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AMC Networks plans layoffs as CEO Christina Spade exits
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AMC Networks Inc. is planning large-scale layoffs, according to a staff memo from its chairman, a sign of further disruption at a company that earlier Tuesday announced its chief executive had stepped down.
"We of course realize that this will cause significant concern and anxiety for our employees and those who rely on AMC Networks for their livelihood," AMC Chairman James Dolan said in the memo which was reviewed by The Wall Street Journal. "We do not take this lightly. We will take every step possible to minimize the impact of these actions on our community."
Earlier Tuesday, the company said CEO Christina Spade has stepped down from her role less than three months after taking the reins.
AMC, the TV home of numerous hits including "Mad Men," "Breaking Bad" and "The Walking Dead" over the past decade, has been under pressure from cord-cutting, as Americans abandon traditional pay-TV packages in droves in favor of streaming services.