AMC Networks signaled that significant layoffs were planned at the company, which has 1,700 employees, in a sign of growing investor impatience with financial results, SteveBattaglio writes.
AMC shares were trading at $19.69 midday Tuesday, down nearly 50% this year.
“It was our belief that cord cutting losses would be offset by gains in streaming,” Dolan said in the memo. “This has not been the case. We are primarily a content company and the mechanisms for the monetization of content are in disarray.” As the demand for advertising time is softening across the industry, the environment is likely to get even more challenging for AMC Networks. The company has stubbornly remained independent despite speculation that it would be an acquisition target as media conglomerates are looking for more programming and scale.
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