AMC Networks Is Having a Rough Day

CEO Christina Spade leaves after 3 months as network announces layoffs
By John Johnson,  Newser Staff
Posted Nov 29, 2022 11:38 AM CST
AMC Chief Out After 3 Months, Will Get $10M Severance
Kristina Spade, in a screen shot from video.   (YouTube)

A surprise in the world of cable TV on Tuesday: AMC Networks CEO Christina Spade stepped down after less than three months on the job, reports CNBC. Neither Spade nor the network gave a specific reason, but the company announced large-scale layoffs soon after the announcement was made, per the Wall Street Journal. "We do not take this lightly," said AMC Chairman James Dolan in a memo to staff. No details were immediately available on the number of layoffs, but Dolan hinted at the trouble behind them: "It was our belief that cord cutting losses would be offset by gains in streaming," he wrote. "This has not been the case."

Spade joined AMC Networks as an exec in January 2021, notes Variety, and she was promoted to CEO on Sept. 9. Despite her short tenure, Spade is expected to receive a $10 million severance, in addition to other benefits. "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," said a statement from the company, which operates cable networks AMC and IFC, along with streaming services such as Acorn TV, Shudder, and AMC+, per Deadline. Like a lot of cable companies, AMC has struggled in 2022, with its stock down 40% so far this year. They were down by another 5% on Tuesday in the wake of the news. (Read more AMC Networks stories.)

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