Bresaz’s is the first high-profile cut made at the cabler since James Dolan, AMC Networks’ chairman, released a memo Monday, following the Spade news hitting, that “significant cut backs in operations” were coming shortly.
“As I am sure you are aware our industry has been under pressure from growing subscriber losses. This is primarily due to ‘cord cutting,’” Dolan said in a memo to staffers at the time. “At the same time we have seen the rise of direct to consumer streaming apps including our own AMC+. It was our belief that cord cutting losses would be offset by gains in streaming. This has not been the case. We are primarily a content company and the mechanisms for the monetization of content are in disarray.”
He projected a “a large-scale layoff as well as cuts to every operating area of AMC Networks.”
In a filing with the U.S. Securities and Exchange Commission, AMC said that Spade was terminated “without ’cause’ or resignation for ‘good reason’ basis,” and that she would receive “severance benefits payable in accordance with the terms of her employment agreement.” Spade had just taken the reins of the company in early September.
An AMC Networks spokesperson said the company had no additional comment.
Like other media companies, AMC has struggled with current economic trends. The company’s third quarter profit dropped to $84.7 million compared with $110.7 million in the year-earlier period. Revenue fell 16% to $6821 million, with advertising revenue down 16% to $407 million.