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Sentai Filmworks/HIDIVE Owner AMC Networks' CEO Steps Down, Announces Layoffs
posted on by Alex Mateo
AMC Networks' CEO Christina Spade has stepped down on Monday after less than three months in the role. The company is planning to lay off about 20% of its employees due to subscriber losses from cancellation of cable bundles in favor of streaming services. According to the company, its streaming services, such as AMC+, have not offset the cost of cable-cutting.
AMC Networks is finalizing a replacement for Spade. Spade will receive severance, which according to her employment agreement, means she was terminated "without cause" or she resigned for "good reason." Spade became CEO of AMC Networks on September 9, replacing former interim CEO Matt Blank.
AMC Networks acquired Sentai Holdings, LLC, which includes Sentai Filmworks and the HIDIVE streaming service, in January. The acquisition includes all of the member interests from Cool Japan Fund, Inc., a public-private Japanese investment fund.
Sentai Filmworks is a global supplier of anime and official merchandise. The company's brands include the HIDIVE streaming service, SentaiFilmworks.com, Anime Network cable video-on-demand, and Sentai Studios. Sentai Filmworks has licensed numerous anime, including Made in Abyss, Akame ga KILL!, Food Wars! Shokugeki no Soma, and Parasyte -the maxim-.
AMC Networks' portfolio includes AMC+, Acorn TV, Shudder, Sundance Now, and ALLBLK.
Sources: Variety (Brian Steinberg), Reuters (Eva Mathews, Tiyashi Datta) IndieWire (Tony Maglio; link 2, Tony Maglio, Wilson Chapman)
