AMC Networks CEO exits after less than three months in role (updated)

AMC Global Media

29/11/2022 17:04

(Adds details)
       Nov 29 (Reuters) - AMC Networks'  AMCX.O  Christina
Spade has stepped down as chief executive officer, less than
three months after taking over the role, sending the company's
shares down 5% on Tuesday.
    The cable TV network, home to hit shows such as "Mad Men"
and "The Walking Dead", said in a regulatory filing that Spade
was terminated "without 'cause' or resignation for 'good reason'
basis," and that she would receive "severance benefits payable
in accordance with the terms of her employment agreement".
    The company declined to comment further on the departure. It
said the board was in the process of finding a successor.
    "We thank Christina for her contributions to the company in
her CEO role and her earlier CFO (chief financial officer) role,
and we wish her well in her future endeavors," Chairman James
Dolan said in a brief statement. 
    The company is also planning mass layoffs, the Wall Street
Journal reported on Tuesday, citing a staff memo. 
    AMC Networks did not respond to a request for comment on the
layoffs. The company had 1,739 full-time and 287 part-time
employees as of Dec. 31, according to a regulatory filing.
    Spade joined as CFO in 2021 after serving as the finance
chief of ViacomCBS, now Paramount Global  PARA.O . In September,
she took the helm from Matt Blank who had held it on an interim
basis after long-time Chief Executive Officer Josh Sapan stepped
down in August last year.
    Cord cutting and a gloomy advertising market have weighed on
the company's business, with shares down 40% year to date. 
    The streaming unit has, however, emerged as a bright spot.
Revenue in the division surged 41% in the last reported quarter,
even as the company's overall revenue slumped 16%. 
 (Reporting by Eva Mathews in Bengaluru; Editing by Anil D'Silva
and Sriraj Kalluvila)
 ((Eva.Mathews@thomsonreuters.com;))