-in
Capital
Accumulated EarningsTreasury
Stock
Accumulated
Other
Comprehensive
Loss
AMC Networks Stockholders’
Equity
Noncontrolling InterestsTotal Stockholders' Equity
Balance, December 31, 2020$646 $115 $323,425 $1,847,451 $(1,419,882)$(134,950)$616,805 $26,296 $643,101 
Net income attributable to AMC Networks’ stockholders— — — 122,906 — — 122,906 — 122,906 
Net income attributable to non-redeemable noncontrolling interests— — — — — — — 4,278 4,278 
Contributions from noncontrolling member— — — — — — — 1,140 1,140 
Transfer from redeemable noncontrolling interest— — — — — 18,367 18,367 
Other comprehensive income (loss)— — — — — (13,217)(13,217)(208)(13,425)
Share-based compensation expenses— — 29,708 — — — 29,708 — 29,708 
Proceeds from the exercise of stock options— — 9,795 — — — 9,795 — 9,795 
Net share issuances under employee stock plans7 — (32,335)— — — (32,328)— (32,328)
Balance, June 30, 2021$653 $115 $330,593 $1,970,357 $(1,419,882)$(148,167)$733,669 $49,873 $783,542 

See accompanying notes to condensed consolidated financial statements.
5


AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Six Months Ended June 30,
20222021
Cash flows from operating activities:
Net income including noncontrolling interests$200,454 $137,323 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization49,821 47,850 
Impairment and other charges 158,973 
Share-based compensation expenses related to equity classified awards16,812 29,709 
Non-cash restructuring and other related charges 4,329 
Amortization of program rights396,890 333,348 
Amortization of deferred carriage fees16,902 7,633 
Unrealized foreign currency transaction gain(554)(10,609)
Amortization of deferred financing costs and discounts on indebtedness3,828 3,923 
Loss on extinguishment of debt 22,074 
Bad debt expense1,165 3,530 
Deferred income taxes34,115 16,487 
Gain on investments(4,084)(4,554)
Other, net(4,955)(7,776)
Changes in assets and liabilities:
Accounts receivable, trade (including amounts due from related parties, net)58,410 7,913 
Prepaid expenses and other assets(50,853)(18,233)
Program rights and obligations, net(667,492)(583,480)
Income taxes payable2,241 (5,472)
Deferred revenue44,874 1,203 
Deferred carriage fees, net(11,686)(27,861)
Accounts payable, accrued liabilities and other liabilities(68,714)14,857 
Net cash provided by operating activities17,174 131,167 
Cash flows from investing activities:
Capital expenditures(21,554)(18,849)
Return of capital from investees1,771  
Payments for acquisition of a business, net of cash acquired (19,072)
Acquisition of investments (28,397)
Cash paid on distribution of business (7,052)
Principal payment received on loan to investee 20,000 
Proceeds from sale of investments9,854 95,370 
Net cash provided by (used in) investing activities(9,929)42,000 
Cash flows from financing activities:
Proceeds from the issuance of long-term debt 984,500 
Principal payments on long-term debt(16,875)(1,015,000)
Deemed repurchases of restricted stock units(20,309)(32,327)
Proceeds from stock option exercises 9,795 
Principal payments on finance lease obligations(1,663)(1,984)
Contributions from noncontrolling interests 2,702 
Distributions to noncontrolling interests(25,139)(11,912)
Purchase of noncontrolling interests(2,500) 
Net cash used in financing activities(66,486)(64,226)
Net increase (decrease) in cash and cash equivalents from operations(59,241)108,941 
Effect of exchange rate changes on cash and cash equivalents(15,636)(16,741)
Cash and cash equivalents at beginning of period892,221 888,526 
Cash and cash equivalents at end of period$817,344 $980,726 
See accompanying notes to condensed consolidated financial statements.
6

