AMC Global Media to Pay $120M to Settle Breach-of-Contract Claims with Walking Dead Producers

Dow Jones09-08 19:31

AMC Global Media agreed to pay $120 million to the producers of The Walking Dead to settle breach-of-contract claims.

The company also cuts its free-cash-flow outlook for the year.

AMC said it will pay the plaintiffs $85 million in cash by Sept. 18, which the company will record as a charge in the quarter ending Sept. 30, according to a Tuesday filing with the Securities and Exchange Commission.

The company will also pay $35 million no later than Jan. 31, 2027, which it said will be treated as an advance against modified adjusted gross receipts participation amounts that will accrue to the plaintiffs under contracts relating to The Walking Dead and Fear The Walking Dead. The plaintiffs will continue to receive their regular modified adjusted gross receipts participation on a go-forward basis, offset by the advance, AMC said.

The plaintiffs include Robert Kirkman, creator of The Walking Dead comic book series and executive producer of the TV series, and Gale Anne Hurd, another executive producer for the show, among others.

The complaint was initially filed in 2022 and the trial was scheduled to start Oct. 27.

As a result of the settlement payment, the company now expects about $150 million of free cash flow in 2026, down from its prior guidance of $220 million. It kept its previous outlook for revenue and adjusted operating income unchanged.

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