By Andy Fry
AMC Networks chairman James Dolan is taking temporary control of the beleaguered business followed the abrupt departure of CEO Christina Spade last week. Effective immediately, Dolan will serve as interim executive chairman, a role which enables him to provide strategic oversight of the company until a new CEO is named
Dolan stepped out of the shadows last week when he said content monetisation is in “disarray” and there would be large scale layoffs at the company – probably 20per cent of headcount. The company then issued an SEC filing saying it would incur US$350m-US$475m in restructuring costs. Early moves have included the cancellation of scripted series Moonhaven and the closure of streaming platform Acorn TV in South Africa.
Dolan, whose family is the controlling shareholder of AMC Networks, said: “AMC Networks has a seasoned executive leadership team and I look forward to working with them to provide high-level strategic direction and guidance as we navigate the business during this period of transformation in the media industry.”
A statement said Dolan will remain interim executive chairman until “the earlier of the board of directors appointing a new chief executive officer or March 6, 2023”.