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

Note 1. Description of Business and Basis of Presentation
Description of Business
AMC Networks Inc. ("AMC Networks") and its subsidiaries (collectively referred to as the "Company," "we," "us," or "our") own and operate entertainment businesses and assets. The Company is comprised of two operating segments:
Domestic Operations: Includes our programming services and AMC Broadcasting & Technology. Our programming services consist of our five national programming networks, our streaming services, our AMC Studios operation and IFC Films. Our national programming networks are AMC, WE tv, BBC AMERICA, IFC, and SundanceTV. Our streaming services consist of our global targeted subscription streaming services (Acorn TV, Shudder, Sundance Now, ALLBLK, and HIDIVE), AMC+ and other streaming initiatives. Our AMC Studios operation produces original programming for our programming networks and also licenses such programming worldwide and IFC Films is our film distribution business. AMC Networks Broadcasting & Technology, our technical services business, primarily services most of the national programming networks.
International and Other: Includes AMC Networks International ("AMCNI"), our international programming businesses consisting of a portfolio of channels around the world, and 25/7 Media, our production services business.
Basis of Presentation
Principles of Consolidation
The consolidated financial statements include the accounts of AMC Networks and its subsidiaries in which a controlling voting interest is maintained or variable interest entities ("VIEs") in which the Company has determined it is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation.
Investments in business entities in which the Company lacks control but does have the ability to exercise significant influence over operating and financial policies are accounted for using the equity method of accounting.
Unaudited Interim Financial Statements
These condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and Article 10 of Regulation S-X of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the Company's consolidated financial statements and notes thereto for the year ended December 31, 2021 contained in the Company's Annual Report on Form 10-K ("2021 Form 10-K") filed with the SEC. The condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management, such financial statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented.
The results of operations for interim periods are not necessarily indicative of the results that might be expected for future interim periods or for the full year ending December 31, 2022.
Risks and Uncertainties
The Company continues to monitor the ongoing impact of the COVID-19 pandemic on all aspects of its business. The Company cannot reasonably predict the continuing impact of the COVID-19 pandemic, including the extent of any adverse impact on our business, results of operations and financial condition, which will depend on, among other things, the impact of governmental regulations that have been, and may continue to be, imposed in response to the pandemic, the effectiveness of actions taken to contain or mitigate the outbreak, the acceptance, safety and efficacy of vaccines, and global economic conditions. The Company does not expect the COVID-19 pandemic and its related economic impact to affect its liquidity position or its ongoing ability to meet the covenants in its debt instruments.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements; and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates and judgments inherent in the preparation of the consolidated financial statements include the useful lives and methodologies used to amortize and assess recoverability of program rights, the estimated useful lives of intangible assets and the valuation and recoverability of goodwill and intangible assets.
Reclassifications
Certain reclassifications were made to the prior period amounts to conform to the current period presentation.
7

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)

Note 2. Revenue Recognition
Transaction Price Allocated to Future Performance Obligations
As of June 30, 2022, other than contracts for which the Company has applied the practical expedients, the aggregate amount of transaction price allocated to future performance obligations was not material to our consolidated revenues.
Contract Balances from Contracts with Customers
The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers.
(In thousands)June 30, 2022December 31, 2021
Balances from contracts with customers:
     Accounts receivable (including long-term receivables within Other assets)$986,278 $1,106,225 
     Contract assets, short-term (included in Prepaid expenses and other current assets)169,653 69,351 
     Contract assets, long-term (included in Other assets)2,086 29,323 
     Contract liabilities, short-term (Deferred revenue)243,734 167,071 
     Contract liabilities, long-term (Deferred revenue included in Other liabilities)58 31,832 
Revenue recognized for the six months ended June 30, 2022 and 2021 relating to the contract liability at December 31, 2021 and 2020 was $45.7 million and $17.7 million, respectively.
Note 3. Net Income per Share
The following is a reconciliation between basic and diluted weighted average common shares outstanding:
(In thousands)Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Basic weighted average common shares outstanding43,192 42,481 42,987 42,207 
Effect of dilution:
Stock options   6 
Restricted stock units487 901 710 1,064 
Diluted weighted average common shares outstanding43,679 43,382 43,697 43,277 
As of June 30, 2022 and June 30, 2021, 0.8 million and 0.3 million, respectively, of restricted stock units have been excluded from diluted weighted average common shares outstanding, as their impact would have been anti-dilutive.
Stock Repurchase Program
The Company's Board of Directors previously authorized a program to repurchase up to $1.5 billion of its outstanding shares of common stock (the "Stock Repurchase Program"). The Stock Repurchase Program has no pre-established closing date and may be suspended or discontinued at any time. For the three and six months ended June 30, 2022 and 2021, the Company did not repurchase any shares of its Class A Common Stock. As of June 30, 2022, the Company had $135.3 million of authorization remaining for repurchase under the Stock Repurchase Program.
8

