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amcx-20220930
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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 September 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 October 28, 2022:
Class A Common Stock par value $0.01 per share31,495,577
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)
September 30, 2022December 31, 2021
ASSETS
Current Assets:
Cash and cash equivalents$790,930 $892,221 
Accounts receivable, trade (less allowance for doubtful accounts of $8,549 and $8,030)
696,143 815,444 
Current portion of program rights, net13,325 10,068 
Prepaid expenses and other current assets414,640 282,453 
Total current assets1,915,038 2,000,186 
Property and equipment, net of accumulated depreciation of $328,638 and $286,133
204,689 225,791 
Program rights, net2,109,542 1,731,838 
Intangible assets, net360,184 399,434 
Goodwill666,619 709,344 
Deferred tax assets, net12,661 11,334 
Operating lease right-of-use assets109,301 125,866 
Other assets435,464 545,153 
Total assets$5,813,498 $5,748,946 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable$129,493 $173,207 
Accrued liabilities309,144 340,407 
Current portion of program rights obligations309,958 307,054 
Deferred revenue265,071 167,071 
Current portion of long-term debt33,750 33,750 
Current portion of lease obligations 35,726 36,596 
Total current liabilities1,083,142 1,058,085 
Program rights obligations170,900 218,321 
Long-term debt, net2,785,184 2,804,720 
Lease obligations128,832 151,839 
Deferred tax liabilities, net210,811 163,600 
Other liabilities112,652 165,860 
Total liabilities4,491,521 4,562,425 
Commitments and contingencies
Redeemable noncontrolling interests272,483 283,849 
Stockholders' equity:
Class A Common Stock, $0.01 par value, 360,000 shares authorized, 66,077 and 65,485 shares issued and 31,484 and 30,892 shares outstanding, respectively
661 655 
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 capital347,204 347,971 
Accumulated earnings2,370,330 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(295,998)(175,818)
Total AMC Networks stockholders' equity1,002,430 851,088 
Non-redeemable noncontrolling interests47,064 51,584 
Total stockholders' equity1,049,494 902,672 
Total liabilities and stockholders' equity$5,813,498 $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 September 30,Nine Months Ended September 30,
 2022202120222021
Revenues, net
$681,843 $810,766 $2,132,025 $2,273,899 
Operating expenses:
Technical and operating (excluding depreciation and amortization)
293,459 378,264 903,468 997,677 
Selling, general and administrative
207,972 220,011 670,444 610,164 
Depreciation and amortization29,735 23,411 79,556 71,261 
Impairment and other charges— — — 158,973 
Restructuring and other related charges— 754 — 9,534 
Total operating expenses531,166 622,440 1,653,468 1,847,609 
Operating income150,677 188,326 478,557 426,290 
Other income (expense):
Interest expense(34,308)(31,413)(97,085)(97,674)
Interest income3,625 2,264 8,552 7,614 
Loss on extinguishment of debt— — — (22,074)
Miscellaneous, net(1,546)54 3,540 19,634 
Total other expense(32,229)(29,095)(84,993)(92,500)
Income from operations before income taxes118,448 159,231 393,564 333,790 
Income tax expense(28,456)(40,744)(103,118)(77,980)
Net income including noncontrolling interests89,992 118,487 290,446 255,810 
Net income attributable to noncontrolling interests(5,326)(7,836)(18,163)(22,253)
Net income attributable to AMC Networks' stockholders$84,666 $110,651 $272,283 $233,557 
Net income per share attributable to AMC Networks' stockholders:
Basic$1.96 $2.60 $6.32 $5.52 
Diluted$1.94 $2.55 $6.23 $5.39 
Weighted average common shares:
Basic43,238 42,506 43,070 42,308 
Diluted43,732 43,440 43,707 43,332 
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 September 30,Nine Months Ended September 30,
 2022202120222021
Net income including noncontrolling interests$89,992 $118,487 $290,446 $255,810 
Other comprehensive income (loss):
Foreign currency translation adjustment(54,896)(17,933)(125,229)(32,282)
Unrealized gain on interest rate swaps— 620 — 1,828 
Other comprehensive income (loss), before income taxes(54,896)(17,313)(125,229)(30,454)
Income tax expense— (146)— (430)
Other comprehensive income (loss), net of income taxes(54,896)(17,459)(125,229)(30,884)
Comprehensive income35,096 101,028 165,217 224,926 
Comprehensive income attributable to noncontrolling interests
(3,136)(7,109)(13,114)(21,318)
Comprehensive income attributable to AMC Networks' stockholders
$31,960 $93,919 $152,103 $203,608 
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, June 30, 2022$660 $115 $341,403 $2,285,664 $(1,419,882)$(243,292)$964,668 $48,778 $1,013,446 
Net income attributable to AMC Networks’ stockholders— — — 84,666 — — 84,666 — 84,666 
Net income attributable to non-redeemable noncontrolling interests— — — — — — — 883 883 
Distribution to noncontrolling member— — — — — — — (407)(407)
Other comprehensive income— — — — — (52,706)(52,706)(2,190)(54,896)
Share-based compensation expenses— — 7,050 — — — 7,050 — 7,050 
Net share issuances under employee stock plans1 — (1,249)— — — (1,248)— (1,248)
Balance, September 30, 2022$661 $115 $347,204 $2,370,330 $(1,419,882)$(295,998)$1,002,430 $47,064 $1,049,494 



