AMC Networks to Cut 20% of US Staff as CEO Abruptly Departs

Bloomberg2022-11-30

Streaming revenue fails to counter shrinking cable TV incomeChairman warns of large-scale firings, cuts in every areaAMC Networks Inc., the home of popular TV shows like The Walking Dead, announced a ...

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Comments

Zarkness
2022-11-30
Zarkness
Buy
ramius75
2022-11-30
ramius75
😱
- Zarkness:
  Huh
- ramius75:
  😓
T202311701
2022-11-30
T202311701
O
AndyCHLim
2022-11-30
AndyCHLim
K
- 小虎投资123:
  hh
MrHuattt
2022-11-30
MrHuattt
Ok
- MrHuattt:
  suee

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The stock had fallen 40% this year through Monday’s close, in line with other pay-TV stocks that have tumbled this year.Falling Media StocksCord cutting and losses in streaming have hammered media stocksTurnover at the top adds to the challenges faced by AMC, which is shifting to the streaming age as cord cutters drop their cable packages.While online subscriptions to AMC+ and the company’s other services jumped 44% last quarter from a year earlier to 11.1 million, total sales dropped. The forces weighing on AMC contributed to the downfall of Walt Disney Co. CEO Bob Chapek earlier this month.Adding to AMC’s woes, one of its most popular programs just ended its run. The Walking Dead zombie apocalypse show concluded its 11th and final season on Nov. 20, and the company, which also aired Mad Men and Breaking Bad, has struggled to find another hit of that scale.Three Walking Dead spinoffs are in the works, AMC said earlier this month. The company is also banking on a collection of programs based on the works of author Anne Rice, including Interview With the Vampire.AMC Networks is controlled by the Dolan family, one of the most influential in the cable-TV industry. 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