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
Note 4. Impairment and Other Charges
There were no impairment and other charges for the three and six months ended June 30, 2022.
Impairment and other charges for the three and six months ended June 30, 2021 were $142.9 million and $159.0 million, respectively.
On July 16, 2021, the Company entered into a settlement agreement (the “Settlement Agreement”) with Frank Darabont, Ferenc, Inc., Darkwoods Productions, Inc., and Creative Artists Agency, LLC (together, the "Plaintiffs") in actions brought in connection with Frank Darabont’s rendering services as a writer, director and producer of the television series entitled The Walking Dead. The Settlement Agreement provided for a cash payment of $200 million (the “Settlement Payment”) to the Plaintiffs and future revenue sharing related to certain future streaming exhibition of The Walking Dead and Fear The Walking Dead. With regard to the Settlement Payment, the Company recorded a charge of $143.0 million during the second quarter of 2021, included in Impairment and other charges in consideration for the extinguishment of Plaintiffs’ rights to any compensation in connection with The Walking Dead and any related programs and the dismissal of the actions with prejudice, which amount was net of $57.0 million of ordinary course accrued participations.
In March 2021, the Company completed a spin-off of the live comedy venue and talent management businesses ("LiveCo") of Levity Entertainment Group, LLC. In connection with the transaction, the Company effectively exchanged all of its rights and interests in LiveCo for the release of the Company's obligations, principally related to leases. As a result of this divestiture, the Company recognized a loss on the disposal of $16.1 million reflecting the net assets transferred (consisting of property and equipment, lease right-of-use assets and intangibles, partially offset by lease and other obligations), which is included in Impairment and other charges. The Company retained its interest in the production services business of Levity Entertainment Group, LLC, which was renamed 25/7 Media Holdings, LLC ("25/7 Media") following the spin-off.
Note 5. Restructuring and Other Related Charges
There were no restructuring and other related charges for the three and six months ended June 30, 2022.
Restructuring and other related charges of $0.2 million and $8.8 million for the three and six months ended June 30, 2021, respectively, consisted of $0.2 million and $4.3 million of severance costs associated with the restructuring plan announced in November 2020 for the three and six months ended June 30, 2021, respectively, and $4.5 million at AMCNI related to the termination of distribution in certain international territories for the six months ended June 30, 2021.
The following table summarizes the restructuring and other related charges recognized by operating segment:
(In thousands)Three Months Ended June 30,Six Months Ended June 30,
20212021
Domestic Operations$216 $2,643 
International and Other(17)4,473 
Corporate / Inter-segment eliminations(44)1,664 
Total restructuring and other related charges$155 $8,780 

9

AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
Note 6. Program Rights
Total capitalized produced and licensed content by predominant monetization strategy is as follows:
June 30, 2022
(In thousands) Predominantly Monetized Individually  Predominantly Monetized as a Group  Total
Owned original program rights, net:
Completed$219,611 $301,862 $521,473 
In-production and in-development 105,010 311,768 416,778 
Total owned original program rights, net$324,621 $613,630 $938,251 
Licensed program rights, net:
Licensed film and acquired series$4,932 $597,137 $602,069 
Licensed originals83,794 208,111 291,905 
Advances and content versioning costs 123,468 123,468 
Total licensed program rights, net88,726 928,716 1,017,442 
Program rights, net $413,347 $1,542,346 $1,955,693 
Current portion of program rights, net$13,794 
Program rights, net (long-term)1,941,899 
$1,955,693 

December 31, 2021
(In thousands) Predominantly Monetized Individually  Predominantly Monetized as a Group  Total
Owned original program rights, net:
Completed$185,228 $127,470 $312,698 
In-production and in-development 161,881 264,927 426,808 
Total owned original program rights, net$347,109 $392,397 $739,506 
Licensed program rights, net:
Licensed film and acquired series$7,005 $620,935 $627,940 
Licensed originals61,923 148,063