AMC Networks CEO exits after brief stint; plans 20% US job cuts
AMC Networks said its chief executive officer had stepped down, less than three months after taking over the role, and that it would cut about 20 per cent of its US workforce as it faces industry pressures and a challenging economy.
Shares of the cable TV network, home to hit shows such as Mad Men and The Walking Dead, fell 4.4 per cent on Tuesday (Nov 29).
Christina Spade, who served as CEO since September, will receive severance benefits in accordance with the terms of her employment agreement, on “a termination without ‘cause’ or resignation for ‘good reason’ basis”, the company said in a regulatory filing.
AMC Networks declined to comment further on the departure. It said the board was in the process of finding a successor.
“We thank Christina for her contributions to the company in her CEO role and her earlier CFO (chief financial officer) role, and we wish her well in her future endeavours,” chairman James Dolan said in a brief statement.
The layoffs at AMC Networks come at a time when several companies including Amazon.com and Facebook-parent Meta Platforms are making deep cuts to their employee base to navigate a potential downturn in the economy.
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AMC Networks had 1,739 full-time and 287 part-time employees as of Dec 31, according to a regulatory filing.
Cord cutting and a gloomy advertising market have weighed on the company’s business, with shares down 40 per cent year to date.
The streaming unit has, however, emerged as a bright spot. Revenue in the division surged 41 per cent in the last reported quarter, even as the company’s overall revenue slumped 16 per cent.
Spade joined as CFO in 2021 after serving as the finance chief of ViacomCBS, now Paramount Global.
In September, she took the helm from Matt Blank who had held it on an interim basis after long-time chief executive officer Josh Sapan stepped down in August last year. REUTERS
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