AMC Networks Cuts 20% Of Its Staff, Including SVPs David Stefanou And Marco Bresaz
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AMC Networks has been in the news for the last couple of days as the company is undergoing some major restructuring and cost-cutting. On November 29th, the company announced that its CEO, Christina Spade, had stepped down from her role after less than three months at AMC. Following this, the company announced large-scale layoffs that would impact 20% of its U. S. staff, which approximates 200 employees.
Some big names seen leaving the network include David Stefanou, senior vice president of original programming and development for WE tv, and Marco Bresaz, senior vice President of non-fiction and alternative programming for AMC, BBC America, and SundanceTV.
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AMC Networks was home to some highly rated shows, including Breaking Bad, Mad Men, The Walking Dead, and Better Call Saul. However, it has been difficult for the network to compete with streaming giants such as Netflix and Amazon. James Dolan, the chairman of AMC Networks, recently said in a memo that their move to streaming has not made up for their “cord-cutting” losses. The company is expecting restructuring changes to the tune of $350 million to $475 million. These would include the costs accrued as a result of the layoffs in addition to the cost of reassessment and change of media content. It is unclear which titles will be affected by this major writedown.
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