(Reuters) – AMC Networks said its chief executive had resigned, less than three months after taking the role, and that it would cut about 20% of its U.S. workforce as a result of the pandemic. with industry pressure and challenging economy.
Shares of the cable network, the home of hit shows like “Mad Men” and “The Walking Dead,” fell 4.4% on Tuesday.
Christina Spade, who has served as CEO since September, will receive severance pay under the terms of her employment contract, upon “terminating without ‘reason’ or resigning for ‘good cause’,” the company said in a regulatory filing.
AMC Networks (NASDAQ:) declined to comment further on the departure. It said the board is in the process of finding a successor.
“We thank Christina for her contributions to the company in her previous roles as CEO and CFO, and we wish her every success in her future endeavors. future,” President James Dolan said in a brief statement.
The layoffs at AMC Networks come at a time when several companies including Amazon.com Inc (NASDAQ:) and Meta Platforms Inc (NASDAQ:) – the parent company of Facebook (NASDAQ:) are making cuts deepen their workforce to navigate the recessionary economy.
AMC Networks had 1,739 full-time and 287 part-time employees as of December 31, according to a regulatory filing.
Cutting the cord and a dismal advertising market have hit the company’s business, with the stock down 40% year-to-date.
However, the streaming device has emerged as a bright spot. The division’s revenue grew 41% in the last reported quarter, even as the company’s total revenue fell 16%.
Spade joins as CFO in 2021 after serving as CFO of ViacomCBS (NASDAQ:), now Paramount Global.
In September, she took the helm from Matt Blank, who held it on an interim basis after longtime CEO Josh Sapan stepped down last August.