AMC Networks said it is putting pep in its programmatic sales to pharmaceutical marketers by collaborating with PulsePoint.

Pulsepoint is a marketing technology company focused on health decision making and operates a demand side platform.

The collaboration enables PulsePoint clients to purchase live linear inventory from AMC programmatically. via PulsePoint’s DSP.

“Programmatic has been the preferred way to buy digital inventory for years. Now that we are able to combine this superior approach with the power of linear television, we are delivering conversion rates that are four or five times that of traditional linear campaigns, with significant boosts in incremental, unduplicated reach from conventional ad buys,” said Evan Adlman, executive VP of commercial sales and revenue operations. “We are thrilled that PulsePoint is our first healthcare-specific partner, now able to offer our clinically relevant household reach to its dynamic base of clients.”

(Adlman will be speaking at the Advanced Advertising Summit in New York on Monday)

AMC has been an early mover in advanced advertising, making most of its linear inventory addressable and available to marketers  via programmatic technology.

“PulsePoint is excited to be the first healthcare-focused marketing platform  to run programmatic linear addressable campaigns,” said Andrew Stark, chief client officer. “Our  brand partners rely on us for innovation and marketing outcomes. This partnership with AMC Networks opens up an exciting new way to  achieve this with linear TV.”

AMC Networks and Charter Communications said they reached an early agreement on a new distribution deal that will provide the AMC Plus streaming service to Charter’s Spectrum TV customers at no additional cost.

With more original and premium programming moving to direct-to-consumer streaming, Charter has been seeking to include those services in the agreements it signs with programmers. It has reached deals including streaming services with The Walt Disney Co., Paramount Global and TelevisaUnivision.

The deals provide the streaming services with additional potential viewership, which is particularly important to their ad-supported businesses.

Disney networks are currently blacked out on DirecTV. The companies are haggling over whether distributors like DirecTV will be able to offer smaller, lower-cost programming packages, including a sports-focused product.

“This agreement with AMC Networks supports our goal of enhancing the value and variety of premium entertainment content available to our customers,” Charter executive VP of programming acquisition Tom Montemagno said.

“The addition of AMC Plus at no extra cost for our TV Select customers builds on our new distribution framework, which this year alone has included the addition of Paramount Plus Essential, ViX Premium with Ads, Disney Plus and ESPN Plus,” Montemagno said. “We appreciate AMC Networks’ partnership in reaching a distribution agreement that benefits our mutual customers and helps transform the video industry.” 

Financial terms were not disclosed, but with the number of pay TV subscribers falling, traditional distribution revenue has been declining for programmers.

In addition to AMC Plus, Spectrum Video customers will continue to get AMC Networks including AMC Network, BBC America, IFC, SundanceTV, IFC and WE tv.

AMC Plus provides same-day access to all original AMC series and full access to AMC’s Shudder, Sundance Now and IFC Films Unlimited subscription streaming services.

“This early, multiyear agreement between Charter and AMC Networks ensures Spectrum TV customers will continue to have access to our high-quality original programming however they prefer to watch it, including through the ad-supported version of AMC Plus,” AMC Networks chief commercial officer Kim Kelleher said. “Charter has been a long-time partner, and this agreement reflects our strong and mutually beneficial relationship and commitment to viewers.” 

AMC Networks reported a second-quarter loss as it wrote down assets to reflect its stock price, which is down nearly 50% from its 52-week high.

The company posted a $29.2 million net loss, or 66 cents a share, compared to net income of $70.2 million, or $1.60 a share, a year ago.

The results included a $68 million impairment charge against AMC’s international operations and $29 million against BBC America.

“During the second quarter of 2024, we determined that the decline in our stock price was an indicator of potential impairment of goodwill,” the company said.

Media companies are suffering as their cash-generating traditional networks lose revenues and value as consumers turn to streaming, where most companies are .struggling to make money. Earlier this week, Warner Bros. Discovery and Paramount Global took large charges reflecting the falling value of their cable network assets.

Adjusted operating income was $152.8 million, down 13.6% and the company generated $95.2 million in free cash flow.

Revenues fell 7.8% to $625.9 million.

AMC said its domestic operations had operating income of $102.7 million, down 36.8% from a year ago. Revenue dropped 7.5% to $538.3 million.

The company said streaming revenue increased 9% to $150 million, with subscribers to AMC’s streaming services increasing by 5% to 11.6 million subscribers from a year ago.

Affiliate revenues fell 12% to $172 million amid declines in the traditional pay-TV universe.

Advertising revenues were down 11% to $149 million. The company cited linear ratings declines and a challenging ad market for the falloff.

“AMC Networks continues to find opportunities in a strategic plan built around programming, partnerships and profitability. Key to our plan is the creation and curation of celebrated films and series, and making them available to audiences everywhere, including through an exciting new branded content licensing agreement with Netflix,” CEO Kristin Dolan said.

“In the first half of 2024, we’ve made significant progress against our strategic priority of generating strong free cash flow, and we’re well on our way to achieving our free cash flow guidance for the full year,” Dolan said.

AMC Networks, which is trading at around 12% of its $82.81 peak share price back in November 2015, will no longer be covered by equity research company MofettNathanson. 

“We are discontinuing coverage of AMC Networks due to a reprioritization of research resources,” analyst Robert Fishman wrote in a brief investor note last week.

Unfortunately, not much has happened for AMC in the decade since groundbreaking AMC water-cooler show Mad Men was winding down, and hit zombie drama The Walking Dead was peaking and setting AMC up for a herd of zombie-themed spinoffs. 

As its linear channels fade to oblivion along with the rest of the pay TV ecosystem, AMC's direct-to-consumer streaming efforts — which include Acorn TV and AMC Plus — lost ground in 2023, collectively declining by 400,000 subscribers to 11.4 million users to end the year. 

For its part, MoffettNathanson provided little other explanation for why AMC is getting cut loose. Here’s Fishman's letter:

AMC Networks said it promoted Emily Gotto to senior VP of acquisition and production for Shudder, the company’s horror-themed streaming service.

In her expanded role Gotto, who had been VP, global acquisitions and co-productions, will be in charge of film acquisitions and production for Shudder original films and co-productions.

Gotto, who is based in the U.K., continues to report to Scott Shooman, head of the AMC Networks Film Group.

“Emily has been instrumental in elevating the Shudder brand within the genre community and bringing some of the most talented storytellers from this space to the service, as we continue to seek out and showcase titles that underscore the breadth of horror,” said Shooman. “She has a filmmaker-first mentality and is always looking for what’s new and next to deliver something unexpected and something she knows will deeply resonate with Shudder’s passionate members. I’m excited to continue working alongside her in bringing the best of horror to Shudder.”

Gotto joined AMC from Protagonist Pictures in 2017. She recently acquired Late Night With The Devil, which became Shudder’s most-watched film and the biggest driver of acquisition for the streaming service.

“It's been an honor to work with such passionate and dedicated colleagues at Shudder, IFC and RLJE, bringing some of the greatest horror storytellers to audiences via the big and small screens,” Gotto said. “Every day we continue to grow as a brand, distributing the widest variety of breakout and established genre talent. I’m very excited to continue to be part of Shudder’s evolution in what is a very exciting time for the genre.”

AMC Networks reported that its first-quarter earnings fell by half, with advertising revenue dropping 13%.

Streaming was a bright spot for AMC, with revenues up 3% to $145 million. The company added 300,000 subscribers for a total of 11.5 million.

Overall, AMC’s net earnings plunged to $45.8 million, or $1.03 per share, from$103.6 million, or $2.36 per share, a year ago.

Revenue dropped 17% to $596 million. A year ago, the company had $56 million of revenue from licensing Silo to Apple TV Plus. 

At AMC’s domestic operations, adjusted operating income fell 26% to $162 million. 

Domestic revenues were down 14% to $493 million. Excluding last year’s content revenue from licensing Silo, domestic revenues were down 6%.

Advertising revenues decreased 13% to $140 million. The company blamed ratings declines and a challenging ad market. 

Distribution revenue fell 15% to $384 million. 

The company noted that it signed a multiyear renewal with Verizon for continued carriage of its linear networks and streaming services. 

“In the first quarter, we continued to execute on our strategic priorities, including the ongoing delivery of healthy free cash flow,” CEO Kristin Dolan said. “As new technologies transform the way media is consumed, we continue to produce great content and make it available to viewers whenever and wherever they want to watch.

“We recently strengthened our balance sheet by completing a series of financing transactions that meaningfully extended our debt maturities,” Dolan added. “This creates substantial flexibility for us as we continue to leverage our core strengths and reorient our business around the consumer-driven changes that are happening across the industry.”

In the film Field of Dreams, a voice tells Kevin Costner, “If you build it, he will come.”  

AMC Networks, like most other cable programmers, has suffered from cord-cutting, fewer linear viewers and lower ad revenue as brands follow eyeballs to streaming. In response, AMC has built a streaming distribution system to supplement cable and an ad tech system designed to give media buyers what they want in terms of automation, data targeting and return on investment.

All of that is combined with AMC’s legacy of high-quality scripted dramas, dating back to Mad Men.

“Content is still a very big differentiator for AMC networks,” AMC chief revenue officer Kim Kelleher told Broadcasting+Cable.

In addition to unveiling a slate of upcoming shows and its latest ad-tech wonders, AMC at its upfront presentation for advertisers will roll out ad-supported versions of more of its subscription streaming services and announce that its Content Room branded content unit will ratchet up its production of shows advertisers can sponsor.

AMC cut back on programming spending in 2023. This year’s production will be on par with last year, Kelleher said. The company will be telling upfront buyers about how it is extending its universes of zombies, vampires and witches while adding series like Nautilus, a fresh look at Captain Nemo.

At the same time, AMC must reverse its falling ad sales numbers. For 2023, AMC’s domestic ad sales fell 20% to $634 million.

“We've stayed so committed to the long-form, premium dramas while so many others I feel are short-cutting on at this, leaning much more heavily into quick production and reality,” she said. “Buyers still can access the premium programming and shows that we deliver and take advantage of the data-targeting capabilities that we have.”

That content is now available to viewers over 30 different endpoints, which has boosted total viewership to record levels.

“When we pulled all of the endpoints together into Audience Plus [AMC’s advanced insights and data-targeting platform], you could actually transact across all of them and we saw that we reached 91 million homes,” Evan Adlman, executive VP, commercial sales and revenue operations at AMC Networks, said. “With the depth of our library, we are seeing an average of about 480 million hours of viewership a month.

“When you combine that together with the data-targeting capabilities that we have, you really can narrow in on an audience within the very large-scale reach that we have,” he said.

About 72% of AMC’s national linear footprint is addressable-enabled, and 40% of that footprint can be brought programmatically, Adlman said.

“We hope what everyone in the audience hears on Wednesday is that we heard you,“ Adlman said. “For years, you've been saying, ‘If you build it we will come.’ And I really feel like we're at a point where we’ve built it and we’re asking in partnership for the advertisers and marketers to really utilize what we've built.” 

Unfortunately, at this point, the ability of programmers to monetize content on nonlinear platforms has lagged the shift of viewers to those platforms.

“Are we going as fast as we’d like? No, never,” Adlman said. “But we at AMC Networks are slowly and steadily shifting the monetization into those new distribution endpoints.” 

A shortage of proven measurement solutions has kept some marketers from making the kinds of cross-platform deals AMC is seeking, but Adlman noted that marketers who are still picking between platforms are missing a lot of the audience.

“Meanwhile, the buyers that are buying strategic audiences are fully comfortable with the way we deliver measurement and verification,“ he said. “We just need to get more people in the industry to come to that table [and take advantage of those capabilities.”

A More Interactive Upfront

AMC has designed this year’s upfront — set for Wednesday (April 10) — to be more interactive for attendees. The company is putting the kind of work it puts into its Comic-Con appearances for fans into its presentation to media buyers. 

“It’s still a very intimate event,“ Kelleher said. “We still have talent interspersed around the room.” Chief marketing officer Kim Granito’s group “created these really great immersive moments that will bring the shows to life for buyers who haven’t seen them yet,” she added. 

Even in an age where programmatic machines are making a growing share of the buying decisions, it’s important to get clients and agency executives familiar with the content AMC produces.

“Our most important products are our shows,“ Kelleher said. “That’s what brings the viewers that people want to buy.” 

