AMC Networks to lay off 20% workforce

AMC Networks Inc., the home of popular TV shows like The Walking Dead, announced a layoff of one-fifth of its US workforce and the departure of its chief executive officer, becoming the latest media company rocked by cable television’s accelerating subscriber losses.

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. In a memo to employees, Chairman James Dolan said the company has tried to grow its streaming business to replace the loss of cable-TV subscribers.

“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 especially hard hit by the loss of viewers to streaming services like Netflix and Disney+, suffering declines in advertising and subscription revenue. In its latest quarter, sales shrank 16%. The company had 1,739 employees at the end of 2021.

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