AMC Networks CEO resigns in less than three months

Christina Spade attends The Hollywood Reporter, SAG-AFTRA and Heineken Celebrate Emmy Award Contenders for Annual Nominees Night on September 10, 2022 in West Hollywood, California.

Michael Kovac | Hollywood Reporter | Getty Images

AMS networks CEO Christina Spade stepped down from her position less than three months after being promoted to the position.

The cable television network said in a regulatory filing Tuesday that Spade would receive severance pay under her Aug. 4 employment agreement, which said she would be eligible if she was fired for no “reason” or if she quit for ” good reason.” .”

related investment news

CNBC Investor Club
Bob Iger’s quick return to Disney’s CEO position is good news for shareholders like us.

A company spokesman declined to provide details. Shares of AMC Networks fell about 5% on Tuesday.

AMC said in a statement that the board of directors is finalizing a decision to replace Spade.

“We thank Christina for her contributions to the company as CEO and her previous role as CFO, and we wish her well in her future endeavors,” Chairman James Dolan said. said in a statement. AMC Networks is controlled by Dolan and his family, who also own Madison Square Garden Entertainment.

Spade joined AMC Networks in 2021 as chief financial officer, and a few months later was appointed to the dual role of chief operating officer and chief financial officer. In August, less than a year later, the company announced that it would become CEO.

Spade, an industry veteran who previously held executive positions at ViacomCBS, CBS Corp. and Showtime, replaced Acting CEO Matt Blank at AMC Networks.

Blank, the former chairman of Showtime, took over in 2021 after Josh Sapan left the company after a 26-year reign as the network turned into a hitmaker with shows like Mad Men and The Walking Dead.

In recent years, AMC Networks has been seen as a target for acquisition by larger media companies. In addition to successfully releasing TV shows, it has niche streaming services like AMC+ and the horror-focused Shudder.

AMC has also been noticed by NBCUniversal’s Peacock, which has reached out to various smaller streaming services to merge their content, as CNBC previously reported.

Disclosure: NBCUniversal Comcast is the parent company of CNBC.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button