AMC has seen its quarterly income fall 16% within the interval that ended Sept. 30.
AP; AMC
AMC Networks CEO Christina Spade stepped down Tuesday after lower than three months on the job — simply moments earlier than the corporate despatched out a memo warning staff of mass layoffs.
Spade had taken the helm of the cable-TV channel — which isn’t associated to the struggling movie-theater chain AMC — in early September. AMC produces unique TV sequence like “The Strolling Useless” and “Breaking Dangerous.”
AMC Networks, whose chairman is New York Knicks proprietor James Dolan, didn't give a motive for her departure.
“We thank Christina for her contributions to the corporate in her CEO function and her earlier CFO function, and we want her effectively in her future endeavors,” Dolan stated in an announcement.
Shortly after the corporate introduced Spade would step down, Dolan despatched out a memo to staff stating that as a lot as 20% of the corporate might be laid off within the coming days, or greater than 300 individuals.
Earlier this fall, Spade reportedly held an off-site assembly with staff the place she assured them layoffs had been coming early subsequent 12 months, and that the corporate would rent a consulting agency to assist proper the ship at AMC, in accordance with CNBC.
The corporate later backtracked, although, saying it had no plans to rent a consulting agency, a sign to many staff that layoffs had been imminent.
AMC has seen its quarterly income fall 16% within the interval that ended Sept. 30. Greater than half of the corporate’s income comes from TV packages, which have been gutted by viewers switching to streaming companies.
“It was our perception that cord-cutting losses could be offset by positive aspects in streaming,” Dolan wrote in his memo to staff. “This has not been the case. We're primarily a content material firm and the mechanisms for the monetization of content material are in disarray.”
AMC’s board stated it's finalizing its choice on Spade’s successor, who will seemingly be an inner candidate.
Spade joined AMC in 2021 as chief monetary officer. She was later additionally given the title of chief working officer, earlier than being promoted to CEO after lower than a 12 months of working on the firm.
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