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, June 30, 2021$653 $115 $330,593 $1,970,357 $(1,419,882)$(148,167)$733,669 $49,873 $783,542 
Net income attributable to AMC Networks’ stockholders— — — 110,651 — — 110,651 — 110,651 
Net income attributable to non-redeemable noncontrolling interests— — — — — — — 2,856 2,856 
Distributions to noncontrolling member— — — — — — — (431)(431)
Other comprehensive income— — — — — (16,732)(16,732)(727)(17,459)
Share-based compensation expenses— — 9,455 — — — 9,455 — 9,455 
Net share issuances under employee stock plans— — (15)— — — (15)— (15)
Balance, September 30, 2021$653 $115 $340,033 $2,081,008 $(1,419,882)$(164,899)$837,028 $51,571 $888,599 


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— — — 272,283 — — 272,283 — 272,283 
Net income attributable to non-redeemable noncontrolling interests— — — — — — — 5,192 5,192 
Purchase of noncontrolling interests, net of tax— — (3,066)— — — (3,066)(1,297)(4,363)
Distributions to noncontrolling member— — — — — — — (3,366)(3,366)
Other comprehensive income (loss)— — — — — (120,180)(120,180)(5,049)(125,229)
Share-based compensation expenses— — 23,862 — — — 23,862 — 23,862 
Net share issuances under employee stock plans6 — (21,563)— — — (21,557)— (21,557)
Balance, September 30, 2022$661 $115 $347,204 $2,370,330 $(1,419,882)$(295,998)$1,002,430 $47,064 $1,049,494 


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— — — 233,557 — — 233,557 — 233,557 
Net income attributable to non-redeemable noncontrolling interests— — — — — — — 7,134 7,134 
Contributions from noncontrolling member— — — — — — — 709 709 
Transfer from redeemable noncontrolling interest— — — — — 18,367 18,367 
Other comprehensive income (loss)— — — — — (29,949)(29,949)(935)(30,884)
Share-based compensation expenses— — 39,163 — — — 39,163 — 39,163 
Proceeds from the exercise of stock options— — 9,795 — — — 9,795 — 9,795 
Net share issuances under employee stock plans7 — (32,350)— — — (32,343)— (32,343)
Balance, September 30, 2021$653 $115 $340,033 $2,081,008 $(1,419,882)$(164,899)$837,028 $51,571 $888,599 

