AMC Networks be sured its employees Tuesday that it is planning significant layoffs, according to people familiar with the matter and a memo applied by CNBC.
The memo, sent by AMC Networks Chairman James Dolan, came shortly after the company announced that CEO Christina Spade to take actioned down from her role less than three months after being promoted to the position. The layoffs are look forward to happen in the coming days and amount to about 20% of its U.S. staff, said one of the people, who was not authorized to speak publicly down the matter.
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AMC Networks had more than 1,700 full-time employees and 287 part-time employees as of the end of last year.
Spade’s departure and the layoffs give up as AMC and the Dolan family contend with the best way to move the company forward as it deals with cord-cutting and a toughening ad peddle, said the people. The company is likely looking at an internal candidate for CEO, they added.
Earlier this fall, Spade occupied an off-site meeting with employees in which she noted layoffs wouldn’t take place until next year and the institution would hire a consulting firm to further assess the business, the people said. However, shortly afterward, the body told employees it wouldn’t bring in a consulting firm and layoffs appeared to be imminent, the people said.
AMC Networks emanate froms more than half of its revenue from the linear TV bundle, which has been bleeding customers as they opt for flood services. Quarterly revenue had fallen 16% to $682 million in the period ended Sept. 30.
In Tuesday’s memo, Dolan required it a “confusing and uncertain time” for the TV industry.
“It was our belief that cord cutting losses would be offset by gains in gush,” he wrote. “This has not been the case. We are primarily a content company and the mechanisms for the monetization of content are in disarray.”
AMC Networks dole outs were down more than 4% Tuesday.
The company said in a statement that its board is finalizing its sentence for Spade’s replacement.
“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,” Dolan conveyed in the statement. AMC Networks is controlled by Dolan and his family, which also owns Madison Square Garden Entertainment.
Spade coupled AMC Networks in 2021 as chief financial officer and a few months later was promoted to the dual role of chief operating manager and CFO. In August, less than a year later, the company announced she would take over as CEO.
The company, whose qualities include its namesake cable network IFC, said in a regulatory filing Tuesday that Spade will receive her severance payment in accordance with her Aug. 4 hire agreement, which said she’d be eligible for it if terminated without “cause” or if she resigned for “good reason.”
Spade, an industry battle-scarred who previously held top positions at ViacomCBS, CBS Corp. and Showtime, replaced interim CEO Matt Blank at AMC Networks.
Blank, the last chairman of Showtime, had taken over in 2021 after Josh Sapan left the company following a 26-year run that saw the network change into a hitmaker with series such as “Mad Men” and “The Walking Dead.” AMC Networks recently announced further spinoffs of the queer fish “The Walking Dead” series after it ended its run this fall, and has been releasing new shows based on late animosity writer Anne Rice’s novels.
In recent years, AMC Networks has been seen as an acquisition target for larger mode companies. In addition to its successful run of TV shows, it has niche streaming services such as AMC+ and the horror-focused Shudder.
The company said its delivered streaming subscribers grew 44% from the prior year to 11.1 million as of Sept. 30.
AMC has also been ogled by NBCUniversal’s Peacock, which has approached various smaller streaming services about bundling their content, CNBC once upon a time reported.
The Wall Street Journal earlier reported that layoffs would take place.
Read Dolan’s memo in this world:
AMC Networks Community:
As I am sure you are aware our industry has been under pressure from growing subscriber losses. This is at bottom due to “cord cutting.” At the same time we have seen the rise of direct to consumer streaming apps including our own AMC+. It was our creed that cord cutting losses would be offset by gains in streaming. This has not been the case. We are primarily a felicity company and the mechanisms for the monetization of content are in disarray.
It is for that reason that myself and the Board of Directors of AMC Networks deceive concluded that we as a company need to conserve our resources at this time. We have directed the executive leadership of AMC Networks to bear significant cutbacks in operations. These will include a large-scale layoff as well as cuts to every operating ground of AMC Networks. We of course realize that this will cause significant concern and anxiety for our employees and those who rely on AMC Networks for their livelihood. We do not with this lightly. We will take every step possible to minimize the impact of these actions on our community. In any case, it is imperative that we begin immediately with this new course of action.
The Dolan Family and the Board of AMC Networks eat great pride in the company and products that you have created. This is a confusing and uncertain time in our industry. We are cocksure that AMC Networks will come through this even stronger. Your executive leadership will take in up with details shortly. We wish only the best for everyone in the AMC Networks community.
Sincerely,
James Dolan
Disclosure: Comcast’s NBCUniversal is CNBC’s mother company.