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AMC Networks To See “Large-Scale” Layoffs As CEO Christina Spade Exits – Update

AMC Networks To See “Large-Scale” Layoffs As CEO Christina Spade Exits – Update

Updated, 8:56 Am: AMC Networks Chairman James 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.

It hadn’t been immediately clear what was behind her departure. But Dolan’s memo notes weakening financials. “It was our belief that cord cutting losses would be offset by gains in streaming,” Dolan said. “This has not been the case.”

“We have directed the executive leadership of AMC Networks to undergo significant cutbacks in operations. These will include a large-scale layoff as well as cuts to every operating area of AMC Networks,” he said in the memo obtained by Deadline. See in full below.

“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,” Dolan said. “We do not take this lightly.

See full article on Deadline