AMC Networks extends losses after CEO exit; 20% U.S. job cuts plan

AMC Global Media

30/11/2022 15:54

** Shares in cable TV network AMC Networks  AMCX.O  fall
1.4% to $19.20 
    ** Co said on Tuesday its chief executive officer stepped
down, less than three months after taking over the role, and
that it would cut about 20% of its U.S. workforce as it faces
industry pressures and a challenging economy
    ** AMCX had 1,739 full-time and 287 part-time employees as
of Dec. 31, according to a regulatory filing  urn:newsml:reuters.com:*:nL4N32P3D6
    ** "We assume that her exit and the imminent layoffs were
connected," Morningstar analyst Neil Macker notes
    ** AMCX closed down 5.3% on Tuesday and has lost 44.2% YTD,
amid a wider stock sell-off and pressured results on co due to
increased cord-cutting and slow advertising growth
    ** "While AMC still controls a number of key franchises, it
faces the same transition issues as Disney and Warner Bros.
Discovery, but with considerably less financial firepower, a
much smaller content library, and a more limited reach" - Macker
 (Reporting by Eva Mathews in Bengaluru)
 ((Eva.mathews@thomsonreuters.com))