AMC Networks is planning large-scale layoffs, according to a staff memo from its chairman. Earlier Tuesday, the company's CEO stepped down.
is planning large-scale layoffs, according to a staff memo from its chairman, a sign of further disruption at a company that earlier Tuesday announced its chief executive had stepped down.
Earlier Tuesday, the company said CEO Christina Spade has stepped down from her role less than three months after taking the reins.A personal, guided tour to the best scoops and stories every day in The Wall Street Journal.AMC, which was the TV home of numerous hits including “Mad Men,” “Breaking Bad” and “The Walking Dead” over the past decade, has been under pressure from cord-cutting, as Americans abandon traditional pay-TV packages in droves in favor of streaming services.
Shares of AMC were down 4.6% in midmorning trading Tuesday. The stock has dropped by more than 40% so far this year.CBS Corp. and Showtime, joined AMC as chief financial officer in January 2021 and took on the additional post of chief operating officer about a year ago.“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,” Mr. Dolan said.Photo:Ms. Spade became CEO on Sept.
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