Copyright Deadline
AMC Networks, which is continuing to navigate the transition from linear TV to streaming, is shedding about 5% of its global workforce of 1,800 employees via voluntary buyouts. CEO Kristin Dolan announced the reduction Friday during the company’s third-quarter earnings call with Wall Street analysts. The company had earlier reported mixed results for the quarter, with advertising sliding 17% but streaming revenue climbing 14%. In the company’s earnings release, Dolan called the quarterly performance “a key milestone in our transition from a cable networks business to a global streaming and technology focused content company.” Dolan said “less than 5%” of the workforce would be departing as a result of an initiative to “ensure we have the right skills for the future.” She added that company leaders are “thankful for the contributions of those who have chosen to pursue new opportunities, and of course those who are driving this new era of the company.” AMC Networks, parent of cable networks AMC, IFC, Sundance TV, We TV and BBC America, also operates a portfolio of niche streaming services AMC+, Shudder and Acorn TV, with a total of 10.4 million subscribers. The downsizing at AMC Networks comes during a much broader pullback across the entertainment sector. Paramount, in the wake of its merger with Skydance, is laying off about 2,000 workers, about 10% of its total head count. Warner Bros. Discovery recently initiated layoffs in its cable business, and is likely to be part of more cutbacks as it nears a transaction to either be acquired or split into two companies. Disney also let several hundred workers go last summer. It isn’t just traditional media tightening the belt, however. Advances in artificial intelligence are resulting in significant cuts even at Big Tech firms. Amazon last month said it was cutting 14,000 corporate employees, including in publishing and video game development.
