AMC Networks CEO steps down after less than three months as network plans staff cuts

By Frank Pallotta, CNN Business

AMC Networks is looking for a new CEO and plans to lay off 20% of its US workforce.

After less than three months on the job, Christina Spade stepped down from the role, the cable network announced Tuesday.

AMC said that its board of directors is “currently finalizing who it will name as a replacement, with an announcement to follow.”

“We thank Christina for her contributions to the company in her CEO role and her earlier CFO role, and we wish her well in her future endeavors,” James Dolan, AMC Networks Chairman, said in a statement.

AMC did not give a reason for Spade’s abrupt departure, but the network has dealt with multiple changes in its chief executive position over the last two years.

Spade, who was named CEO on September 9, previously served as the company’s chief operating officer and chief financial officer. She took over for Matt Blank, who had been interim CEO since September 2021.

“I am honored to assume the role of CEO. I’m a fan of this company in every respect, its content, brands, and most importantly, its people and dynamic and inclusive culture,” Spade said when taking the role in September.

Blank succeeded Josh Sapan, who served as CEO for more than two decades.

Sapan led the network as it created some of the most popular and award-winning series in TV history, including “Mad Men,” “The Walking Dead” and “Breaking Bad.”

The network also said it will lay off roughly 20% of its US employees as the cable mainstay comes under heavy financial pressure from subscriber losses and consumers increasingly shifting toward streaming services.

The Wall Street Journal first reported the layoffs.

“It was our belief that cord cutting losses would be offset by gains in streaming. This has not been the case,” AMC Networks Chairman James Dolan said in a memo to staff obtained by CNN. “We are primarily a content company and the mechanisms for the monetization of content are in disarray.”

Dolan said the result would mean significant layoffs at the network.

We have directed the executive leadership of AMC Networks to undergo significant cutbacks in operations. These will include a large-scale layoff as well as cuts to every operating area of AMC Networks,” he said.

– CNN’s Oliver Darcy and Jon Passantino contributed to this report.

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