As the market develops, Kelleher sees advertisers continuing to seek flexibility, choice and different ways of transacting.

“We’ve really tried to adapt our business in real time, no matter what the market does,” she said.

“We need volume,“ Kelleher added. “I’m very bullish that the economy is better. I’m very bullish that’s going to a bit more confidence in their spend.” 

But “the notion of having to put your dollars into the upfront to guarantee that inventory, to guarantee that pricing upwards of 18 months out, that’s not for everyone anymore,” she added.

“Obviously we appreciate the upfront and we super-serve the advertisers that participate, but we’re open 365 days a year,” Kelleher said. “We’ll meet our partners whenever they need to be.”

AMC Networks said it will be launching ad-supported versions of all of its targeted streaming services by next year.

AMC last year launched an ad-supported version of AMC Plus, its subscription streaming service.

Also Read: AMC Counts on Content, Ad Tech To Reverse Ad Slide (Upfront 2024)

“We’ve been very pleased with the performance of AMC Plus,” AMC Networks chief revenue officer Kim Kelleher said. Despite some distributors still being in the process of enabling the ad-supported version of AMC Plus, the company has gotten a good enough reception to move forward with adding commercials to its other subscription streamers, she said.

Also Read: 

AMC Plus gives viewers access to programming from AMC’s Shudder, Sundance Now and IFC Films Unlimited channels.

Subscribers who want Shudder (horror), Acorn TV (British telly), Hidive (anime), ALLBLK (African-American content), Sundance Now and IFC Films Unlimited on their own, will get the option of watching or not watching commercials. 

Pricing has not yet been released.

The move follows the trend of subscription streaming services that were once touted as commercial-free introducing lower-cost, ad-supported products.

“The successful launch of AMC Plus ad-supported was a major step in creating a fully end-to-end ad-supported distribution ecosystem across linear, streaming and CTV/FAST,” said Kelleher, 

“As we introduce ad-supported versions of all of our targeted streaming services, our ability to sell cross-platform segments and deliver outcomes to our advertising partners becomes even more effective,” she said. “These services have built leadership positions in their respective genres and we’re thrilled to give our commercial partners the power to access these audiences for the first time.”

AMC Networks said its Content Room branded content division has some interesting new shows in the works.

Also Read: AMC Counts on Content, Ad Tech To Reverse Ad Slide (Upfront 2024)

The Content Room comes up with ideas for shows and short-form content that take advantage of its intellectual property, its relationship with the stars of its shows and its distribution and ad sales technology to create integrated advertising opportunities for marketers.

One show in the works is The Walking Dogs, a series looking at the dog lovers in the cast of The Walking Dead Universe. For example, The Walking Dogs could look at the relationship between Daryl (Norman Reedus) and his dog Dog. (AMC chief revenue officer Kim Kelleher has a dog named Norman, but that’s another story.)

The content room is also putting together its first social series, Vibe Check with Reginae Carter of the WE TV series Toya & Reginae. Each episode will show off trends, guests and the hottest brands.

The series is built to be customizable for advertisers, giving partners a natural platform to engage with Reginae and her 10 million plus social followers.

A lot of the content on AMC is in the horror genre, including FearFest, which appears every Halloween.

The help marketers through the twists and turns of the genre, Content Room has named Josh Ruben, a director who has made horror content for IFC and films that have appear at Sundance and the Tribeca Film Festival, as sort of a horror concierge for advertisers.

“In studying horror fans, They go really deep on all things horror and it is joyful for them,” said Kim Granito, AMC’s chief marketing officer and head of The Content Room.

“If brands come on board looking for horror, Josh will write, direct and produce custom films from them,” Granito said.

The Content Room has also been putting together Show Me More, which gives fans a backstage look at the network’s series. Instead of running just at the end of a season, AMC is looking to run Show Me More following episodes of some of its series. There will also be episodes made especially for AMC Plus subscribers.

The Content Room is also bringing back In the Kitchen with Harry Hamlin for season two. Season one was sponsored by Whole Foods Market. Hamlin, star of AMC’s Anne Rice’s Mayfair Witches, was joined by guests Lisa Rinna, Bobby Moynihan, Ted Danson, Mary Steenburgen, Dean Norris, Tongayi Chirisa and Ed Begley Jr. The second season would feature new guests, menus and advertiser opportunities.

“Our Content Room originals have proven to be fun, partner-friendly extensions that both delight our fans and perform for our partners,” Granito said.

AMC will debut the Orphan Black: Echoes drama/thriller series on June 23, with Krysten Ritter in the starring role.

The spinoff series from Emmy Award-winning BBC America series Orphan Black — which starred Tatiana Maslany and aired from 2013-2017 — follows a group of women as they weave their way into other's lives as it takes a deep dive into the exploration of the scientific manipulation of human existence, according to AMC.

Ritter plays a woman with an unimaginable origin story, trying to find her place in the world, AMC said. 

Along with Ritter, Orphan Black: Echoes stars Keeley Hawes, Amanda Fix, Avan Jogia, Rya Kihlstedt and James Hiroyuki Liao.

The series is executive produced by Ritter, Anna Fishko, John Fawcett, David Fortier, Ivan Schneeberg, Nick Nantell, Kerry Appleyard and Katie O'Connell Marsh.

AMC Networks and BBC Studios said the launched a BBC News 24-hour free ad-supported streaming television (FAST) channel.

The new channel is initially available on Pluto TV, Samsung TV Plus, Xumo Play, Vizio WatchFree Plus, Sling Freestream and Plex.

"This is a significant milestone for the BBC as this launch will more than double the current reach and availability of the BBC News channel in the U.S. at a time when access to independent news and information is more important than ever," said Tara Maitra, chief commercial officer, Global Media & Streaming, BBC Studios. "We're proud to launch this channel with the support of so many of the leading CTV/FAST platform partners as we continue to expand the footprint of BBC News and bring the BBC's journalism to wider audiences in the region." 

The programming on the new FAST channels is the same as what appears on pay TV platforms including DirecTV, Comcast's Xfinity, Charter's Spectrum, YouTube TV, Philo and Dish.  BBC Studios said the FAST distribution of BBC News is complementary to existing distribution on pay TV platforms.

"The BBC is one of the largest, most trusted and comprehensive news-gathering organizations in the world. The arrival of BBC News as a live, 24-hour channel on these free platforms is a landmark moment for global news, our partner platforms and the entire FAST distribution ecosystem,” said Kim Kelleher, chief commercial officer of AMC Networks.

The BBC has been expanding its North American operations and expanding its primetime coverage, focusing on national news for audiences in the U.S.

The new channel is anchored from the U.K, the U.S. and Singapore and features chief presenters including Sumi Somaskanda and Caitriona Perry in Washington, Matthew Amroliwala, Christian Fraser, Lucy Hockings, Maryam Moshirir and Sally Bundock in the U.K. and Steve Lai in Singapore.

"This latest addition to our news offering expands our diverse programming lineup and gives us the opportunity to reach an even wider audience via a well-respected and trusted international news source," said Amy Kuessner, executive VP of programming for Pluto TV. "In today's day and age, free round-the-clock access to a strong audience-centric news brand like BBC News is indispensable." 

"Live local and national news has always been a top performing category on Xumo Play, and with the addition of BBC's 24/7 live coverage, our viewers can now enjoy a fresh, international perspective on major news moments happening across the world," added Stefan Van Engen, VP, programming and partnerships at Xumo. 

As chief marketing officer of AMC Networks, Kim Granito must seamlessly oversee multiple disparate brands under one overall umbrella. AMC is focused on premier franchise scripted originals like The Walking Dead and the Anne Rice universe, while streaming service Acorn TV offers international dramas. Then there are anime streaming service Hidive and horror, thriller and supernatural streaming service Shudder, which each have their own sets of fans.

“There’s not a one-size-fits-all audience,“ Granito said. “Each brand is highly nuanced and very specifically tailored to the audience and their behaviors.

“Gone are the days when you show up on a specific day and date to watch a show,” she continued. “There are real advantages for businesses who understand their audiences in a very complex and data-driven way, while also showing up with one voice and the same message across business verticals. We are massively focused on creating campaigns that don’t only drive our audiences to watch our shows, but advertisers to buy and distributors to reach their goals.” 

Understanding that data and implementing strategies to take advantage of those learnings is part of what makes Granito a great marketer and leader, her colleagues said.

“Kim has a fantastic ability to transform large amounts of raw data into compelling, targeted performance campaigns, expertly balancing data-driven precision with the power of branding and strong creative,” AMC Networks chief commercial officer Kim Kelleher said.  

Granito also leads her teams through difficult tasks while maintaining high levels of collaboration between them.

“Kim can distill the most complex business challenges into winning strategies, pairing that superpower with an incredible creative sensibility and deep empathy for people,” AMC Networks executive VP of media and marketing strategy Sylvia George said.

Added Kelleher: “Kim’s leadership style is collaborative and caring — no one knows better how to get incredible work out of a team.”

Less than a year into the job as CMO, Granito has worked to unify AMC Networks’ entire marketing organization while retaining oversight over its branded integrations shop, Content Room, where “brands meet fans.”

“Kim faced the daunting task of unifying multiple talented but disconnected groups into one seamless team, moving to the same drumbeat and activating the full power of AMC Networks and its many partners to develop innovative campaigns,” George said. “She’s done this time and time again, including rallying the entire organization around reinvigorating the cornerstone franchise for the company — The Walking Dead Universe — with celebrated and highly successful campaigns for the new spinoff series: Dead City, Daryl Dixon and now The Ones Who Live.”

Right before Super Bowl weekend, Granito and her team were in Los Angeles for the red-carpet premiere of the latest Walking Dead franchise, The Ones Who Live, starring Andrew Lincoln and Danai Gurira in their much-anticipated return as Rick Grimes and Michonne.

“With everything we have launched, this is arguably the most anticipated moment of the franchise since The Walking Dead series finale,” Granito said.

Also coming up is AMC original series Parish, starring Breaking Bad and Better Call Saul alum Giancarlo Esposito, and the critically acclaimed Anne Rice’s Interview with the Vampire, which shoots in New Orleans, returns this spring. 

“We have a lot of fun tactics for Interview with the Vampire that we’ll be launching around Pride in June,” Granito said. “The Anne Rice IP offers dozens of stories that we think will have real longevity across all our platforms.” Previous marketing efforts for Interview with the Vampire included the online branded Night Market, which is only open for shopping from sunset to sunrise. 

Making Acorn Ripen

The team also is rebranding streaming service Acorn TV, which mostly serves up U.K. and internationally-produced crime dramas, “because we believe there’s a broader audience for that platform,” Granito said. In January, Acorn gained visibility with five-episode limited series Monsieur Spade starring Clive Owen. That series also airs on AMC and streaming service AMC Plus.

“Because it’s a gorgeous scripted original, AMC was the right home for it,” Granito said. “But because it also offers layers of crime and drama and lean-in for the audience, something we know Acorn fans really love, it made sense to co-premiere it there. It’s one of our top-performing shows on AMC and it’s driven significant subscribers to Acorn.” 

All of the different requirements of AMC’s diverse brands make for a challenging and ever-changing role, but Granito relishes it.

“I love the process of creative collaboration,“ she said. “It’s my favorite part of the job. I love getting different areas of the business together, understanding everybody’s goals and breaking that down into a campaign that works for everyone. To get to be the orchestrator of great campaigns is a dream.” 

The premiere of the latest installment in The Walking Dead Universe — The Walking Dead: The Ones Who Live — drew big numbers for AMC on cable and the AMC Plus streaming service.

At a time when most of cable is a zombie, an original scripted show pulling in large audience is almost supernatural.

The series — which brings back fan favorites Rick and Michonne from the original record-breaking series — attracted nearly 3 million viewers on Sunday, according to Nielsen live-plus-three-day ratings provided by AMC. 

That makes it the biggest opening night audience for an AMC series in six years.

The Ones Who Live also produced the biggest day ever for direct-to-consumer signups at AMC Plus. It is already the most-watched show on AMC Plus with just two days of viewing in the books.

The finale of the original The Walking Dead series drew 3.1 million viewers in November 2022. Its premiere on Halloween in 2010 had 6.3 million total viewers, a record for a cable series at the time. It grew to be the biggest series on all of television for five years, peaking with its season five premiere raking in 22 million viewers — an all-time high for a cable show.

