AMC Networks CEO stepping down after less than three months

Christina Spade attends The Hollywood Reporter, SAG-AFTRA and Heineken Celebrate Emmy Award Contenders at Annual Nominees Night on September 10, 2022 in West Hollywood, California.

Michael Kovac | The Hollywood Reporter | GettyImages

AMC Networks Chief Executive Christina Spade has stepped down from her role in less than three months after being promoted to the position.

The cable TV network said in a regulatory filing Tuesday that Spade will receive its severance payment in accordance with its Aug. 4 employment agreement, which said she’d be eligible for it if terminated without “cause” or if she resigned for “good reason.”

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A company spokeswoman declined to provide further details. AMC Networks shares were down about 5% Tuesday.

AMC said in a statement that its board is finalizing its decision for Spade’s replacement.

“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,” Chairman James Dolan said in the statement. AMC Networks is controlled by Dolan and his family, which also owns it Madison Square Garden Entertainment.

Spade joined AMC Networks in 2021 as chief financial officer and a few months later was promoted to the dual role of chief operating officer and CFO. In August, less than a year later, the company announced it would take over as CEO.

Spade, an industry veteran who previously held top positions at ViacomCBS, CBS Corp. and Showtime, replaced interim CEO Matt Blank at AMC Networks.

Blank, the former chairman of Showtime, was taken over in 2021 after Josh Sapan left the company following a 26-year run that saw the network transform into a hitmaker with series such as “Mad Men” and “The Walking Dead.”

In recent years, AMC Networks has been seen as an acquisition target for larger media companies. In addition to its successful run of TV shows, it has niche streaming services such as AMC+ and the horror-focused Shudder.

AMC has also been eyed by NBCUniversal’s Peacock, which has approached various smaller streaming services about bundling their content, CNBC previously reported.

Disclosure: Comcast’s NBCUniversal is CNBC’s parent company.

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