AMC Networks Board Names James L. Dolan Interim Executive Chairman

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101 shares, 162 points

The board of directors of AMC Networks has named James L. Dolan the company’s interim executive chairman effective immediately.

Dolan was previously the chairman of AMC Networks. His appointment comes after AMC Networks CEO Christina Spade abruptly departed the company last week after less than three months in the role.

“AMC Networks has a seasoned executive leadership team and I look forward to working with them to provide high-level strategic direction and guidance as we navigate the business during this period of transformation in the media industry,” Dolan said.

Dolan is slated to remain in his new role until March 6, 2023 or until the board finds a new CEO, whichever comes first.

Dolan previously warned AMC staffers about significant cutbacks at the company in a memo following Spade’s exit. “We are primarily a content company and the mechanisms for the monetization of content are in disarray,” he wrote at the time.

Dolan also spoke of “a large-scale layoff as well as cuts to every operating area of AMC Networks” that would be implemented. To that end, AMC’s unscripted chief Marco Bresaz became the latest high-profile executive to depart, while AMC also reversed its decision to renew the drama series “Moonhaven” for a second season.

Like other media companies in the current landscape, AMC has struggled with 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.

Source: Variety


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162
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