“What a start for The Ones Who Live, the biggest episode of television in the history of AMC Plus for both viewership and customer acquisition, the top cable drama of the current TV season in key demos and our biggest AMC series premiere in six years,” said Dan McDermott, president of entertainment and AMC Studios for AMC Networks. 

“This is a show the world, and particularly the incredibly passionate and engaged fans of this universe, have been waiting for and essentially willed into existence. Thanks to Danai [Gurira, who plays Michonne], Andy [Lincoln, who plays Rick] and Scott [Gimple, chief content officer of The Walking Dead Universe and showrunner for the series] for everything it took to get here and all that is yet to come,” McDermott said. “We can’t wait to share the rest of this incredible season with the fans over the next five weeks.”

The Walking Dead: The Ones Who Live tells the love story of The Walking Dead characters Rick Grimes and Michonne. The series also stars Pollyanna McIntosh, Lesley-Ann Brandt, Terry O’Quinn, Matthew August Jeffers, Craig Tate, Breeda Wool and Andrew Bachelor.

“When we each began this extraordinary journey so many years ago, the most mind-meltingly beautiful moments have always been either with or about the fans,” actors Lincoln and Gurira said.

“Playing trailers at San Diego Comic-Con, sharing the dark with 6,500 people, we both came to realize this is a story that is a connection between the passionate commitment of our remarkable crews and casts and the greatest fans in fandom,” they said. “Telling this story from behind and in front of the cameras as a team has been a dream (sometimes a fever dream) and to see the response is even better than five pizzas and a wedding ring. We want to take this opportunity to thank those fans from the bottom of our blood-stained hearts. We all did this together.”

The Walking Dead: The Ones Who Live is executive produced by Gimple, Lincoln, Gurira, Denise Huth, Brian Bockrath and Greg Nicotero. 

The series joins The Walking Dead: Dead City and The Walking Dead: Daryl Dixon as current series in The Walking Dead Universe.

AMC Networks stock dropped 15% to $14.41a share on Friday after the company forecast 6% lower revenues for 2024.

On its fourth-quarter earnings call AMC said that it would be reducing cash spending on programming to $1 billion from $1.1 billion in 2023. The company’s cost cutting will result in higher cash flow, however.

CEO Kristin Dolan was optimistic that the company could increase revenue at some point in the future.

“As the marketplace sorts itself out, the opportunity to grow top line, in the out years continues to be there, I think it's just got to settle. So we're sort of sticking to our knitting, as you said, tight cost management, but effective utilization of the resources that we have,” Dolan said on the call.

Analyst Steven Cahall of Wells Fargo lowered his price target for AMC shares to $11 from $13 because the company’s forecasts were below expectations. 

"AMC Networks faces increasing pressure to earnings, and we reduce estimates to reflect the lower guide,” Cahall said in a note Friday. “We think its lack of scale and industry challenges limit forward visibility on adjusted operating income before depreciation and amortization stabilizing.”

AMC CFO Patrick O’Connell said the company expects to generate total revenue of about $2.4 billion in 2024, down 6%. That excludes 2023 revenue from its low margin 25/7 Media unit, which was sold, and revenue it generated by selling the series Silo to Apple TV Plus.

Streaming revenue is expected to grow in the high single-digit to low double-digit range in 2024, he said.

Meanwhile advertising revenue is forecast to drop in the high-single range, O’Connell said. Affiliate revenue is expected to decline 10%.

“Despite the expected decline in revenue, our continued cost measures and prudent investments lead us to expect only a slight decline in margins, he said. 

O’Connell said the bright spot would be that AMC expects cash flow to increase from $231 million. Over the next two years combined, the company forecasts generating $500 million in cash flow.

On the call Dolan talked about AMC’s arrangement to put some of its shows on Warner Bros. Discovery’s Max streaming platform. 

“We were thrilled with the increases in viewership that our content received, both on Max, but then also the associated lift in the more current seasons,” she said. she said. “ I think they were pleased with hopefully some positive retention and engagement on the Max side. And we were certainly pleased with the learnings and the increased viewership that we got on AMC+ for those series.”

“What what that experiment showed us was that when we get onto a larger distribution platform and a bigger ecosystem, our content scale scales significantly, and is as appealing and more so than then even, in our own ecosystem,” O’Connell added. 

AMC Networks reported a loss in the fourth quarter amid a tough ad market and a decline in traditional distribution revenues.

Streaming revenue grew 4% to $145 million as the number of subscribers to AMC’s direct-to-consumer services rose.

The company registered a net loss of $21.8 million, or 50 cents a year, compared to a $264.7 million loss, or $6.11, a year ago, when the company took restructuring charges.

The 2024 results included a $42 million impairment charge related to BBC America, a joint venture with BBC.

Revenue fell 30% to $678.8 million.

AMC’s earnings were below analysts’ expectations, but revenue exceeded Wall Street forecasts. By day's end, AMC common stock had declined more than 15% ($2.63) to close at $14.41 per share on Nasdaq.

AMC’s domestic operations had operating income of $59.9 million, compared to a $287 million loss in the year-ago quarter. 

Domestic revenues were down 32.4% to $581.7 million. 

Advertising revenue dropped 23% to$158 million. Ratings were down partly because AMC had fewer original episodes of its series. Distribution revenues fell 35% to $582 million.

The company noted that it renewed carriage deals with Charter Communications and Dish Network.

Subscription revenue fell 8% to $327 million. 

Content licensing revenues fell 68% to $96 million.

Content licensing revenue plunged 68% to $343 million.

"In the fourth quarter and across 2023, we continued to see success in the areas that will drive this company forward — programming, partnerships and profitability,” CEO Kristin Dolan said.

“Nearly a year since joining AMC Networks as CEO, I am proud of the progress we have made in a fast-changing environment, and the new and innovative ways we are engaging with viewers and our commercial and creative partners." 

AMC Networks said it will hold its upfront event in person on April 10 at Chelsea Factory in New York.

AMC said the event will spotlight programming, including its Anne Rice Immortal Universe; its WE tv reality franchise; crime drama Dark Winds; and The Walking Dead Universe.

The event will feature interactive experiences, talent integrations, upcoming programming highlights and advancements in ad tech, including addressable ads and programmatic buying.

AMC held an in-person upfront event last year as well. 

“Our annual upfront event is always one of our focal point moments of the year and we have never had more to talk about,” Evan Adlman, executive VP of commercial sales and revenue operations, said. “We can’t wait to again join with hundreds of our valued partners and friends to showcase the breakout content and technological leadership that sets AMC Networks apart and allows us to deliver reach and consumer outcomes driven by our celebrated shows and passionate and enduring fan bases.”

At this point, with most network upfront plans disclosed, it appears that the networks that did large, in-person presentations last year are doing so again. Networks that had smaller or virtual meetings are also doing an encore.

NOTE: AMC has changed the date from when this was first published and the new date is reported in this version of the story.

AMC Networks said it hired Stephanie Mitchko as executive VP, global media operations & technology, a new position.

Mitchko will report to AMC CEO Kristin Dolan and provide strategic leadership on technology including broadcast operations, content delivery, cybersecurity, supply chain, streaming products and customer service. She will also lead AMC’s data strategy.

“Stephanie is a proven leader and highly talented technology and engineering executive with a strong record of using data and advanced operations to achieve business results,” Dolan said. “We worked together closely at Cablevision and I am thrilled to have her in this key role. She will be overseeing a team that is moving AMC Networks’ operations into the future, developing technological solutions in an evolving entertainment landscape.”

For several months, Mitchko has been a consultant, working with AMC. Before that, she spent more than 20 years with Charter Communications, where she was chief technology officer, and was at Cadent and Cablevision Systems.

“AMC Networks is a company with strong brands and a well-earned reputation of producing some of the most popular and acclaimed programming in the history of television and film,” Mitchko said. “I'm excited to join the company at this moment of change and evolution across the industry and use technology to deliver more value to our partners and make it easier for our customers to find and enjoy the shows and films that they love.”

This is a story about Christmas and marketing magic. It’s a tale about how Harry Hamlin, who told Broadcasting+Cable he’s never even seen a cooking show, is starring in In the Kitchen With Harry — for the holidays.

It is also about how that cooking show is at the center of a remarkable season for AMC Networks’ Content Room branded content unit, which integrated a record 15 sponsors into AMC’s annual “Best Christmas Ever” programming stunt.

The sponsors include The Home Depot, 365 by Whole Foods Market, Ring, Instacart, Baileys, Aldi and Sam’s Club.

Though he’s never seen a cooking show, Hamlin, who grows organic vegetables and likes his ingredients unprocessed, said he’s very familiar with 356 by Whole Foods Market, which is sponsoring the In the Kitchen With Harry holiday special, premiering December 13 on the IFC Channel and AMC Plus streaming service. Five more episodes are set to appear next year, with no sponsor attached yet.

“AMC asked me to do the cooking show and I was kind of dumbfounded that they would ask me to do a cooking show,” Hamlin told Broadcasting+Cable.

“I have never seen a cooking show and that is, you know, I've no interest in cooking shows,“ said Hamlin, who stars in AMC drama Mayfair Witches. “So I've never turned one on so I am a virgin when it comes to cooking shows.”

Promoting the Show on ‘Live’

Hamlin will be promoting In the Kitchen by cooking up something on the syndicated Live With Kelly and Mark on Monday morning (December 11). Hamlin will also be talking about how L.A. Law, the series he starred in during the ‘80s, is enjoying a revival on Hulu.

Viewers — and AMC executives — knew about Hamlin’s cooking from appearances with wife Lisa Rinna on Bravo’s The Real Housewives of Beverly Hills. Those appearances made Hamlin’s Bolognese sauce famous.

“I’ve always cooked, but I never considered myself a cook with a capital C,” Hamlin said.

“I did say to them that if I was going to do a cooking show that I had one condition and that was that my wing person be my niece, Renee Guilbault,“ he said. “She's a Cordon Bleu-trained chef.”

Hamlin said 356 by Whole Foods Market was a “perfect fit” as the sponsor. “I’ve been shopping at Whole Foods since it was called Mrs. Gooch’s here in L.A.,” he said. 

Whole Foods acquired Gooch’s Natural Food Markets in 1993. Whole Foods was acquired by Amazon in 2017.

“I got all my stuff from Whole Foods and I’m using an organic meat I never used before the holiday show and really, it is superb,” Hamlin said.

Feeding Media Buyers

Hamlin said he helped drum up sponsors for AMC by cooking homemade pasta for advertisers in New York, Chicago and Los Angeles.

“I was able to schmooze a lot of the potential advertisers, which was a lot of fun. I really enjoyed it,” he said.

“Harry was instrumental in the pitch process,” said Mike DiGiacomo, head of integrated marketing at AMC’s Content Room.

The Content Room aims to capitalize on the talent on AMC’s shows to create branded content for advertisers. Colman Domingo from Fear the Walking Dead has been in three seasons of Bottomless Brunch, making cocktails with Diageo products. Rhea Seehorn of Better Call Saul hangs out at Cooper’s Bar with Bacardi.

Best Christmas Ever has helped make December AMC’s most-watched month. And following up on its most successful “FearFest” Halloween stunt, this Best Christmas Ever has 40% more integrated clients than last year.

Content Room’s branded content is becoming more popular as advertisers look beyond simply airing 30-second spots, DiGiacomo said. “It’s about being innovative and how and where we target our audience’s ever-growing distribution footprint that now includes not only linear, but digital streaming and a strong presence on CTV with our FAST Channels.”

Other AMC digital and streaming services are part of Best Christmas Ever. Shudder, the streaming service specializing in horror films, has a naughty list and a nice list. Pick the naughty list and you get movies like Silent Night, Deadly Night. On the nice list, you can watch Love Actually or Christmas with the Campbells.

Advent Calendar

Content Room put together a campaign for Home Depot leading up to the Best Christmas Ever, which started November 26 and runs through December 26. The promos featured a special advent calendar filled with items from Home Depot. Each spot featured scenes from memorable holiday film and a QR code that took viewers to a special Home Depot Christmas decor page where they can shop.

Another Best Christmas Ever sponsor is Instacart, a first-time AMC advertiser.

