AMC Networks CEO Abruptly Steps Down

AMC Networks Inc. said Chief Executive Christina Spade has stepped down from her role less than three months after taking the reins of the entertainment company.

The company said its board is finishing work to name a replacement, reports The Wall Street Journal.

“We thank Christina for her contributions to the company in her CEO role and her earlier CFO role, and we wish her well in her future endeavors,” Chairman James Dolan said.

Christina Spade

Spade, who previously held senior roles at ViacomCBS Inc., PARA 0.83%increase; green up pointing triangle CBS Corp. and Showtime, joined AMC as chief financial officer in January 2021 and took on the additional post of chief operating officer about a year ago.

Spade became CEO on Sept. 9, succeeding Matthew Blank, the former chairman of Showtime Networks and a senior adviser at the investment bank Raine Group LLC. Mr. Blank had been serving as interim CEO since September 2021.

The turnover comes after longtime AMC Networks CEO Josh Sapan stepped down last year after a 26-year run, during which he shepherded hits such as “Mad Men” and “The Walking Dead” and AMC’s foray into video streaming.

AMC Networks said in a securities filing that Spade would receive the severance benefits detailed in her Aug. 4 employment agreement, which was set to expire on Dec. 31, 2025.   Spade is set to receive a severance payment of more than $10 million, in addition to benefits associated with restricted stock units and other awards, according to the terms outlined in the employment agreement.