AMC Networks on Tuesday announced that CEO Christina Spade had “stepped down” from her post after just four months on the job.
The company said its board of directors “is currently finalizing who it will name as a replacement, with an announcement to follow.”
In a filing with the Securities and Exchange Commission, the company said Spade will receive the severance benefits payable in accordance with the terms of her employment agreement, dated August 4, 2022, on a termination without “cause” or resignation for “good reason” basis.
Spade was AMC’s chief financial officer when she was promoted to CEO in August. She previously had been chief financial officer for CBS Corp. and for its Showtime unit, where she worked with Matt Blank, who had been AMC’s interim CEO.
Naming a CFO as CEO indicated that AMC, spun off from Cablevision Systems and still controlled by the Dolan family, might be considering selling or merging the company.
As a smaller, independent programmers, AMC is being squeezed by cord-cutting and a tough advertising market. It has moved into streaming with a group of special interest direct-to-consumer services. AMC’s goal is to get those services to a combined total of 20 million to 25 million subscribers by 2025. That would be far behind the leader, The Walt Disney Co., which already has more than 200 million subscribers.
In the third quarter, AMC’s net income dropped to $84.7 million from $110.7 million a year ago. Revenue fell 16% to $6821 million,. Advertising revenue was down 16% to $407 million.
In September, AMC put all revenue and distribution under Kim Kelleher, who had been head of the company’s advertising sales business,
“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,” AMC Networks chairman James Dolan said. ■
