AMC Networks To Cut 20% Of U.S. Workforce As Cord Cutting, Streaming Costs, Economic Jitters Roil Media

deadline.com:

A media sector squeezed by streaming losses, anemic stocks, layoffs and executive turmoil unveiled its latest casualties today – 20% of AMC Networks’ U.S.

staff, or about 200 people, along with the departure of CEO Christina Spade. The news follows Bob Chapek’s equally sudden departure last Sunday from Disney after a quarter of hefty streaming losses and months of PR missteps.

No reason was given for Spade’s departure, but it kicked off another round of speculation about the potential for the cuts being a preamble to an M&A transaction.

AMC Networks declined to comment when contacted by Deadline. Jobs are being axed from Warner Bros. Discovery to Paramount Global, Disney and the CW alongside a virtual bloodbath in tech.