After AMC Networks CEO Christina Spade stepped down from her role on Tuesday less than three months after taking the job, while the company warned of significant layoffs.
AMC Networks Chairman James Dolan sent a memo Tuesday to employees explaining that significant layoffs are on the horizon, CNBC reported. He described the current situation as a “confusing and uncertain time” for the TV industry. (RELATED: World’s Largest Movie Theater Chain AMC Lost $4.6 Billion In 2020)
AMC Networks Warns of ‘Significant Cutbacks’ After CEO Christina Spade Abruptly Exits https://t.co/QWIKK5uM63
— Variety (@Variety) November 29, 2022
“It was our belief that cord cutting losses would be offset by gains in streaming,” he wrote. “This has not been the case. We are primarily a content company and the mechanisms for the monetization of content are in disarray.”
As of Dec. 31, AMC had more than 1,700 full-time employees and 287 part-time employees, according to CNBC. Its shares dropped more than 4% Tuesday.
“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,” Dolan said. Dolan and his family control AMC Networks, which also owns Madison Square Garden Entertainment.
Spade had joined AMC in 2021 as chief financial officer. The company said she would receive severance if she was terminated “without cause” or resigned for ‘good reason,” according to her Aug. 4 employment agreement, CNBC reported.