The Clap
AMC Networks (NASDAQ:AMCX) is planning to make significant layoffs after CEO Christina Spade steps down.
What
The decision comes as the cable network struggles with an evolving ad market and more modern competitors.
Spade spent only 3 months as CEO before stepping down from her role in the company.
The layoffs are expected to impact around 20% of the company’s US workforce.
So What
As more customers turn to streaming services over cable television, the company has seen a 16% YoY decrease in revenues during Q3 2022.
Now What
The layoffs are expected to begin within the coming days. In addition, the company is looking to fill in the CEO role, most likely with an internal candidate.