“AMC is known for their Christmas classics and holiday fan favorites, which is why we decided to activate in their ‘Best Christmas Ever’ for our new holiday campaign,” said Jasmine Taylor, senior director of Marketing at Instacart. “We created a custom spot with AMC leveraging clips from National Lampoon’s Christmas Vacation, Elf and Christmas With the Kranks where their holidays go hysterically awry. It’s an authentic way for us to remind families: don’t panic, just Instacart — we can rescue them from all of their holiday shopping needs.”

Instacart liked the spots so much it also ran them in the commercial time it bought, DiGiacomo said.

Diageo, which has a long connection with the Content Room and Bottomless Brunch, is a returning Best Christmas Ever sponsor with its Baileys Irish Cream brand.

AMC also worked with  Krispy Kreme to celebrate the 20th anniversary of Elf by free, special Elf-themed donuts to some clients offices. “We have a couple more scheduled for next week,” DiGiacomo said. “Who doesn’t love free donuts?”

But producing In the Kitchen is the biggest deal yet for Content Room.

“This series with Harry was incredible. We got to shooting in his kitchen with all these incredible stars,” DiGiacomo said. “He invited us into his home to make all this happen. He’s been incredibly gracious this entire time so we owe a lot to Harry and his family.”

Hamlin said he felt comfortable filming at his home. ”It was easy because it was in my own kitchen and I know where everything is, So from a utensil standpoint, it was like the wheels were already greased,” he said.

He also knows how the stove works. Hamlin has had a professional Wolf range in his kitchen for 36 years. I don’t think you can buy them anymore,” he said.

Channeling Julia Child

Hamlin said the holiday episode is a homage to Julia Child. He’s making beef bourguignon with her recipe.

“I've been making her beef bourguignon for my family for the last 10 or 12 years for Christmas Eve,” he said. “It's a little bit challenging, but it's good.”

Hamlin wanted to have his whole family at home for the Christmas meal, but wife Lisa Rinna and daughter Amelia Gray were in Paris where Amelia was modeling for Chanel Couture.

The two contributed to the meal, and the special, via Zoom.

One of Hamlin’s special guests is musician Kenny G. Hamlin and Kenny G were best man at each other’s wedding. “Neither of those marriages worked out, but we have been friends since the 80s,” Hamlin said. “I love his Christmas album. I always play it at Christmas time. So we're that's what’s playing in the background."

On the show, Hamlin and his niece have an Abbott-and-Costello relationship, he said. “Renee knows exactly what she's doing and I'm just sort of getting my feet wet,” he said.

But Hamlin’s enjoying doing the show enough to consider doing more episodes if there's an audience.

“We’ll see how this season goes,“ he said. ”If it does catch fire a little bit, yeah, there will be a Season 2.” 

He especially liked spending time with his niece, who also isn’t keen on cooking shows.

“I said, ‘Hey, you know Renee, you could become a celebrity chef,’ ” Hamlin said. “She said, ‘Nah.’ ”

Hamlin said Guilbalt should take advantage of this opportunity. “She's really good and she's really charming and lovely and, in my opinion, she ought to get her own show,” he said. 

S.W.A.T., the Sony Pictures Television-produced drama that has aired on CBS for six seasons, will make its cable debut on WE tv on Sunday, November 12.

The basic-cable network has licensed all seven seasons of the show — with the shortened and final seventh season due to air on CBS later in 2023 or in 2024 — in a nonexclusive deal with AMC Networks, which owns WEtv.

“S.W.A.T. is one of those high-octane procedurals that continues to captivate audiences and grow its viewership,” SPT senior VP, U.S. distribution Monica Veiga said in a statement. “We’re thrilled to partner with AMC Networks to bring this fan-favorite to their viewers.” 

Inspired by the classic television series and the follow-up feature film, S.W.A.T. stars Shemar Moore as Daniel “Hondo” Harrelson, a former Marine and locally born and raised S.W.A.T. sergeant, who is tasked with running a specialized tactical unit in Los Angeles. 

S.W.A.T. also airs on CBS, in syndication and is available to stream on Netflix and Hulu. The sixth season, which premiered in 2022 on CBS, averaged 6.76 million viewers per episode, according to Nielsen, a 6 percent increase from the previous season. The first five seasons of S.W.A.T. spent several weeks on Netflix’s Top 10 list as well as on Nielsen’s Streaming Top 10 list, according to SPT.

S.W.A.T. is produced by Sony Pictures Television in association with CBS Studios. The series was developed by Aaron Rahsaan Thomas and Shawn Ryan.

AMC Networks reported lower third-quarter earnings as plunging advertising revenue overwhelmed gains in streaming revenue and subscribers.

Net income fell to $63.4 million, or $1.44 a share, from $84.7 million, or $1.94 a share a year ago. 

Revenue fell 7% to $637 million.

At AMC’s domestic operations, operating income dropped 13% to $162 million. Revenues fell 8% to $541 million.

Streaming revenues rose 9% to $142 million. Streaming subscribers rose 4% to 11.1 million as the company added 400,000 subscribers in the quarter. 

Advertising sales plunged 18% to $147 million. 

The company said ad revenue were down because of linear ratings declines, a challenging ad market and fewer original episodes airing.  The decline was partially offset by digital and advanced advertising revenue growth.

Affiliate revenue dropped 13%, with 3% coming from no longer being available on Fubo. 

AMC lowered its forecast for 2023 revenue to $2.7 million from $2.8 million, but said its cost-cutting efforts will keep operating income in the $650 million to $675 million range.

“During this period of experimentation and change in our industry, we continue to execute on our plan and effectively manage the business with a focus on high-quality programming, strong partnerships and profitability. In addition to introducing an ad-supported version of AMC Plus, we extended our leadership in TV advertising through the launch of programmatic buying on our linear networks, an industry first,” CEO Kristin Dolan said. 

“We are well positioned to achieve our free cash flow goals for the year and remain focused on responsible content investment and monetization across a wide array of distribution platforms and licensing opportunities,” Dolan said. 

AMC Networks said advertisers will be able to buy commercials programmatically on three of its linear cable networks.

L’Oreal, working with its media agency Omnicom Media Group, was the first national advertiser to buy ads on AMC’s networks programmatically as part of a pilot program in September. AMC also tested its programmatic capabilities by running promo campaigns for shows including The Walking Dead: Daryl Dixon and its FearFest holiday programming stunt.

Beginning this month, programmatic buying is live and fully operational across all programming on AMC, WE tv and BBC America, AMC said.

Working with technology partners FreeWheel, The Trade Desk and Canoe Ventures, advertisers can purchase advertising in the kind of real-time biddable environment familiar to buyers of digital advertising, including over-the-top and connected TV advertising.

The innovation enables advertisers to purchase linear and digital ad inventory as a single campaign using their programmatic buying platforms, which might mean some digital advertisers will now be able to buy and reach linear audiences, AMC said.

It also allows advertisers to better manage reach and frequency across video channels.

“Programmatic buying offers enhanced targeting, greater efficiency and has been the preferred way to transact on digital platforms for years, but until now has never been possible for national linear television commercials,” Evan Adlman, executive VP of commercial sales and revenue operations for AMC Networks, said. “During this pilot, we were able to deliver seven distinct creative executions to viewers simultaneously as part of the same national linear commercial slot, through a real-time biddable process. This is a huge advance for us and for the industry and, like our pioneering efforts in addressable advertising, makes our inventory even more valuable.”

AMC sells commercial inventory on its streaming networks via programmatic technology and has been a leader in addressable advertising, selling addressable spots in every hour of its live linear and VOD inventory on AMC, WE tv and BBC America. 

Two years ago, AMC made some linear ad inventory available for programmatic sale by The Trade Desk and another big supply-side platform, Magnite. The inventory was limited to impressions delivered to Vizio sets as part of a test, the company said.

“We were excited to be the first brand to pilot this important advancement in how TV advertising is purchased, which aligns well with our interest in automation and efficiency and being able to buy all forms of inventory together as part of the same process. AMC Networks, The Trade Desk and FreeWheel were great partners and we look forward to being part of the continuing future of programmatic ad buying on linear television,” Shenan Reed, senior VP and head of media at L’Oréal USA, said.

As viewers cut the cord and turn to streaming, traditional programmers are looking for new ways to compete with digital advertising.

“This innovation brings together two extremely timely advertising technologies to help advertisers reach and engage with current and prospective audiences: programmatic ad buying and addressable TV advertising,”  Mark McKee, general manager of FreeWheel, said. “The first gives advertisers greater control, automation and efficiency in the overall TV ad-buying process, and when layering this with addressable TV advertising, the result is advertising that reaches the right target consumer within an enhanced and enriching viewer experience.”

“The business of buying TV ads is being rewritten, and right now is the moment the industry needs to fully embrace programmatic advertising,” Tim Sims, chief revenue officer at The Trade Desk, added. “This integration brings the power of data-driven decisioning to linear ad buys, while giving brands and agencies the insight to build even more sophisticated, omnichannel campaigns. It’s a major win for both publishers and buyers.”

AMC Networks said it has begun rolling out an ad-supported version of its AMC Plus streaming service with a price tag of $4.99 a month.

The original ad-free version of AMC Plus costs $8.99 a month. 

The ad-supported version will initially be available via AMC’s direct–to-consumer platforms and apps and expand to third-party platforms in the coming weeks, AMC said.

AMC announced plans to launch the ad-supported version of AMC Plus in April. It follows in the footsteps of Netflix and Disney Plus and others created ad-supported tiers of popular, ad-free streaming services in order to generate additional revenue.

Also Read: Netflix Ad Business Still in the Crawling Phase, CFO Says

AMC said dozens of advertisers are currently on board for the ad-supported version of AMC Plus. 

AMC said it’s offering advertisers a variety of high-impact and tech-enabled ad formats and options, including interactive ad units, squeeze-back screens during “Next On” promos, shoppable ads, overlays, ad-break trivia, inserted integrations and episodic takeovers.

The same programs will be available on both versions of AMC Plus. Subscribers of both version also get full access to AMC’s Shudder, Sundance Now and IFC Films Unlimited. They also get to watch streams of the company’s linear networks.

“This ad-supported version of AMC Plus gives consumers more flexibility while bringing ads to the only piece of our distribution ecosystem that wasn’t already d-supported,” said Kim Kelleher, chief commercial officer of AMC Networks.

“Now, with our linear networks, strong and growing presence on CTV and FAST platforms and ad-supported AMC Plus, our advertising partners can fully leverage the reach and appeal of our high-quality shows and connect with viewers wherever and however they choose to watch,” Kelleher said. “We are also able to offer marketers new and innovative ways to reach consumers, like interactive and shoppable ads, more flexibility in product integrations, whole genre takeovers and other tech-enabled enhancements that weren’t possible before.”

AMC Networks will lean on its horror-themed streaming service Shudder to help facilitate its annual AMC FearFest programming stunt as the television industry looks to scare up audience viewership during the traditional Halloween season.

AMC’s two-month "FearFest, Shocked by Shudder" celebration, which officially kicked off in September with AMC’s airing of Shudder’s 101 Scariest Horror Movie Moments of all Time special, will feature more than 700 hours of films, series, and specials within the genre across AMC, AMC Plus and Shudder, according to AMC Networks Executive VP of Streaming Courtney Thomasma.   

“Shudder is the [horror genre] content leader in the streaming space, so we reached out to their producers to help program FearFest,” she said.

Along with airings of classic films from such horror films as Halloween, Rosemary’s Baby, and The Exorcist, AMC will also feature original programming from Shudder, including the season four premiere of Creepshow. 

Thomasma says AMC Networks will also offer FearFest-branded movies and specials for its other networks, including IFC, WEtv, Acorn TV, and Sundance Now. Earlier this month Shudder teamed with Black audience-targeted streaming service ALLBLK to premiere its original horror film The Angry Black Girl and Her Monster.

Now in its 26th year, Thomasma says the FearFest stunt — launched originally as MonsterFest — has endured throughout the years as the horror genre has become more popular with viewers on multiple platforms. 

“Everything is so fragmented these days, but when this season comes around, everyone has a shared interest in the content and the genre,” she said. 

She also welcomes competition in the horror genre both on the linear and streaming front, adding that FearFest continues to curate an expansive lineup of horror content for fans to devour.

“FearFest has continued to deliver what audiences want to see during the season,” she said. 

AMC Networks said it named Georgia Juvelis chief communications officer, a new position at the company.

Juvelis had been executive VP, corporate communications.

In her new role, she will add oversight of publicity, talent relations and awards to her portfolio, which already included corporate communications, internal communications, corporate marketing and government affairs.

