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AMC NETWORKS INC.

(AMCX)
  Report
Real-time Estimate Cboe BZX  -  01:08:49 2023-01-30 pm EST
17.78 USD   -2.66%
01/18MoffettNathanson Lowers AMC Networks' Price Target to $17 From $19, Keeps Market Perform Rating
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01/13Amc : Anne rice's mayfair witches and anne rice's interview with the vampire are the top two new series premieres ever on amc+
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01/09Factbox-Tech firms leading job cuts in Corporate America
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AMC Networks CEO exits after brief stint; plans 20% U.S. job cuts

12/06/2022 | 11:55am EST
FILE PHOTO: An AMC theatre is pictured in New York

(Reuters) - AMC Networks said its chief executive officer had stepped down, less than three months after taking over the role, and that it would cut about 20% of its U.S. workforce as it faces industry pressures and a challenging economy.

Shares of the cable TV network, home to hit shows such as "Mad Men" and "The Walking Dead", fell 4.4% on Tuesday.

Christina Spade, who served as CEO since September, will receive severance benefits in accordance with the terms of her employment agreement, on "a termination without 'cause' or resignation for 'good reason' basis," the company said in a regulatory filing.

AMC Networks declined to comment further on the departure. It said the board was in the process of finding a successor.

"We thank Christina for her contributions to the company in her CEO role and her earlier CFO (chief financial officer) role, and we wish her well in her future endeavors," Chairman James Dolan said in a brief statement.

The layoffs at AMC Networks come at a time when several companies including Amazon.com Inc and Facebook-parent Meta Platforms Inc are making deep cuts to their employee base to navigate a potential downturn in the economy.

AMC Networks had 1,739 full-time and 287 part-time employees as of Dec. 31, according to a regulatory filing.

Cord cutting and a gloomy advertising market have weighed on the company's business, with shares down 40% year to date.

The streaming unit has, however, emerged as a bright spot. Revenue in the division surged 41% in the last reported quarter, even as the company's overall revenue slumped 16%.

Spade joined as CFO in 2021 after serving as the finance chief of ViacomCBS, now Paramount Global.

In September, she took the helm from Matt Blank who had held it on an interim basis after long-time Chief Executive Officer Josh Sapan stepped down in August last year. (This story has been refiled to remove picture)

(Reporting by Eva Mathews and Tiyashi Datta in Bengaluru; Editing by Anil D'Silva and Sriraj Kalluvila)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -1.40% 100.885 Delayed Quote.21.71%
AMC NETWORKS INC. -1.97% 17.9 Delayed Quote.16.53%
MADISON SQUARE GARDEN SPORTS CORP. 0.31% 181.005 Delayed Quote.-1.57%
META PLATFORMS, INC. -2.52% 147.98 Delayed Quote.26.09%
PARAMOUNT GLOBAL -0.61% 22.95 Delayed Quote.36.67%
All news about AMC NETWORKS INC.
01/18MoffettNathanson Lowers AMC Networks' Price Target to $17 From $19, Keeps Market Perfor..
MT
01/13Amc : Anne rice's mayfair witches and anne rice's interview with the vampire are the top t..
PU
01/09Factbox-Tech firms leading job cuts in Corporate America
RE
01/04Factbox-Corporate America lays off thousands as recession worries mount
RE
2022Amc : And amc+ to debut all of them witches, a documentary exploring the history of witche..
PU
2022Morgan Stanley Adjusts Price Target on AMC Networks to $19 From $22, Maintains Equal-We..
MT
2022Factbox-Corporate America lays off thousands as recession worries mount
RE
2022AMC Networks CEO exits after brief stint; plans 20% U.S. job cuts
RE
2022AMC Networks Names James Dolan Interim Executive Chairman
MT
2022AMC Networks' Board of Directors Appoints James L. Dolan Interim Executive Chairman
GL
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Analyst Recommendations on AMC NETWORKS INC.
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Financials (USD)
Sales 2022 3 058 M - -
Net income 2022 309 M - -
Net Debt 2022 2 261 M - -
P/E ratio 2022 2,58x
Yield 2022 -
Capitalization 785 M 785 M -
EV / Sales 2022 1,00x
EV / Sales 2023 0,96x
Nbr of Employees 1 883
Free-Float 35,6%
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Mean consensus UNDERPERFORM
Number of Analysts 9
Last Close Price 18,26 $
Average target price 19,75 $
Spread / Average Target 8,16%
EPS Revisions
Managers and Directors
Patrick OĺConnell Chief Financial Officer & Executive Vice President
James Lawrence Dolan Executive Chairman
David Hunter Chief Information Officer & Senior Vice President
Anne Gill Kelly Secretary, EVP-Securities & Compliance
Leonard Tow Independent Director
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