AMC Networks lays off 20% of its 1,000 US employees and CEO exits after three ... trends now
The CEO of AMC Networks has stepped down in a shock move after just three months on the job, and the company plans to lay off about one-fifth of its US workforce as it faces pressure from streaming competitors and a slowing economy.
The cable network, home to hit shows such as Mad Men, The Walking Dead, Breaking Bad, and Better Call Saul announced the moves in a press release and internal memos on Tuesday.
The layoffs at AMC Networks come at a time when several media companies including Amazon and Facebook-parent Meta Platforms are making deep cuts to their employee base to navigate a potential downturn in the economy.
AMC Chairman James Dolan blamed the large-scale layoffs on the dramatic shift away from traditional cable in favor of online streaming, a trend known as cord-cutting.
Christina Spade, who served as CEO of AMC Networks since September, 'has stepped down from her role,' the company said on Tuesday without offering further details
AMC Chairman James Dolan (center) blamed the large-scale layoffs on the dramatic shift away from traditional cable in favor of online streaming. Dolan