“Georgia has proved to be a talented communicator and strategist throughout her tenure and a trusted adviser to me during a period of dynamic change and reinvention happening here at AMC Networks and across our industry,” AMC Networks CEO Kristin Dolan said. “I’m pleased to see her step into this new role, bringing her leadership strengths and deep knowledge of our business to oversee a communications team that is helping frame our collective efforts and drive our business.”

Juvelis joined AMC in 2008 as VP, corporate communications. 

She previously held posts at Gemstar-TV Guide and Discovery Communications.

Warner Bros. Discovery’s Max streaming service will be adding a number of series from AMC Networks for two months starting Sept. 1.

The shows will pop up on as AMC Plus PIcks on Max and will be available to subscribers to both the ad-free and ad-light tiers of Max in the United States.

The series include Anne Rice’s Interview with the Vampire, season one; Dark Winds, season one; Gangs of London, seasons one and two; Fear the Walking Dead, seasons one through seven; Killing Eve, seasons one through four; A Discovery of Witches, seasons one through three; and Ride with Norman Reedus, seasons one through five.

Financial terms were not disclosed. The deal comes as media companies look for ways to monetize content beyond their own mostly money-losing direct-to-consumer streaming services. 

“AMC Networks makes great shows, and our goal is to bring these shows to as many people as possible, in ways that best serve viewers,” Dan McDermott, president of Entertainment and AMC Studios for AMC Networks, said. “This promotional arrangement with Warner Bros. Discovery is a terrific opportunity to serve up some of our most popular and critically acclaimed programming to millions of Max subscribers in the U.S. for two full months.”

The shows will continue to run on AMC Networks’ AMC Plus streaming service, which has a fraction of Max’s 54 million subscribers.

“Subscribers turn to Max to find a deep and diverse selection of stories for the whole household,” said Meredith Gertler, executive VP, Global Content Strategy, Planning & Analysis. “The AMC Plus collection pop-up is an excellent example of how we can use innovative strategies to add value to our content offering.”

AMC Networks reported lower second-quarter earnings, as advertising and affiliate revenue fell and the company’s streaming services lost 200,000 subscribers.

Net income fell to $70.2 million, or $1.69 a share, from $83.4 million, or $1.91 a share, a year ago. 

Revenue fell 8% to $678.6 million.

On the company’s earnings call, CEO Kristin Dolan said that the company hopes that the strikes by the writers and actors unions can settle soon, but noted that AMC has completed production of its series, including new Walking Dead spinoffs. 

“In the sort term, we have a pipeline of finished shows for the remainder of this year and into 2024,” she said.

Also: New CEO Kristin Dolan Prepares AMC For Streaming Bundle Future 

Dolan also said that the company was pleased with its upfront negotiations, with the market recognizing AMC quality programming. “Our pricing and volume reflect that,” she said.

“We are one of the last major programmers to be airing scripted programming on Sunday nights every week of the year,” Dolan noted, adding that that drives value for advertising and affiliate partners. "Other networks have shifted their programming dollars and their best shows to streaming, hollowing out their linear offerings. We have not."

The ad-supported version of AMC Plus will launch in October, she said.

AMC also said it made a deal to unwind an agreement with Hulu to stream a number of AMC series. As a result, AMC will be able to stream the series, including all seasons of Fear The Walking Dead, on AMC Plus and license them to other distributors. Other series returned by Hulu as part of Disney’s streaming content purge include Killing Eve and Brockmire. 

CFO Patrick O'Connell said the deal pulled forward payments by Disney to AMC, giving AMC a $90-million free cash flow benefit in the second quarter and $50 million over the full year.

At AMC’s domestic business, adjusted operating income decreased 12% to $184 million. The company pointed to a 17% drop in advertising revenues to $167 million and a 12.7% drop in affiliate revenue. Affiliate revenue was affected by Fubo’s decision not to renew AMC’s carriage deal. 

Streaming revenue increased 13% to $137 million. 

Streaming subscribers rose 6% to 11 million, compared to 10.3 million a year ago. But subscribers were down from 11.2 million at the end of Q1.

The company said that it changed the way it counted subscribers, no longer including estimated subscriber conversions. Before the change, AMC reported having 11.5 million subscribers.

Total domestic revenues fell 6% to $582 million.

"Six months into my tenure as CEO, I am impressed with our team’s ability to do what this company has always done best: produce high-quality content and make it available to viewers across an expanding array of platforms,” said Dolan in the company's earnings announcement.

“We accomplish this through a measured, opportunistic and disciplined strategy that drives free cash flow. Even during a period of industry-wide uncertainty and change, we are seeing the benefits of our strategy play out in our financial results, which for the second quarter include year-over-year increases in free cash, streaming subscribers, and streaming revenue, as well as healthy margins. It’s clear we have the programming, the platforms and the partners necessary to continue to operate a very profitable business that delivers long-term shareholder value,” Dolan said. 

AMC Networks, a presenting sponsor of the Harlem Festival of Culture, said it has signed up Shark Beauty, SheaMoisture and Boost Mobile as sponsors of the event.

The festival, which recalls the historic 1969 Harlem Cultural Festival featured in the Oscar-winning documentary Summer of Soul,  will take place July 28 through July 30 on Randall’s Island in New York and will be headlined by Teyana Taylor and Wyclef Jean.

AMC’s ALLBLK and WE tv will sponsor a VIP area inspired by the Cotton Club, the legendary Harlem nightclub.

MC Lyte, star and executive producer of the ALLBLK original series Partners in Rhyme, is the festival’s host for the weekend. 

Fat Joe, who appeared on WE tv’s Growing Up Hip Hop: New York, is one of the weekend’s performers. Reginae Carter, star of the upcoming WE tv series Toya & Reginae, will be creating custom social content for Shark Beauty leading up to the festival.

“We could not be more pleased or proud to be a presenting sponsor of this landmark cultural event, the present-day reimagining of the historic Harlem Cultural Festival of 1969,” Kim Kelleher, chief commercial officer of AMC Networks, said. “This important partnership has paved the way for our talent and creators to play meaningful roles in the program itself, and also for a number of key partners to become involved in the event that promises to be a one-of-its-kind celebration of Black music and culture.”

Shark Beauty is working with AMC Networks and the Harlem Festival of Culture as the official hair drying and styling tool. During the festival weekend, guests will be able to book complimentary dry styling appointments at the Shark Beauty Hair Village choosing from a menu of festival styles. 

Custom social content featuring Reginae Carter will kick off Shark Beauty’s festival presence across WE tv’s social handles, spotlighting three unique looks that guests can get. Live coverage of Shark Beauty’s Hair Village activation will also be posted on the WE tv Instagram handle during the festival weekend.

“We’re thrilled to be a part of this amazing celebration and cultural experience,” said Brendan Bosch, global head of marketing at Shark Beauty. “The Shark FlexStyle was designed to help consumers embrace their hair, no matter their hair type, and we’re excited to bring the multi-styling tool to festival weekend to help attendees look and feel their best.”

SheaMoisture will be activating on-ground as the official hair care partner of the Harlem Festival of Culture. The brand will have an extensive footprint within the Mart 125 marketplace, which showcases Black-owned entrepreneurs. SheaMoisture products will be for sale, as well as products from many of the Shea List businesses it supports. 

A recap of their activation will be posted on WE tv social handles in the days following the festival.

As a partner of AMC Networks, Boost Mobile will be supporting the Harlem Festival of Culture through an extensive presence in the Harlem community.  Boost Mobile will host events in and around its 12 Harlem retailers with music, giveaways, Harlem Festival of Culture discount ticket access, and opportunities to win VIP admission tickets.

“The Harlem Festival of Culture is our love letter to Harlem and is truly an opportunity to recenter Harlem as the mecca of Black culture. This is the ultimate celebration of Black culture, and we are so thrilled that we have partners in AMC Networks, Shark Beauty and SheaMoisture that understand that and see the vision of what we are doing with this festival,” said HFC co-founder and technical & talent producer Yvonne McNair.  “We look forward to working with them to build on that vision and create a festival experience that will become the cultural event and a destination point for festival goers every year.”

Underscoring a weak market for TV advertising, analyst Robert Fishman of MoffettNathanson Research has cut his forecast for the second-quarter ad revenue figures media companies will be reporting over the next few weeks.

Fishman said he expects The Walt Disney Co. to report a 6% drop in cable ad revenues in calendar Q2, compared to his earlier estimate of a 3% drop. He also expects Paramount to report a 17% drop in cable ad revenue, compared to the 15% decline forecast earlier, and AMC Networks’s ad revenue to be down 12%, compared to 10%.

That would lower Fishman’s forecast for second-quarter cable advertising revenue to $4.48 billion, down 12.3% compared to a year ago. Fishman’s previous forecast called for an 11.3% decline.

For the broadcast business, Fishman expects Paramount-owned CBS to be up 1.4%, compared to an earlier forecast of a 2.4% gain, and for Disney’s ABC to be down 16% versus his earlier forecast of a 15%  drop.

Fishman now sees total broadcast ad revenues of $2.47 billion, down 8.3%, compared to his earlier forecast of $2.48 billion, down 7.8%.

Total national TV ad revenue is now expected to be down 10.9% to $6.95 billion, compared to dropping 10.1% to $7 billion.

Meanwhile, Fishman sees ad revenue for the big direct-to-consumer platforms rising 19.7% to $2.26 billion.

Among the media company-owned streamers, Fishman sees revenue rising 67.8% Paramount Plus, 32.2% at Peacock, 29.8% and 4.1% at Warner Bros. Discovery’s Max and Discovery Plus. He sees Pluto TV revenue as down 3% and Hulu down 8% in the quarter.

Fishman also sees The Roku Channel growing by 5.5% and the new ad-supported tiers for Disney Plus and Netflix generating $138 million and $119 million in Q2 ad revenue, respectively.

“While we have never put a whole lot of weight behind the outcome of the upfronts, this year’s is worth paying closer attention,“ Fishman said. ”Previously, advertisers were forced to hold their noses and accept CPM increases as lowered ratings also meant lowered supply, and alternative options for broadscale premium reach remained limited. This year, FAST channels and AVOD services are delivering a fresh pool of inventory, increasing supply, and cord-cutting and ratings declines outside of sports have eaten into just how much reach television is able to deliver.” 

As a result of the ad-revenue weakness, which Fishman said might not be a short-term phenomenon, the analyst has also cut his stock price targets for AMC Networks ($14 a share versus $18 previously, Warner Bros. Discovery ($15 vs. $16) and Paramount ($11 vs $12).

The Walking Dead is an appropriate title for a show, super-sized to 11 seasons and a spin-off way, waaay after it jumped the shark (right around the introduction of Negan season 6). TWD now ubiquitously draws zombie-level rerun viewing across AMC Plus, Netflix, Pluto TV and other streaming platforms across television's disrupted, post-apocalyptic plains. 

So enduring has this creative husk of a once-alive creative TV enterprise been that AMC Networks has now turned the franchise into almost the equivalent of a live sport, building a FAST channel that has nothing but cast members and pundits chatting about "The Walking Dead Universe" 24/7, sans any actual episodes. 

Sign the bargain-hunting Chicken Soup for the Soul Entertainment and its Redbox Free Live TV FAST service up.

The Chicken Soup's Redbox-branded streaming platform has announced the addition of 12 free ad-supported channels from AMC Networks, including "The Walking Dead Universe" and "Portlandia" -- the latter at least featuring actual episodes from the Fred Armisen/Carrie Brownstein series about Portland living. 

The addition pushes Redbox's channel count past the 180 mark, an all-important benchmark amid a FAST gold rush that currently measures the calories and not so much the vitamins and minerals. (Fiber is important, too, of course.)

Here are the AMC Networks channels being added to Redbox Free Live TV. Log lines courtesy of AMC and Chicken Soup:

* The Walking Dead Universe – Join Daryl, Michonne, the Clarks and more from the world of the Walking Dead. Enjoy 24-hour programming on The Walking Dead Universe channel, including cast interviews, behind-the-scenes moments, and more.

* Portlandia –  Put a Bird on It! All your favorite episodes and characters from the Emmy- nominated and Peabody Award-winning hit series starring Fred Armisen and Carrie Brownstein, all the time. 

