CEO Josh Sapan announced cuts during company town hall Wednesday
AMC Networks is laying off nearly 100 workers in a streaming-focused reorganization, TheWrap has learned.
CEO Josh Sapan announced the cuts, which will affect 10% of AMC Networks’ U.S. staffers, during a company town hall Wednesday. Sapan said the focus of the restructuring is on streaming as one of AMC Networks’ areas with the greatest potential for growth at this time.
The lay offs will affect several departments — not including the Los Angeles-based programming team — across the company, with cut staffers set to exit by the end of the year. Additional details about the new company structure were not provided.
AMC’s national networks include AMC, WE tv, BBC America, IFC, SundanceTV and AMC Studios. Internationally, its subscriber-video-on-demand services include Acorn TV, Shudder, Sundance Now and UMC.
When AMC Networks released its third-quarter earnings results earlier this month, Sapan put a strong focus on streaming, saying that SVOD subscribers are projected to top 4 million by the end of the year. “With the addition of our new AMC+ premium SVOD offering, we expect to have 5 to 5.5 million total SVOD subscribers, in aggregate, by the end of the year,” he said.
Later during the company’s call with investors and analysts, COO defended the high price point of the AMC+ streaming service.
AMC Networks is the latest company to institute lay offs and restructure operations amid the pandemic, with NBCUniversal and WarnerMedia having recently made deep cuts.
A representative for AMC Networks did not immediately respond to TheWrap’s request for comment.
Deadline first reported the news of AMC Networks’ lay offs.
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