AMC Networks CEO steps down after less than three months

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Christina Spade attends The Hollywood Reporter, SAG-AFTRA and Heineken Celebrate Emmy Awards nominees at the annual Nominees Night on September 10, 2022 in West Hollywood, California.

Michael Kovac | The Hollywood Reporter | Good pictures

AMC Networks Chief Executive Christina Spade has stepped down less than three months after being promoted.

The cable TV network said in a regulatory filing Tuesday that Spade will receive severance pay under his Aug. 4 employment contract, which states he is entitled to severance pay if he is terminated without “cause” or “resigns for good cause . . .”

A company spokesperson declined to provide further details. AMC Networks shares fell about 5% on Tuesday.

AMC said in a statement that its board is finalizing the decision to replace Spade.

“We thank Christina for her contributions as CEO and in her previous CFO role, and we wish her the best in her future endeavors,” said Chairman James Dolan. said in the statement. AMC Networks is controlled and owned by Dolan and his family Madison Square Garden entertainment.

Spade joined AMC Networks as chief financial officer in 2021 and was promoted to the dual role of chief operating officer and CFO a few months later. In August, a year later, the company announced that he would take over as CEO.

Formerly ViacomCBS, CBS Corp. And Spade, an industry veteran who held top positions at Showtime, replaces interim CEO Matt Blank at AMC Networks.

Blank, the former head of Showtime, saw the network transition to a hitmaker with series like “Mad Men” and “The Walking Dead” after Josh Saban left the company in 2021, following a 26-year run.

In recent years, AMC Networks has been seen as an acquisition target for large media conglomerates. In addition to its successful run of TV shows, it has major streaming services like AMC+ and the horror-focused Shudder.

AMC has been noticed by NBCUniversal’s Peacock, which has approached various smaller streaming services to package their content, CNBC previously reported.

Disclosure: Comcast’s NBCUniversal is the parent company of CNBC.

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