*Stories by AMC – Dive into the bold and inventive AMC shows you’ve come to love with Stories by AMC. Get access to fan favorites and discover new gems you may have missed.

* AMC Thrillers – Get your adrenaline pumping with AMC Thrillers – a collection of heart-pounding action/thrillers that will have you on the edge of your seat.

* Slightly Off IFC – Slightly Off IFC is the home of the unexpected—from cult favorite sketch series to the offbeat comedic masterworks of the biggest names in comedy. 

* IFC Films Picks – Star-studded dramas. Chilling thrillers. Groundbreaking documentaries. The best independent films from IFC Films & IFC Midnight.

* All Reality WE tv – Real moments. Real stories. Real drama. If you love reality, you need All Reality WE tv.

* All Weddings WE tv – Brides. Bling. Drama! If you love weddings, then say “I Do” to All Weddings WE tv.

* AMC en Español – AMC en Español is the home of your favorite stories and characters. Catch up on and discover critically acclaimed shows, 100% in Spanish.

* ALLBLK Gems – Entertainment that’s inclusively but unapologetically Black. Enjoy the best of ALLBLK, all the time.

* MSG SportsZone – Take a deeper dive into the players, personalities, teams, and sports you love. MSG SportsZone is the home for the sports super fan.

* Anime X HIDIVE – Love anime? Check out HIDIVE’s action-packed assortment on Anime X HIDIVE! From classic series to hot hits fresh from Japan, we’ve got anime fans like you covered

In her first earnings call since becoming CEO of AMC Networks, Kristin Dolan described her plan to prepare the company to survive as the industry shifts to streaming bundles.

Dolan, wife of chairman James Dolan, whose family controls the company, introduced herself to investors and analysts as knowing the company well, having started at AMC Networks when it was part of Cablevision Systems and serving on its board of directors.

“My background in programming, cable operations and more recently data and analytics around viewership and advertising gives me a clear and actionable perspective on the opportunity we have here,” she said.

Some analysts say AMC is too small to survive in the streaming era and will be swallowed up by a bigger company. Last November it slashed costs, laying off about 20% of its staff and cutting back on its programming spending.

Dolan said that when she looks at AMC Networks, “I don’t just see a content company. I see a technology-focused company that delivers its content across an expanding number of platforms here and around the world.”

She said she wants to build a nimble, fast-moving organization that relies heavily on data to “grow audiences, serve brands and build value for our advertising and distribution partners,” adding that the company needs to have a “retail mindset” to serve customers in the new ways they consume content.

As cord-cutting has decimated cable networks, AMC has looked to pivot with its own set of streaming services and by distributing its content over new platforms, including free ad-supported streaming TV channels.

“AMC has a track record as a sought-after and innovative strategic partners for distributors,” she said, announcing the company recently reached a deal with Dish Network and its Sling TV for continued carriage of AMC’s channel portfolio, streaming services and FAST channels. The deal also expanded AMC’s advanced advertising relationship with Dish.

“It is our longstanding distribution relationships that we believe will form the foundation of what is a forthcoming shift to streaming bundles,” Dolan said. “These bundles are beginning to gain traction as the marketplace evolves and consumers seek a more simplified and integrated experience when it comes to managing their various services. With our high-quality content and distinct brands, AMC Networks occupies a prime position for this inevitable shift.”

AMC lost streaming subscribers, finishing with 11.5 million at the end of the quarter, but Dolan said that the goal was to attract higher-value subscribers.

“Building a more valuable customer base is something I’m very familiar with from my Cablevision days, where we drove higher revenue-per-subscriber results quarter over quarter, year over year.”

AMC chief financial officer Patrick O’Connell said that the loss of subscribers from the end of 2022 to the end of the first quarter was largely due to that focus on higher value subscribers and a roll-off of holiday promotional subscribers.

“The rationalization of our subscriber base, along with pricing actions taken last year, increase the average revenue we generate per subscriber,” O’Connell said. 

At the same time, AMC’s streaming services are programmed efficiently in order to be profitable. “If you look at the top five titles for each of our targeted services in the month of March, 18 of the 20 title cost less than $1 million an episode and some substantially less than that,” he said. “This is a powerful illustration of the economic advantage of our strategic approach to the streaming business.”

Analysts asked how the Writers Guild of America strike would affect AMC.

“We’re very well-positioned for all of this year and into next year, so we have no real concerns about the writers’ strike at this point,” Dolan said.

AMC Networks reported lower first-quarter earnings as U.S. ad revenues fell 20% and the company lost 300,000 streaming subscribers.

Net income dipped to $103.6 million, or $2.36 per share, from $104.2 million, or $2.38 a share, a year ago.

The company had negative cash flow of $144 million.

Revenues rose 0.7% to $717.4 million. Distribution and other revenues rose, offsetting the loss of advertising revenue.

The number exceeded Wall Street forecasts.

At AMC’s domestic operations, operating income was flat at $199 million as revenue rose 1% to $612 million. 

Distribution revenue rose 11% to $451 million.

Streaming revenue increased 29% because of year-over-year subscriber growth and higher prices.

Advertising revenue dropped 20% to $161 million as ratings dropped and the ad market softened. AMC also aired fewer original episodes during the quarter.

“AMC Networks has always been known for great content that breaks through in popular culture, receives critical acclaim and engages fans,“ CEO Kristin Dolan said. “In an environment of shifting consumption, we are committed to making our content available across the entire distribution ecosystem. While we reevaluate the pathways to content monetization, we are strategically reducing costs and streamlining our organization. 

“These efforts contributed to a first quarter with strong margins and increased streaming revenue as we prioritized higher-value subscribers for our streaming portfolio,“ she added. “We remain focused on the overall profitability of the company as we continue to maintain a strong balance sheet, drive free cash flow and  maximize shareholder value.” 

AMC Networks said it is developing a potential third series in its expanding Anne Rice Immortal universe featuring stories of vampires and witches.

The new series, with John Lee Hancock attached as showrunner and writer, could join Anne Rice’s Interview with the Vampire and Anne Rice’s Mayfair Witches on AMC Network and AMC Plus.

AMC made the announcement during its upfront presentation to advertisers Tueday evening.

Also Read: Upfront: AMC Networks Unveils Audience Targeting Platform

The two Anne Rice series were among the top new premieres on AMC Plus and among the top 10 cable dramas for the 2022-23 tv season.

The new show is set in the world of the Talamasca, a secretive outfit featured in a number of Rice novels.

“The enthusiastic critical and fan reception to Interview and Mayfair is a great sign of what is yet to come in this immersive universe based on the works of Anne Rice,” said Dan McDermott, president of entertainment and AMC Studios for AMC Networks. “We’re excited to be in active development of the next installment in this growing franchise, written and to be showrun by the incomparable John Lee Hancock. The Talamasca is one of the most intriguing elements of Rice’s works and a connective thread through so many of her stories, the standalone and crossover potential for this third series is immense.”  

Also Read: AMC Networks Plans To Launch Ad-Supported Version of AMC Plus

McMermott also announced two new series coming to WE tv.

Toya & Reginae is an expansion of WE tv’s Growing Up Hip Hop franchise. The series features the ex-wife and daughter of hip hop star Lil Wayne. Both Toya Johnson-Rushing and Reginae Carter have appeared on Growing Up Hip Hop.

WE tv will also be adding Bev is Boss, based on the life of music manager Deb Antney, who broke performers including Gucci Mane, French Montana and Nicki Minaj. Antney is also the mother of rapper Waka Flocka Flame.

While other programmers pitch scale and content that appeals to viewers of all shapes and sizes, AMC Networks says it is focusing on fans and is offering advertisers a new platform for targeting its audiences and doubling up on branded content series build around its show and their stars

Instead of being something to everyone, “we are everything to someone,” AMC Networks chief commercial officer Kim Kelleher told Broadcasting+Cable. “That’s a different approach. It’s the right one for us.

At its upfront event this week, AMC will highlight some of its upcoming shows, as well as its digital capabilities. 

“Our slate has never been better," Kelleher said. “We’re taking some big swings in genres we haven’t done a lot in. But also there are a lot that our fans have been craving.”

Key shows including the latest from The Walking Dead and Anne Rice universes of zombies, vampires and witches will be on display along with Lucky Hank, starring Bob Odenkirk. Giancarlo Esposito, another familiar face from ABC’s Breaking Bad and Better Call Saul, stars in Parish and Clive Owen stars in Monsieur Spade.

AMC has been pushing its content out beyond its cable channels, which have been challenged like the rest of the industry by cord cutting. AMC viewers can watch content in a number of ways, at all times, on demand or on 15 free ad-supported streaming television (FAST) channels across seven platforms..

AMC will also be creating an ad-supported tier to AMC Plus, giving marketers another way to reach AMC’s most engaged fans.

Kelleher said AMC’s audience-first strategy has created more viewing than ever. She said AMC has been working with measurement and analytics company 605 to build a platform that will help advertisers target those viewers,no matter how they’re watching. 605 was founded by Kristin Dolan, whose family controls AMC and was named CEO in February.

Also Read: AMC Restructures Ad Sales Unit Ahead of Upfront Market

AMC says Audience Plus lets advertisers map specific target audiences regardless of how they are consuming content and enhanced addressable advertising capabilities.

“We’re now able to show a marketer that not only are you buying an audience within a Lucky Hank episode on linear, but the profile of those audiences can be found across our FAST channels, and those audiences have proven to be incremental,” said Evan Adlman, executive VP of commercial sales and revenue operations at AMC

“We now have the ability to do true cross-platform addressable campaigns, and that is within our live linear programming on all of our neworks, within all of our programming, in addition to our VOD inventory and all of our CTV streaming inventory. We don’t hold anything back."

Audience Plus gives advertisers a single dashboard to look at and see what they bought and how it landed across the entire AMC ecosystem, Adlman said.

AMC’s branded content unit, the Content Room will be working overtime.

One of Content Room’s most successful projects has been Bottomless Brunch, staring Colman Domingo of the Walking Dead, sponsored by Diageo. Domingo and Diageo are moving on to You Are Here, a travel/memoir show that takes Domingo to places that have been meaningful in his live. Diageo’s Johnnie Walker brand is integrated into the series, which launches on June 19 (Juneteenth) on AMC, Sundance TV, IFC and WE tv. 

Cooper’s Bar, starring Rhea Seehorn of Better Call Saul, returns for second season

Upcoming series including Jim Chee: Private Eye, a six-part spinoff from Dark Winds; Daryl Dixon: Paris Underground from the Walking Dead universe; In The Kitchen with Harry Hamlin, a star of Mayfair Witches and NIght Island; a six-part series based on Anne Rice’s Interview with the Vampire and The Queen of the Damned. The series follows art thieves looking to steal a painting on the island, a plush vacation spot for the undead and other mystical beings. It is possible that this will be the first series where Rice’s vampires and witches meet up.

Content Room will also ramp up Show Me More, a show that recaps series and gives backstage access to AMC shows, featuring their cast and showrunners. Some episodes are being made for AMC Plus subscribers only. Sponsors have included AT&T, Mercedes and Nationwide.

AMC CMO Kim Granito said The Content Room works closely with the producers of AMC’s shows. The branded content shows are being made longer, from seven minutes to a full 30, but they’re elastic and can be cut down to any length and  how on any platform.

Also in the works is a Night Market pop-up store based on the Anne Rice universe.

Since last  year, the ad market has been weak, a problem going into the upfront season. Media companies from AMC to Disney have gone through layoffs and belt tightening as they chase profits amid the high cost of programming streaming services. (Clients aren’t concerned about the cutbacks, they’re doing it at their own companies, Kelleher notes.)

But Kelleher says she’s seeing signs of the second half rebound other media companies have said could be on the horizon.

“That’s not just hopes and dreams. I actually think we’re seeing early indicators and a strengthening of categories that have been soft over the last few years,” she said. “We’re seeing the scatter market get a little bit busier. We’re seeing pricing –specifically direct response in the direct-to-consumer space – strengthening. These are all leading signs that show the confidence is coming back on the marketing side.”

Adlman added that AMC is ready to give advertisers what they want. “In this market, we’re optimistic for us. We’re hearing from clients and some of the agencies specific demands, such as flexibility and transparency, which means, they want to know when I buy something, where is it being delivered and how do I know it’s being delivered there?”

Adlman said that as ad clients resume their spending, they want to be assured that their ad dollars will be spent effectively.

