AMC Networks CEO Christina Spade steps down after less than 3 months
AMC Networks CEO Christina Spade resigned on Tuesday after less than three months on the job – moments before the company sent out a memo warning employees of the mass layoffs.
Spade had taken over as head of the cable TV channel – which is not linked to the struggling movie channel AMC – in early September. AMC produces original TV series like « The Walking Dead » and « Breaking Bad. »
AMC Networks, whose chairman is New York Knicks owner James Dolan, did not give a reason for his departure.
« We thank Christina for her contributions to the business in her role as CEO and her previous role as CFO, and wish her well in her future endeavours, » Dolan said in a statement.
Shortly after the company announced Spade would step down, Dolan sent a memo to employees saying up to 20% of the company could be laid off in the coming days, or more than 300 people.
Earlier this fall, Spade reportedly held an offsite meeting with employees where she assured them the layoffs were at their worst in a year and that the company would hire a consulting firm to help right the ship at AMC, according to CNBC.
The company then backtracked, announcing it had no plans to hire a consulting firm, signaling to many employees that layoffs were imminent.
AMC saw its quarterly revenue drop 16% in the period ending September 30. More than half of the company’s revenue comes from TV packages, which have been gutted by viewers turning to streaming services.
« We believed the cord-cutting losses would be offset by streaming gains, » Dolan wrote in his memo to employees. » It was not the case. We are first and foremost a content company and content monetization mechanisms are in disarray. »
AMC’s board said it is finalizing its decision on Spade’s successor, who will likely be an internal candidate.
Spade joined AMC in 2021 as chief financial officer. Later, she was also given the title of COO, before being promoted to CEO after less than a year with the company.