Exiting AMC Networks CEO Will Get Severance After Less than 3 Months on the Job
New AMC Networks CEO Christina Spade has exited after less than three months on the job. As of November 29, Spade is no longer listed on the company’s press website among the executives. She is still on the public-facing landing page.
In a statement shared with IndieWire, AMC said Spade “stepped down.” The company’s board “is currently finalizing who it will name as a replacement, with an announcement to follow,” it continued.
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“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. (Yes, he’s the guy who also owns the New York Knicks, the New York Rangers, and MSG Network.)
In a filing with the Securities & Exchange Commission (SEC), the publicly traded company said Spade departed on November 28. It added that she “will receive the severance benefits payable in accordance with the terms of her employment agreement…on a termination without ’cause’ or resignation for ‘good reason’ basis.”
The SEC filing reiterated that Spade “stepped down,” so it stands to reason that she resigned for “good reason.” An AMC Networks spokesperson did not respond to IndieWire’s request for comment.
Company stock (AMCX) dropped 6 percent on Tuesday when the markets opened.
Spade joined AMC Networks in January 2021 as the company’s CFO, adding the chief operating officer duties 10 months later. Spade was previously the chief financial officer at ViacomCBS, coming from the CBS side when the two companies re-merged in December 2019.
In September, Spade replaced Matt Blank, the company’s interim CEO, in the top job. Blank had taken over the duties for longtime chief executive Josh Sapan, who remains AMC Networks’ executive vice chairman. It would be unwise to count on Blank’s return: When the interim CEO departed, he was given a $750,000 bonus but denied a consultancy role. Perhaps the board will attempt to woo Sapan back, a la Disney and Bob Iger.
AMC Networks — not to be confused with the movie theater chain AMC Entertainment — is the home to cable channels AMC, BBC America (a joint venture with BBC Studios), IFC, SundanceTV, and WEtv, as well as IFC Films, RLJE Films, and the company’s in-house studio AMC Studios. It is also the home of streaming services AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK, and the anime-focused HIDIVE. There’s also AMC Networks International and 25/7 Media.
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