AMC Networks expects to incur up to $475 mln in restructuring charge (updated)

AMC Global Media

01/12/2022 22:29

(Adds detail on staff cuts, background)
       Dec 1 (Reuters) - AMC Networks Inc  AMCX.O  Thursday
estimated it would incur $350 to $475 million in pre-tax charges
related to its restructuring plan announced on Nov. 28,
according to a regulatory filing.
    The media company behind such hits as "The Walking Dead" and
the Anne Rice catalog, said it would cut about 20% of its U.S.
workforce as it adjusts to the declining number of cable
subscribers and a cooling economy.
   Christina Spade, who served as CEO since September, stepped
down this week.
    Cord cutting and a gloomy advertising market have weighed on
the company's business, with shares down 42% year to date. 
 (Reporting by Dawn Chmielewski in Los Angeles; editing by Diane
Craft and Stephen Coates)
 ((Dawn.Chmielewski@thomsonreuters.com;))