AMC Networks is throwing everything it’s got at Anne Rice’s Mayfair Witches.
02.12.2022 - 02:07 / deadline.com
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.”
It said the “programming assessments pertain to a broad mix of owned and licensed content, including legacy television series and films that will no longer be in active rotation on the company’s linear or digital platforms.” It’s not immediately clear which titles are impacted.
AMC may “realize some future licensing and other revenue associated with some of the owned titles.”
Breaking down the number, the company estimates it will incur approximately $350 million to $475 million in pre-tax restructuring charges comprised of: strategic programming assessments leading to content charges of approximately $300 million to $400 million; and organizational restructuring costs, including severance, retention and other costs, of approximately $50 million to $75 million.
Deadline reported earlier
AMC Networks is throwing everything it’s got at Anne Rice’s Mayfair Witches.
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