AMC Networks Inc.’s (AMCX) CEO Christina Spade has left the company after just three months in the job, with no reason given for the exit and no replacement named.
Spade took over for interim Chief Executive Office (CEO) Matt Blank in September. Blank had previously replaced CEO Josh Sapan, who held the position for 26 years. Spade was poised to help shift the company's priorities from its cable business to focusing on its streaming services, such as AMC+, Shudder, and Acorn TV, among others.
- AMC Networks' CEO Christina Spade left the company after 3 months.
- The move comes after Disney brought back its old CEO to replace the current one and as entertainment companies struggle to profit off of streaming services.
- AMC Networks should not be confused with the separate movie theatre company and popular meme stock, AMC Theatres.
“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.” AMC Networks Chairman James Dolan said in a press release.
The announcement comes less than a week after Disney announced that retired CEO Bob Iger would be coming back to the company and replacing Bob Chapek, whose main focus was also to prioritize its online service, Disney+. As consumers move away from traditional television, AMC, Disney, and other entertainment services are struggling to maximize profits in a world of streaming services.
This past quarter, AMC Networks saw a 20% decrease in its operating income from a year earlier as revenue fell 16%, even as the service topped 11 million paid streaming subscribers.
Despite those third-quarter results, Spade was expected to remain CEO for much longer.
“The announcement is a surprise to us,” Wells Fargo analyst Steven Cahall wrote in a first reaction.
Spade joined AMC Networks in 2021 as Vice President and Chief Financial Officer (CFO), becoming the Chief Operating Office (COO) (a few months later as well. Spade previously worked in the entertainment industry as CFO at ViacomCBS and spent 21 years as the CFO of Showtime.
In a filing with the U.S. Securities and Exchange Commission (SEC), AMC Networks said Spade will receive the benefits outlined for either being fired without cause or resigning for good reason. Spade also is set to receive a severance payment of more than $10 million.
AMC Networks’ stock has fallen 45% in the last 12 months, compared with the Nasdaq Composite Index, which has fallen 30%.