AMC Networks Inc (NASDAQ:AMCX) said its chief executive officer has stepped down, less than three months after taking over the role, and that it would cut about 20% of its US workforce as it faces industry pressures and a challenging economy.
Christina Spade, who had served as CEO of the cable TV network - home to hit shows such as 'Mad Men' and 'The Walking Dead' since September - will receive severance benefits in accordance with the terms of her employment agreement, on "a termination without 'cause' or resignation for 'good reason' basis," the company said in a regulatory filing.
AMC Networks said its board was in the process of finding a successor.
"We thank Christina for her contributions to the company in her CEO role and her earlier CFO (chief financial officer) role, and we wish her well in her future endeavors," AMC Networks chairman James Dolan said in a brief statement.
Spade joined as the company's CFO in 2021 after serving as the finance chief of ViacomCBS, now Paramount Global. She took the helm in September from Matt Blank who had held it on an interim basis after long-time chief executive officer Josh Sapan stepped down in August last year.
The employee layoffs at AMC Networks come at a time when gloomy advertising markets have weighed on the company's business, with several companies such as Amazon.com Inc making cuts as well.
AMC Networks had 1,739 full-time and 287 part-time employees as of December 31, according to a regulatory filing.
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