Marco Brisaz, president of AMC Networks, left the company amid moves to cut costs in the wake of the sudden departure of CEO Christina Spade.
Bresaz’s is the first high-profile cut to be made at cabler since James Dolan, president of AMC Networks, issued a note Monday, following Spade news, that “significant operations cuts” were coming soon.
“I’m sure you’re aware that our industry is under pressure from mounting subscriber losses. This is primarily due to “cord cutting,” Dolan said in a note to employees at the time. “At the same time, we’ve seen a rise in consumer streaming apps including Our own AMC+. Our belief was that wire-cutting losses would be offset by gains in flow. This was not the case. We are basically a content company and the content monetization mechanisms are a mess.”
He predicted “widespread layoffs as well as cuts in every AMC Networks operating area.”
In a filing with the U.S. Securities and Exchange Commission, AMC said Spade was terminated “without ’cause’ or resigned for ‘valid reasons’,” and that it would receive “severance benefits payable in accordance with the terms of its 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 profits decreased in the third quarter to 84.7 million US dollars, compared to 110.7 million US dollars in the same period last year. Revenue fell 16% to $6,821 million, with advertising revenue down 16% to $407 million.
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