AMC Networks announced that its Chief Executive Officer, Christina Spade, has stepped down from her role. The AMC Networks Board of Directors is currently finalizing who it will name as a replacement, with an announcement to follow. Like other media companies, AMC has struggled with current economic trends. The company’s third quarter profit dropped to $84.7 million compared with $110.7 million in the year-earlier period. Revenue fell 16% to $6821 million, with advertising revenue down 16% to $407 million.
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 endeavors.”
Spade joined AMC Networks in January 2021 as executive vice president and CFO, and was given the added duties of chief operating officer in November of last year. She has supervised key businesses, financial operations, investor relations and global technology. Before taking the CFO role at ViacomCBS, she had similar duties at the former CBS Corp,, and, prior to that, at its Showtime pay-cable unit, capping off a 21-year run there. Before joining Showtime Networks, Spade was an audit manager with PricewaterhouseCoopers in its entertainment, media and communications practice.
Spade had taken the reins of a small but influential media company whose size is often belied by its TV efforts. AMC has launched series such as “Better Call Saul” to outsize critical acclaim, but the company is still vastly smaller than its competitors. AMC Networks has been diligently launching broadband businesses in past months. Its streaming portfolio includes AMC+ and venues aimed at specific audience niches including Acorn TV, ALLBLK, HIDIVE, Shudder and Sundance Now.