AMC Networks unsigned CEO Marco Brezaz has left the company amid cost-cutting moves that followed the sudden departure of CEO Christina Spade.
Breeze is the first high-profile cut at the cabler, after AMC Networks Chairman James Dolan issued a memo Monday that “significant reductions in operations” are coming soon after Spade’s news hit.
I am sure you are aware that our industry has been under the pressure of increasing subscriber losses. This is primarily due to ‘cord cutting,’” Dolan said in a memo to employees at the time. “At the same time, we’ve seen an increase in direct-to-consumer streaming applications, including our own AMC+. It was our belief that the loss of cord cutting would be offset by streaming. This did not happen. We are primarily a content company and our content monetization methods are broken.
He predicted that a “major strike would also cut jobs at every AMC network.”
In a filing with the U.S. Securities and Exchange Commission, AMC said Spade was terminated “without ’cause’ or ‘good reason,'” and that she will receive “severance benefits in accordance with her employment agreement.” He said. Spade took over the leadership of the company in early September.
A spokeswoman for AMC Networks said the company had no further comment.
Like other media companies, AMC has struggled with current economic trends. The company’s third-quarter profit fell to $84.7 million, down from $110.7 million in the current year. Revenue fell 16 percent to $6821 million, while advertising revenue fell 16 percent to $407 million.