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AMC Plans Layoffs as CEO Exits

Company has been under pressure from cord-cutting as Americans turn to streaming services

Christina Spade, who departed AMC Networks as CEO on Tuesday, is set to receive more than $10 million in severance.

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WSJ news on AMC layoff plans as CEO departs

AMC Networks Inc. AMCX said it is planning to lay off about 20% of its U.S. employees, a sign of further disruption at a company that earlier Tuesday announced its chief executive had stepped down less than three months after taking the reins.

“We have determined we need to conserve resources at this time,” according to a statement provided to The Wall Street Journal. “This will involve cutbacks in operations which unfortunately includes a large-scale layoff, impacting approximately 20% of our employees in the U.S.

Earlier Tuesday, the company said CEO Christina Spade has stepped down from her role less than three months after taking the reins.

AMC, the TV home of numerous hits including “Mad Men,” “Breaking Bad” and “The Walking Dead” over the past decade, has been under pressure from cord-cutting, as Americans abandon traditional pay-TV packages in droves in favor of streaming services.

*Shares of AMC were down 4.6% in midmorning trading Tuesday. The stock has dropped by more than 40% so far this year.