AMC Networks CEO quits after brief stint; predicts 20% job cuts in the United States

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AMC Networks said its CEO had resigned, less than three months after taking office, and would cut about 20% of its US workforce as it faces industry pressures and a tough economy.

Shares of the cable television network, home to hit shows such as « Mad Men » and « The Walking Dead, » fell 4.4% on Tuesday.

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Christina Spade, who served as CEO since September, will receive severance payments in accordance with the terms of her employment agreement, upon « termination without ’cause’ or resignation for ‘good reason,' » the company said in a regulatory file.

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AMC Networks declined to comment further on the departure. He said the board was in the process of finding a successor.

“We thank Christina for her contributions to the business in her role as CEO and her previous role as Chief Financial Officer (Chief Financial Officer), and 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 Inc and Meta Platforms Inc, Facebook’s parent company, are making deep cuts to their employee base to deal with a potential economic downturn. economy.

AMC Networks had 1,739 full-time and 287 part-time employees as of Dec. 31, according to a regulatory filing.

The cord-cut and a sluggish advertising market have weighed on the company’s business, with shares down 40% year-to-date.

The streaming unit, however, emerged as a bright spot. The division’s revenue jumped 41% in the last quarter, even as the company’s overall revenue fell 16%.

Spade joined as chief financial officer in 2021 after serving as chief financial officer of ViacomCBS, now Paramount Global.

In September, she took over as interim boss from Matt Blank, who had taken it on after the resignation of longtime chief executive Josh Sapan in August last year. (Reporting by Eva Mathews and Tiyashi Datta in Bengaluru; Editing by Anil D’Silva and Sriraj Kalluvila)