AMC Networks has announced that Chief Executive Officer Christina Spade has stepped down less than three months after taking the job, and that it plans to cut 20% of its workforce.
Cable TV network AMC is home to shows such as Mad Men and The Walking Dead.
Like most cable network owners, the company has had a challenging year due in large part to “cord-cutting” as consumers have fled traditional cable and satellite bundles in favour of streaming video services.
In a brief statement, AMC Networks Chairman James Dolan said: “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 endeavours.”
AMC said that its board of directors is currently finalising who it will name as a replacement, with an announcement to follow.
The layoffs come at a time when many media and tech companies, including Netflix, Amazon, Twitter, Meta and Warner Bros. Discovery, are making staff cuts as they navigate a slowing economy and disruption in the TV and streaming business.
AMC estimated it would incur $350 to $475 million in pre-tax charges related to its restructuring plan.