AMC Networks will get a brand new CEO because it adapts to streaming

AMC Networks, recognized for “The Walking Dead” and the critically acclaimed “Better Call Saul,” has named Christina Spade as its new chief government, taking on for the New York leisure firm’s interim head, Matt Clean.

Spade, whose appointment was introduced Friday, joined the corporate in January 2021, serving as chief monetary officer and chief working officer. She beforehand held government posts at Viacom and ViacomCBS, the precursors of what’s now Paramount International.

AMC Networks, which has an array of cable channels and streaming providers together with AMC, BBC America, Sundance TV and Acorn TV, has been run by Clean since September, after Ed Carroll stepped down after 25 years on the firm. Clean, a cable business veteran who oversaw the chief government search, labored with Spade when each had been at Paramount’s Showtime Networks.

The change on the high comes as AMC Networks makes an attempt to navigate the TV business’s transition to streaming. The corporate has been including subscribers to its streaming channels — reporting 10.8 million in its second quarter earnings, up from 7.4 million a 12 months in the past.

However its legacy cable enterprise continues to face the stress of cable cord-cutting and declining viewership.

The corporate’s second quarter revenues ($738 million) and earnings ($153.2 million) missed expectations. AMC’s shares had been down 9% on Friday morning.

AMC Leisure is anticipating low single-digit income progress in 2022, and working revenue is predicted to be down 10% for the 12 months attributable to elevated investments in expertise, content material and advertising, the corporate stated.

Spade was chief monetary officer at CBS Corp. earlier than its merger with Viacom. She retained her function there after the businesses had been mixed. She spent 21 years in numerous roles at Showtime.

“Chris is a strong, versatile leader whom I’ve known and worked closely with for more than 20 years, and I know she’ll bring her strong business and leadership skills, and passion for this company, to her new role,” Clean stated in a press release.

AMC Networks has often been talked about as a possible acquisition candidate for a bigger media firm. However the firm, managed by Charles Dolan and his household, has continued to forge its personal path with the event of area of interest streaming providers to complement its mature linear cable TV networks.

The corporate has additionally been coping with turnover in its artistic ranks lately, with Sara Barnett stepping down in 2020 as president of AMC Networks Group simply 18 months after succeeding Charlie Collier. Veteran programming government Dan McDermott took over in October.

AMC additionally introduced Patrick O’Connell will succeed Spade as chief monetary officer. He joins the corporate from Branded, a shopper e-commerce firm the place he led strategic planning, financing and acquisitions.