AMC Networks CEO Abruptly Steps Down Amid Mass Layoff Announcement

Zinger Key Points
  • AMC Networks is preparing for a restructuring of operations, and large scale layoffs, beginning with the departure of its CEO.
  • The company said its board is finishing work to name a replacement.
AMC Networks CEO Abruptly Steps Down Amid Mass Layoff Announcement

AMC Networks AMCX Chief Executive Officer Christina Spade has stepped down after only three months in the role.

The announcement comes as a staff memo from the chairman of the entertainment company indicates that AMC Networks is preparing for significant layoffs.

AMC Networks stated that Spade was terminated without cause or resigned "for good reason" in a filing with the U.S. Securities and Exchange Commission, and that she would get severance benefits payable in accordance with the provisions of her employment agreement.

"Breaking Bad," "The Walking Dead," and "Mad Men" are three of the most well-known TV programs produced by AMC Networks, which also owns a variety of niche streaming services like Acorn TV, Shudder, and AMC+.

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“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,” said James Dolan, the company’s chairman, in a prepared statement. The company said its board of directors was “currently finalizing who it will name as a replacement, with an announcement to follow.”

Josh Sapan had been the company's longtime head, and gave up his CEO duties last August after 26 years. Matt Blank, a Showtime veteran, had been filling in for him for about a year. Spade then took over the position on Sept. 9, 2022.

A veteran in the field, Spade previously held executive positions at ViacomCBS, CBS Corp., and Showtime.

Potential Buyout Target? Larger media corporations have recently viewed AMC Networks as a target for purchase. Its popular slate of TV programs, in addition to specialized services like WeTV and SundanceTV make the company an interesting potential target.

NBCUniversal's Peacock CMCSA has reportedly expressed interest in AMC and has spoken with a number of smaller streaming services about bundling their content, according to a recent report from CNBC.

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Photo: Courtesy of shutterstock.com

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