AMC Network said today it will take write-downs for up to $475 million as it restructures its business to cut costs. That includes up to $400 million for content it calls “strategic programming assessments” and $75 million for organizational restructuring costs including severance.
The shakeup at the Dolan-controlled company came Tuesday as CEO Christina Spade stepped down and the company announced plans to lay off 20% of its U.S. staff, or about 200 people. Chairman James Dolan send a dire memo to staff, the gist of which was reiterated in an SEC filing today. It said AMC Networks started a restructuring Nov. 28 “designed to achieve significant cost reductions, in light of “cord cutting” and the related impacts being felt across the media industry as well as the broader economic outlook. The plan encompasses initiatives that will include, among other things, strategic programming assessments and organizational restructuring costs.”
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