AMC Networks Chairman Charles Dolan warned of layoffs at the media company in a staff memo to employees as newly installed CEO Christina Spade steps down after a tenure of only three months
“I’m a fan of this company in every respect — its content, brands, and most importantly, its people and dynamic and inclusive culture,” Spade had said upon her promotion in August.
Spade ascended to the CEO role after joining the company in 2021 as Chief Financial Officer and then later gaining the additional title of Chief Operating Officer. She had previously beenand Showtime was among a small number of female executives to rise to CEO in corporate America, with an even smaller proportion of that population doing so in the media business.
The shuffle at the top of AMC Networks continues a period of transition for the company, which was formerly known as Rainbow Media before a spinoff from Cablevision in 2011. Like its peers in the cable programming business, AMC Networks faces intense challenges from accelerating rates of cord-cutting and a secular decline in linear ratings. The company has signaled a plan to derive most of its revenue from streaming by 2025, but results across the media business suggest that streaming is not as profitable as the dual-revenue stream of traditional pay TV., primarily due to a slowdown in the advertising sector. Earnings per share of $1.
While the stocks of media and tech companies have taken a beating this year, the pain has been especially acute for AMC Networks shareholders. The company’s shares fell to an all-time low of $17.75 after the earnings news this month and have tumbled 45% in 2022 to date.
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