AMC Networks CEO steps down after less than three months
Christina Spade had been CEO since Sept. 9.
Fransebas
AMC Networks Inc., airer of programs including "The Walking Dead," said Christina Spade has stepped down as CEO, an abrupt departure less than three months after she took the top job.
The board “is currently finalizing who it will name as a replacement,” according to a statement Tuesday. No reason was given for Spade’s departure. She will get severance benefits for termination without cause or resignation for good reason, as outlined in her employment agreement, AMC said in a filing.
The change continues a leadership revolving door. AMC, known for its flagship cable channel along with brands such as IFC and SundanceTV, had been run by Josh Sapan before a similarly sudden exit last year. Matt Blank served as interim CEO before Spade, AMC’s former chief operating officer and chief financial officer, was named the top executive effective Sept. 9.
The turnover at the top adds to the challenges faced by AMC, which is shifting to the streaming age as cord-cutters drop their cable packages. While online subscriptions to AMC+ and the company’s other services jumped 44% last quarter from a year earlier to 11.1 million, total sales dropped 16% on lower licensing revenue, advertising and fees from pay-TV companies. A similar blow to profits has roiled other parts of the media world, contributing to the downfall of Walt Disney Co. CEO Bob Chapek earlier this month.
Adding to AMC’s woes, one of its most popular programs just ended its run. Its zombie apocalypse show concluded its 11th and final season on Nov. 20, and the company has struggled to find another hit of that scale. Three "Walking Dead" spinoffs are in the works, AMC said earlier this month. The company is also banking on a collection of programs based on the works of author Anne Rice, including "Interview With the Vampire."
Read more: Killed-off characters revived in 'The Walking Dead' finale ads
AMC’s shares have fallen 40% this year through Monday’s close. The shares were little changed in early trading.
—Bloomberg News
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