AMC Networks’s ‘Spade’ leaves CEO after 3 months

The New York-based company, which operates a suite of channels, disclosed the surprise departure of Christina Spade Tuesday after just three months on the job. It was our belief that cord-cutting losses would be offset by gains in streaming, Dolan said. This has not been the case. AMC Networks, a smaller channel operator, has been hit particularly hard by the loss of viewers to streaming services like Netflix and Disney, which suffers declines in advertising and subscription revenue. Sales fell by 16% in the last quarter. The company has 1,739 employees at the end of 2021 and expects to cut about 20% of its US staff at the end of 2021.

In his memo, Dolan said that the company plans to reduce all operating areas, as well as a large-scale layoff. The board is working on a replacement for Spade. There was no reason for her departure. She is entitled to a severance of around $10 million, along with restricted stock units and other awards, according to a filing outlining her employment agreement.

The news is a complete surprise, according to Doug Creutz, an analyst at Cowen Co. With no apparent successor lined up, AMC shares will be under pressure until the company can reassure investors that Spade's exit is not related to any financial-related issues, he said.

The leadership has revolving door. AMC, known for its flagship cable channel, along with networks such as IFC and SundanceTV, had been run by Josh Sapan before his sudden exit last year. Matt Blank served as interim CEO before Spade, who was previously chief operating officer and chief financial officer. She became chief executive in September.

AMC shares, which isn't related to the similarly named theater chain, fell as much as 11% to $18.39 in New York. The stock had fallen 40% this year through Monday s close, in line with other pay-TV stocks that have tumbled this year.

AMC is moving to the streaming age due to cord cutters dropping their cable packages, which adds to the challenges faced by turnover at the top.

The forces weighing on AMC contributed to the downfall of Walt Disney Co. CEO Bob Chapek earlier this month.

One of its most popular programs just ended its run, adding to AMC's woes. The Walking Dead zombie apocalypse show concluded its 11th and final season on Nov. 20, and the company, which also aired Mad Men and Breaking Bad, has struggled to find another hit of that scale.

Three Walking Dead spinoffs are in the works, according to AMC earlier this month. The company is banking on a series of programs based on the works of author Anne Rice, including Interview With the Vampire.

AMC Networks is controlled by the Dolan family, one of the most influential in the cable-TV industry. They also run Madison Square Garden Sports Corp., which owns the New York Knicks and the New York Rangers in hockey, and controls the company behind Madison Square Garden.

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