See accompanying notes to condensed consolidated financial statements.
5

AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) / (unaudited)
Nine Months Ended September 30,
20222021
Cash flows from operating activities:
Net income including noncontrolling interests$290,446 $255,810 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization79,556 71,261 
Impairment and other charges— 16,055 
Share-based compensation expenses related to equity classified awards23,862 39,163 
Non-cash restructuring and other related charges— 4,329 
Amortization of program rights610,099 601,640 
Amortization of deferred carriage fees24,747 16,138 
Unrealized foreign currency transaction gain(1,098)(10,025)
Amortization of deferred financing costs and discounts on indebtedness5,778 5,820 
Loss on extinguishment of debt— 22,074 
Bad debt expense2,035 4,900 
Deferred income taxes46,292 31,765 
Gain on investments(4,084)(4,554)
Other, net(7,854)(3,429)
Changes in assets and liabilities:
Accounts receivable, trade (including amounts due from related parties, net)99,711 38,514 
Prepaid expenses and other assets(18,174)(62,799)
Program rights and obligations, net(1,065,937)(967,172)
Income taxes payable13,181 (5,235)
Deferred revenue66,822 6,837 
Deferred carriage fees, net(22,285)(29,207)
Accounts payable, accrued liabilities and other liabilities(106,506)12,099 
Net cash provided by operating activities36,591 43,984 
Cash flows from investing activities:
Capital expenditures(33,510)(29,969)
Return of capital from investees1,771 — 
Payments for acquisition of a business, net of cash acquired— (19,072)
Acquisition of investments(5,002)(28,397)
Cash paid on distribution of business— (7,052)
Loans to investees(2,456)— 
Principal payment received on loan to investee720 20,000 
Proceeds from sale of investments9,854 95,370 
Net cash provided by (used in) investing activities(28,623)30,880 
Cash flows from financing activities:
Proceeds from the issuance of long-term debt— 986,000 
Principal payments on long-term debt(25,313)(1,015,000)
Deemed repurchases of restricted stock units(21,557)(32,343)
Proceeds from stock option exercises— 9,795 
Principal payments on finance lease obligations(2,606)(2,866)
Contributions from noncontrolling interests— 2,701 
Distributions to noncontrolling interests(28,232)(14,906)
Purchase of noncontrolling interests(2,500)— 
Net cash used in financing activities(80,208)(66,619)
Net increase (decrease) in cash and cash equivalents from operations(72,240)8,245 
Effect of exchange rate changes on cash and cash equivalents(29,051)(25,804)
Cash and cash equivalents at beginning of period892,221 888,526 
Cash and cash equivalents at end of period$790,930 $870,967 
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 financial 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.
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.

Note 2. Revenue Recognition
Transaction Price Allocated to Future Performance Obligations
As of September 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.
7
AMC NETWORKS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(unaudited)
Contract Balances from Contracts with Customers
The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers.
(In thousands)September 30, 2022December 31, 2021
Balances from contracts with customers:
     Accounts receivable (including long-term receivables within Other assets)$925,137 $1,106,225 
     Contract assets, short-term (included in Prepaid expenses and other current assets)179,443 69,351 
     Contract assets, long-term (included in Other assets)3,414 29,323 
     Contract liabilities, short-term (Deferred revenue)265,071 167,071 
     Contract liabilities, long-term (Deferred revenue included in Other liabilities)673 31,832 
Revenue recognized for the nine months ended September 30, 2022 and 2021 relating to the contract liability at December 31, 2021 and 2020 was $63.1 million and $24.4 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 September 30,Nine Months Ended September 30,
2022202120222021
Basic weighted average common shares outstanding43,238 42,506 43,070 42,308 
Effect of dilution:
Stock options— — — 4 
Restricted stock units494 934 637 1,020 
Diluted weighted average common shares outstanding43,732 43,440 43,707 43,332 
As of September 30, 2022 and September 30, 2021, 0.9 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 nine months ended September 30, 2022 and 2021, the Company did not repurchase any shares of its Class A Common Stock. As of September 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 nine months ended September 30, 2022 or the three months ended September 30, 2021.
Impairment and other charges for the nine months ended September 30, 2021 were $159.0 million.
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 nine months ended September 30, 2022.
Restructuring and other related charges of $0.8 million and $9.5 million for the three and nine months ended September 30, 2021, respectively, consisted of $0.8 million and $5.2 million at AMCNI related to severance costs and the termination of distribution in certain international territories for three and nine months ended September 30, 2021, respectively, and $4.3 million of severance costs associated with the restructuring plan announced in November 2020 for the nine months ended September 30, 2021.
The following table summarizes the restructuring and other related charges recognized by operating segment:
(In thousands)Three Months Ended September 30,Nine Months Ended September 30,
20212021
Domestic Operations$(135)$2,508 
International and Other800 5,273 
Corporate / Inter-segment eliminations89 1,753 
Total restructuring and other related charges$754 $9,534 

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:
September 30, 2022
(In thousands) Predominantly Monetized Individually  Predominantly Monetized as a Group  Total
Owned original program rights, net:
Completed$299,048 $431,416 $730,464 
In-production and in-development 62,711 349,453 412,164 
Total owned original program rights, net$361,759 $780,869 $1,142,628 
Licensed program rights, net:
Licensed film and acquired series$3,646 $573,355 $577,001 
Licensed originals77,466 207,016 284,482 
Advances and content versioning costs— 118,756 118,756 
Total licensed program rights, net81,112 899,127 980,239 
Program rights, net $442,871 $1,679,996 $2,122,867 
Current portion of program rights, net$13,325 
Program rights, net (long-term)2,109,542 
$2,122,867