AMC Networks Inc. stated on November 29, 2022, that it would lay off 20% of its staff in the US, signaling further upheaval after Christina Spade, the company's chief executive, announced her resignation earlier in the day, just under three months after taking charge.
The entertainment company stated that "we have realized we need to conserve resources at this time." "This will need operational adjustments, which regrettably includes a sizable layoff, affecting about 20% of our staff in the U.S. AMC estimated that it employs 1,000 Americans.” As reported by the company, the number of employees declined significantly in 2021 over that in the previous few years.
Likewise, the number of active jobs at AMC Networks Inc. also declined since September 2022 until November 2022, according to GlobalData.
The expected layoffs coincide with AMC's struggle to generate enough revenue from its streaming services to offset the dramatic decline in cable television subscriptions, as increasing number of Americans cancel their pay TV subscriptions. The total revenue declined significantly in the third quarter that ended September 2022, as reported by the company.
Over the past 15 years, AMC has been the home to many well-known TV shows, including "Mad Men" and "Breaking Bad." The cinema chain, AMC Entertainment Holdings Inc., and AMC are unrelated. AMC's stock fell 5.3% at the end of November 29, 2022. In 2022 alone, the stock decreased 43%.
AMC Networks, whose trademarks include its namesake channel, as well as IFC, WE tv, and Sundance TV, was one of the media firms that rode the wave of expansion as cable TV was in its final lap of supremacy in the media landscape. Its high-end, gritty dramas—about zombies, 1960s ad executives, and a high-school teacher-turned-meth dealer—aided the emergence of "prestige" television.
AMC has not been in a good position to battle streaming goliaths such as Netflix Inc. and Amazon.com Inc. since it is a minnow in the sea of larger media businesses. Even major companies such as Walt Disney Co., Warner Bros., Discovery Inc., and Paramount Global, which mobilized significant resources to join the streaming wars, had difficulty navigating a lucrative course.
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