“It was our belief that cord cutting losses would be offset by gains in streaming,” Dolan said in the memo. “This has not been the case. We are primarily a content company and the mechanisms for the monetization of content are in disarray.”
The layoffs are expected to be significant. The Wall Street Journal earlier reported that layoffs would take place. An AMC Networks spokeswoman didn’t immediately respond to comment
AMC Networks stock (NASDAQ:AMCX) started a new leg down, -4.7% midmorning Tuesday, on a report it's readying large-scale layoffs that will provide added disruption alongside a leadership shakeup
In August, AMC Networks had unveiled her as the successor for interim CEO Matt Blank, a former Showtime Networks CEO, who replaced long-time boss Josh Sapan who had announced his change to the executive vice chairman role after a 26-year run. Spade’s employment agreement was set to run through the end of 2025
Streamwhatyoulike OP t1_iy8zv2q wrote
Reply to AMC Networks CEO Christina Spade Abruptly Exits by Streamwhatyoulike
“It was our belief that cord cutting losses would be offset by gains in streaming,” Dolan said in the memo. “This has not been the case. We are primarily a content company and the mechanisms for the monetization of content are in disarray.”
The layoffs are expected to be significant. The Wall Street Journal earlier reported that layoffs would take place. An AMC Networks spokeswoman didn’t immediately respond to comment