“They really want to know about the capabilities for targeting and providing business outcomes because they are very focused on ROI,” he said. “We feel that between Audience Plus and our digital strategy, we fit well with where clients are in early conversations.”

Holding an upfront in April, before the May rush, “forces us to be ready and allows for us to engage with our advertiser and holding company partners as soon as they’re ready,” Kelleher said. “We’ve seen more of an always-on level of conversation. We’re going to be a bit outside of the fray and do our own thing.”

AMC Networks, continuing to make executive changes, said it has promoted Kim Granito to head of marketing.

Granito had been executive VP of integrated marketing and head of AMC Network’s Content Room branded content unit. Cable veteran Len Fogge, who was named president, marketing, a year ago, is retiring and will step down next month, the company said.

Fogge was brought in by interim CEO Matthew Blank. The two had worked together at Showtime. Blank was succeeded by chief financial officer Christina Spade, who departed a few months later. After the company cut costs, eliminating about 20% of its workforce, Kristin Dolan was named CEO in February. 

Granito will report to Dolan.

“Kim is a seasoned creative leader with a proven ability to drive ad sales partnerships, develop innovative marketing opportunities and launch brands and campaigns that drive audience engagement and grow revenue,” Dolan said. “As we continue to leverage the full value of AMC Networks’ award-winning brand portfolio, excellent content and expanding distribution footprint, we look forward to Kim bringing her creative and operational expertise to elevating our brands and forging stronger connections with audiences.”

Granito joined AMC in 2011. She spent seven years at AMC’s IFC network before moving to her corporate post. Before that, she held marketing posts at Viacom and NBCUniversal.

“AMC Networks’ collection of distinct brands, premium originals and massive fandoms have endless potential,” Granito said. “I look forward to leveraging the full marketing spectrum to unlock our portfolio’s unique value proposition for both our audiences and partners.”

Fogge was with Showtime for 15 years and then spent 10 years as president, marketing and digital for NBC Entertainment.

“I joined the company during an exciting and pivotal moment leading up to the launch of Anne Rice’s Interview with the Vampire and Mayfair Witches,“ he said. “I’m proud of the strong team and the work we did to successfully debut this new universe, along with campaigns for AMC’s Dark Winds and the finale seasons of Better Call Saul and The Walking Dead. This has been a wonderful final chapter of my career.” 

Lauren Gellert, executive VP of development and original programming for WE tv, is leaving this month to pursue new opportunities, parent company AMC Networks said.

AMC Networks said Gellert was responsible for bringing reality series including Marriage Boot Camp, Growing Up Hip Hop and Love After Lockup to WE tv.

No successor has yet been named.

In 2020, AMC put WE tv and streaming service ALLBLK are under centralized leadership headed by general manager Brett Dismuke.

“Lauren has been the driving force behind WE tv’s original programming during a period of unquestioned growth, success and impact, even as viewing habits changed,” Dismuke said. “The network’s ability over the last decade to not only make shows, but to build reality franchises that spanned multiple successful series has been remarkable, and that is a credit to Lauren and her team. We wish her nothing but the best.”

Gellert joined AMC Networks in 2012 from Ion Media Networks, where she was responsible for unscripted series. Before that she was with RDF/Zodiak, TruTV, Court TV and VH1.

“I’m so grateful for my time at this company, for the shows we were able to bring into the homes of millions of viewers,“ Gellert said. I’ve loved every minute of the experience and feel incredibly blessed to have been able to work with our talent, our incredible production partners and our internal team to drive the business and brand forward. Our sweet spot at WE tv has always been putting real and relatable people up on screen, and that’s why the network has been able to have such an impact in the hearts and minds of our fans, across so many shows and reality franchises.”

Vizio and AMC Networks said they have expanded their relationship, with nine additional channels from the programmer available via Vizio’s WatchFree Plus streaming service.

Vizio has also made AMC Plus available to Vizio smart TV users.

With cord-cutting eroding its cable viewing base, AMC has been aggressively making its content available on streaming platforms.

"This is an exciting expansion of our relationship with Vizio, which will make even more of our acclaimed and popular programming available to Vizio audiences including, for the first time, the addition of nine of our curated FAST channels," AMC Networks chief commercial officer Kim Kelleher said.

"As we continue to build a new programming universe and franchise around the iconic works of Anne Rice, and bring exciting new stories from the world of The Walking Dead and other new original series to millions of passionate fans, we value our partnership with Vizio to connect our high-quality and popular original programming with viewers as part of our robust and growing distribution ecosystem,’ Kelleher said.

The new AMC channels on Vizio WatchFree Plus include Portlandia, MSG Sports Zone, AMC en Español, Allblk Gems and Overtime. 

AMC is also making about 160 feature films available on demand to Vizio users.

Vizio said that the first batch of channels from AMC Networks — All Reality WE tv, AMC Thrillers, IFC Films Picks and The Walking Dead Universe — had proven popular with Vizio viewers.

“AMC and Vizio have been working together for several years to bring audiences the best in entertainment,” Katherine Pond, group VP of platform content and partnerships at Vizio, said. “The expansion of our partnership is based on user engagement with existing AMC programming across FAST and AVOD programming as well as viewer response to the recent addition of AMC Plus to our premium app library.

“Our expanded agreement means Vizio users can access an even wider range of AMC’s popular and critically acclaimed original programming — enjoying more of what they love, all in one place,” Pond continued. ■

AMC Networks shares plunged 11.8% on Tuesday as the Dow Jones Industrial Average lost 697 points, or 2%.

Among companies in the TV business, Dish Network also suffered a big drop, falling 8.62%.

For AMC Networks, the loss offset most of the gains posted Friday when the company posted a complicated set of earnings. The company had a $264.7 million loss resulting from charges against earnings as it wrote off some programming and took charges against earnings as part of cost-cutting measures designed to help the company survive as the TV industry pivots from linear to streaming. 

The company’s revenue exceeded analysts’ expectations as the company sold a season of The Walking Dead earlier than expected and posted a big gain in adjusted operating income.

On Tuesday, Wells Fargo media analyst Steven Cahall said that some of Friday’s gains were the result of interim executive chairman James Dolan hinting he’d be open to consolidation. But Cahall didn’t think there was a buyer for AMC Networks.

“We remain skeptical on M&A, and unfortunately AMC is still navigating a hugely challenged industry backdrop for scripted content,” said Cahall, who continues to rate the company in as “underweight.”

Dish’s stock price lost $1.22 points to $12.93 a share. The company reports earnings on Thursday. Dish has already disclosed that it lost 191,000 satellite TV customers and 77.000 Sling TV subscribers in the fourth quarter.

Among other companies in the TV business, Warner Bros. Discovery was down more than 4%, The Walt Disney Co. fell nearly 3%, Paramount Global dropped more than 3% and Fox Corp. was off more than 2%. 

Among streamers, Netflix was down 3% and Roku plunged more than 8%.

Charter Communications was down more than 5% and Comcast was down more than 3%. ■

AMC Networks plans to cut spending on programming by 20% as it waits for the industry to find a better way to monetize content.

In the fourth quarter, AMC Networks executed cost cuts, writing off programming and eliminating 20% of its staff.

The company also said Kristin Dolan will become CEO later this month. Her spouse, AMC interim executive chairman James Dolan, whose family controls the company, spoke on the company’s fourth-quarter earnings call with analysts Friday.

Between cord-cutting and the shift of viewing to streaming, “the current mechanisms for monetizing content are not working,” James Dolan said. “The content industry needs to reorganize itself. We’re seeing this now with most media companies beginning to course-correct to better monetize content and improve the economics of their business.” 

In that process, “we believe large distributors and programmers will lead the way,“ he said. “AMC will follow.”

Dolan said that he was open to M&A activity, but he didn’t think the industry could consolidate meaningfully without a better handle on how to profitably monetize content.

Until then, the company is hunkering down. “AMC Networks will focus on streamlining our organization, operating more like retailers than wholesalers, driving cash flow and maintaining our balance sheet,“ James Dolan said. “At the same time, we will continue to do what we do best, which is making great content.”

AMC will be making less of that great content.

Chief financial officer Patrick O'Connell said that 2022 would represent AMC’s peak year for content investment.

“We expect cash content investment to be approximately $1.1 billion as compared to $1.35 billion dollars in 2022,” O’Connell said. “Looking past 2023, we anticipate our cash content investment will be in the $1 billion area, consistent with our historic pre-pandemic levels.” 

O’Connell said that between 2017 and 2019, AMC spent about $1 billion a year on programming. It jumped up to between $1.3 billion and $1.35 billion in 2021 and 2021.

While the programming cost cut represents a “meaningful reduction,” O’Connell maintained that despite having 20% less to spend, “this still leaves us with plenty of firepower to continue our historical programming cadence.”

The smallest cuts in programming will come at the company’s specialized streaming networks. There will also be a bit less programming on AMC Plus, he said.

The company appears to be focusing on its franchises, with more shows set in The Walking Dead zombie and Anne Rice vampire universes.

James Dolan opened the call by explaining the choice of Kristin Dolan to be the company’s CEO. 

He said AMC’s board of directors made a thorough search. “Based upon Kristin’s considerable executive and operational experience for 30-plus years working in media and entertainment, including her prior history managing subscription-based businesses, the board concluded she is the best candidate for the role,” he said.

“As founder and CEO of the audience measurement and data analytics company 605, Kristen has been on the front lines of the evolution of advanced advertising and audience targeting,“ Jim Dolan said. “She also has a strong record driving organizational change. These are areas of critical importance as we transform AMC, networks and further monetize our high-quality content during this pivotal period in our industry.” ■

AMC Networks, looking to reset after naming a new CEO and taking restructuring charges, reported a net loss in the fourth quarter.

The company said streaming revenue rose 41% and that it added 700,000 subscribers to its streaming services.

On Thursday, AMC said Kristin Dolan would be joining the company as its new CEO. Dolan is the wife of interim executive chairman James Dolan, whose family has a controlling interest in AMC.

AMC took a $403.8 million charge against earrings for content impairment and $45.2 million for personnel costs resulting from layoffs that cut the company’s staff by 20%.

Also Read: AMC Networks Cutting Spending on Programming by 20%

Including the charges, the company reported a net loss of $264.7 million, or $6.11 a share, compared to $17 million in net income, or $39 cents a share, a year ago. Adjusted operating income, excluding the charges, was up 34% to $137 million. 

Net revenue rose 20% to $965 million. Early content sales of the latest season of The Walking Dead to Netflix boosted revenue above Wall Street forecasts and AMC's stock jumped 27% in mid-day trading.

Similarly, AMC’s domestic operations posted a $287 million operating loss including charges of $423 million for programming assessments and restructuring charges. But adjusted operating income — excluding those charges — increased 27% to $154 million.

Revenues increased 26% to $861 million.  

Content-licensing revenue increased 152% to $300 million as the company delivered episodes of The Walking Dead and Fear the Walking Dead to a third party.

The company ended the quarter with 11.8 million subscribers to its specialized streaming services, up from 11.1 million at the end of the third quarter.

Advertising revenue was down 12% to $206 million. The company said the drop was caused by lower linear ratings, softness in the ad market and fewer original programming episodes. Revenue from digital and advanced advertising increased.

Affiliate revenue declined 7.5% because of basic subscriber declines. 

“AMC Networks is focused on maximizing the value of our high-quality, popular content through optimized content monetization as we reduce costs and drive cash flow,” James Dolan said. “We believe this approach will position the company well to navigate current industry dynamics and enable us to generate long-term shareholder value.” ■

AMC Networks named Kristin Dolan, wife of executive chairman James Dolan, as the media company’s new CEO.

Kristin Dolan, 56, was chief operating officer at Cablevision Systems before the family sold it in 2015 and has served as a director of AMC Networks, which was spun off from Cablevision and is still controlled by the Dolan family. Most recently, Kristin Dolan has been CEO of 605, an audience measurement and data analytics company.

AMC’s previous CEO, former CFO Christine Spade departed in November after three months in office. After her departure, James Dolan announced there would be “large scale layoffs” at AMC, and about 20% of the staff was dismissed. 

James Dolan noted that the company — best known for high-profile shows like The Walking Dead, Breaking Bad and Mad Men — was suffering from the industry-wide pressure caused by cord-cutting and that revenue losses at its cable networks were not yet being offset by growth at its subscription streaming services.

