New York, New York-based AMC Networks, an entertainment company providing streaming and cable content, has announced the abrupt departure of its CEO and a major reduction in force.
Approximately 20% of the company's workforce, or 370 employees, is impacted by the layoffs -- while the departing AMC Networks CEO, Christina Spade, is entitled to $10.5 million+ plus severance in addition to various awards and restricted stock units after her 3-month tenure.
According to Board Chairman James Dolan, “It was our belief that cord cutting losses would be offset by gains in streaming. This has not been the case. We are primarily a content company and the mechanisms for the monetization of content are in disarray. We have directed the executive leadership of AMC Networks to undergo significant cutbacks in operations. These will include a large-scale layoff as well as cuts to every operating area of AMC Networks.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?