AMC is scheduled to report fourth-quarter earnings on Friday.

Also: AMC Restructures Ad Sales Unit Ahead of Upfront Market

“Kristin is a proven executive and operational leader with a track record driving organizational change, a history managing subscription-based businesses, and a deep understanding of audience engagement and advertising,” James Dolan said in making the announcement.

“These are areas of critical importance as we transform our company and monetize our high-quality content,“ he said. “With her considerable experience and knowledge of the company, Kristin is the ideal person to lead AMC Networks into its next chapter as we navigate this transformative period in the industry.” 

According to a filing with the Securities and Exchange Commission, Kristin Dolan will receive a minimum base salary of $2 million and an annual bonus targeted at 200% of salary. She will also be eligible for long-term equity and other incentives with a target value of at least $3.75 million.

She will also get a special award of restricted stock units valued at $6 million.

“It’s a privilege to join a company with a long legacy of engaging audiences with excellent storytelling and world-class brands,” Kristin Dolan said. “It’s also where I started my career in the industry. I look forward to bringing my broad experience — across programming, cable operations and, most recently, utilizing data to reimagine television advertising — to leverage AMC Networks’ strong assets, drive the next phase of the company’s growth, and build shareholder value in the coming years.”

Kristin Dolan is also a director of The Wendy’s Co. and Revlon Inc. and the Dolan family’s Madison Square Garden Co.  ■

AMC Networks said it has restructured its commercial revenue group ahead of the upfront market, with senior VP Evan Adlman, who had headed advanced advertising, now also overseeing national sales of linear and digital inventory.

In the new structure, senior VP Marc Krok, who oversees pricing and planning, will also oversee direct-response sales.

The moves come with AMC still searching for a CEO following the departure of Christine Spade and a round of cost cutting that reduced the company’s staff by 20% overseen by executive chairman James Dolan.

Kim Kelleher continues to run the commercial revenue group, overseeing ad sales, distribution, partner branded content, pricing, planning and integrated marketing, Adlman and Krok report to Kelleher.

“We are looking forward to bringing a new and strategically realigned sales organization to the 2023-24 upfront, in addition to a remarkable slate of original programming, growing franchises and compelling partnership opportunities,” Kelleher said. 

“Our new structure is designed to drive innovation and bring our most potent advantages and capabilities to market in a way that will make it even easier for our advertising partners to unlock the value of our viewer relationships and leadership position in new technologies like addressable advertising, our strong presence on new digital platforms and other differentiated and data-driven offerings,“ Kelleher said. “With Evan, Marc and Kim Granito, we have the right leaders in place to guide these new teams and deliver excellent results for the company and our expanding universe of partners.” 

Granito, who heads AMC’s branded content unit, Content Room, and integrated marketing, is adding Miguel Enrique Rodriguez to her group as senior VP of production, operations and events. Rodriguez was previously senior VP of production for NBCUniversal’s global advertising division.

Kevin Vitale also joins Granito’s group as senior VP of creative and marketing strategy. He was previously senior VP of consumer marketing and creative at AMC. ■

In a changing advertising market, AMC Networks is planning a fairly traditional upfront presentation for media buyers that will show off new programming, fresh distribution strategies and advanced advertising opportunities.

Between 200 and 250 attendees will be invited to the presentation on April 18 at Jazz at Lincoln Center, which AMC says is a similar-sized venue to Peak in Hudson Yards, where the programmer held last year’s upfront.

The announcement follows the sudden departure of AMC Networks CEO Christina Spade in November. No replacement has been named. The company followed that up by firing about 20% of its employees, citing the difficulties cord-cutting is causing the pay-TV business. 

Changes in the industry also convinced CBS parent Paramount Global to abandon its traditional upfront week event at Carnegie Hall. (Netflix will be holding an event for media buyers in the timeslot vacated by Paramount.) NBCU has announced it will again hold its presentation at Radio City Music Hall.

AMC said that its event will focus on its programming, including Walking Dead universe spinoffs' series based on Anne Rice vampire tales, Lucky Hank with Bob Odenkirk (star of Breaking Bad and Better Call Saul) and Mireille Enos.

Also: AMC ‘Recalibrating’ Programming Strategy in Evolving Marketplace

The company will also discuss its plans to distribute its programming beyond cable via free, ad-supported television (FAST) channels, in particular, to help advertisers reach streaming audiences and advanced advertising opportunities, including addressable campaigns and programmatic buying.

“We are looking forward to the most innovative and future-facing upfront in our history, with a focus on partnering with marketers around targeted audiences, creative ad products and an exciting slate of high-quality programming that will build on our proven ability to engage passionate fan communities around compelling franchises and universes,” said Kim Kelleher, chief commercial officer at AMC Networks. 

“Our company has a long tradition of being proudly ad-supported and delivering industry-first opportunities that leverage our great content for our partners. We look forward to rolling out a new innovative suite of products and opportunities in this upfront that put our advertising and marketing partners first,” Kelleher said.

AMC said its upfront event will be followed by a series of in-person and virtual presentations tailored to individual agencies. ■

PASADENA, CALIF. — AMC Networks will continue to develop quality content even as it adjusts financially to a marketplace that is correcting itself after a period of peak TV production, AMC Networks president of entertainment and AMC Studios Dan McDermott said.

McDermott, speaking at the Television Critics Association Winter Press Tour Tuesday, said the programmer has had to “take stock and recalibrate” moving forward during an industry correction caused by rising inflation, a changing ad market, a glut of original programming and unpredictable streaming audience metrics.

As part of AMC’s cost-cutting measures, the network has pulled the plug on several shows in recent months, most recently the Michael B. Jordan-produced drama series 61st Street.

Also: ‘Large Scale Layoffs’ Planned at AMC Networks

“This has been a difficult but important process … at AMC we’ve taken critical steps so that going forward we are optimally positioned as a lean, progressive, forward-facing organization poised to take advantage of the myriad of opportunities in the marketplace,” McDermott said.

The network did announce several new shows during its Tuesday morning presentation, including the acquisition of rights to develop around John Maxim’s Bannerman spy book series. The five novels are being developed as potential series by Shane Black, Greg Nicotero and Brian Witten, AMC said.

The network also offered new details about its upcoming The Walking Dead spinoffs. The Walking Dead: Dead City, starring Lauren Cohan and Jeffrey Dean Morgan, will premiere in June, followed by The Walking Dead: Daryl Dixon, debuting later this year. The network will also debut in 2024 a new Walking Dead series featuring original series stars Andrew Lincoln (Rick Grimes) and Danai Gurira (Michonne).

AMC also released a first-look trailer for the eighth and final season of Fear the Walking Dead, which will debut the first of two six-episode parts on May 14. ■

AMC Networks’ cable channels are no longer available via streaming distributor Fubo TV after the company’s distribution agreement expired at year-end.

Fubo launched AMC’s channels, including AMC, BBC America, IFC and WE tv, in 2018.

“FuboTV’s content agreement with AMC Networks expired at the end of 2022,“ the company said in a statement. “We are focused on super-serving our passionate sports customers as evident by our recent agreement to launch Sinclair Broadcast Group’s Bally Sports regional sports networks in the coming weeks. As a sports-first live TV streaming platform, Fubo’s mission is to provide leading sports, news and entertainment content while keeping costs reasonable for consumers.”

In addition to sports channels, Fubo currently carries networks from ESPN parent The Walt Disney Co., including FX and Disney Channel; Paramount channels including TV Land, Paramount Network and VH1; Warner Bros. Discovery networks including HGTV, Discovery, OWN and TLC; and E.W. Scripps’s Ion, Bounce and Grit.

In the third quarter, FuboTV said it had 1.231 million subscribers. The company took a $35 million charge against earnings resulting from its decision to get out of the sports-betting business.

"We are disappointed we could not reach an agreement with fuboTV, which is primarily focused on sports programming, to continue carrying AMC, BBC America, WE tv, IFC, SundanceTV, and BBC World News,” AMC Networks said in a statement. “These networks remain available through other major cable, satellite and digital TV providers and viewers can also subscribe to our AMC Plus streaming offering for popular and award-winning television series and films from several brands within the AMC Networks family."

With cord-cutting eroding traditional pay-TV subscribers, AMC Networks has been pursuing a strategy of trying to reach viewers by getting its networks and programming on multiple streaming and over-the-top platforms.

Last month, AMC Networks CEO Christina Spade departed and chairman James Dolan announced the company would be making “large-scale layoffs.” In the next few days, the company eliminated 20% of its staff. AMC said it would be taking charges against earnings of between $350 million to $475 million, including organizational restructuring costs including severance totaling about $50 million to $75 million.

In 2018, AMC Networks participated in a $75 million funding round for Fubo TV. 21st Century Fox and Scripps Networks Interactive also participated in the financing. AMC said it does not currently own a stake in Fubo. ■

Hopefully readers had a Happy New Year, but there‘s no holiday for many in the industry who have to deal with issues ranging from the cost of streaming to cord-cutting to a weak economy.

Here’s a list of executives at key companies facing big challenges and questions. We’ll be following them to see what solutions they come up with.

Also: 2023 Predictions: Streaming Grows with Advertising and Measurement Follows

Jeff Shell, Comcast

Jeff Shell, as CEO of Comcast’s NBCUniversal business, is in charge of the cable giant’s media assets at a time when the media business is under pressure and perhaps a questionable investment. Other media companies have doubled down on streaming and, while already losing billions of dollars, NBCU’s Peacock remains tiny. Comcast might opt to buy Disney’s majority stake in Hulu rather than sell its own minority stake to Disney. Or Comcast could spin off NBCU, or maybe merge it with Warner Bros. Discovery or Paramount to gain scale. Either way Shell will have an important seat at Comcast scion Brian Roberts’s table.

Chris Licht, CNN

Everyone at Warner Bros. Discovery is on a hot seat fueled by $50 billion in debt. Big things need to be done, including the creation of a new direct-to-consumer streaming service that combines HBO Max and Discovery Plus. But the most pressure is on Chris Licht, who was made head of CNN last year. Licht has already shook up the network’s morning show and primetime schedule and stripped familiar programming from HLN. Hundreds of staffers have lost their jobs and there are no promises that more won’t end up on the chopping block until ratings and revenues pick up.

John Halley, Paramount

John Halley, the head of Paramount ad sales, replaced Jo Ann Ross, the queen of the upfronts. He canceled the company’s iconic Carnegie Hall upfront event in a softening ad market. Paramount owns the most traditional of the traditional broadcasting networks in CBS, while its cable networks — including MTV, Comedy Central and Nickelodeon — are challenged by cord-cutting (bright spot: Paramount Network with Yellowstone). No doubt the ad business is changing from touch to tech and from broadcast to streaming, but do Halley and Paramount risk trading broadcast bucks for digital dimes?

David Kenny, Nielsen

David Kenny accomplished the sale of Nielsen to a consortium of private equity companies. How interested is he in trying to maintain Nielsen’s hegemony over the media research business? Can he sell Nielsen One to an industry that is hopeful that converged measurement will become available, but skeptical about Nielsen’s ability to deliver and worried about how much it will cost? Or will he join the half dozen other top Nielsen execs taking the packages made available by the buyout?

Charlie Collier, Roku

The tech giants have turned their attention to TV with Google and Amazon using the mighty NFL as a key part of their programming playbooks. What are streaming-device maker Roku and Charlie Collier, who joined Roku from Fox Entertainment last year, going to do for content? Collier is also in charge of advertising, but Roku will have to attract eyeballs to sell ads. Can he make a big swing, like AMC Networks did when he was there, with a run of iconic shows: Mad Men, Breaking Bad, The Walking Dead?

Charlie Ergen, Dish Network

Charlie Ergen, chairman of Dish Network, may have run out of broadcasters to black out. Is it finally time to focus on mobile and get out of the TV business by merging Dish Network with DirecTV? In November, he said the window is open. Is he ready to jump through?

Mike Hopkins, Amazon

Amazon made big inroads into the TV business in 2022. A first exclusive season of Thursday Night Football, the megamillion-dollar series The Lord of the Rings: The Rings of Power, the rebrand of the Freevee AVOD service. There’s still much to be done. Amazon’s $8.5 billion acquisition of MGM needs to be integrated, a task that might be complicated by the departure of hit-maker and Trump creator Mark Burnett.

David Preschlack, Diamond Sports Group

Veteran TV sports exec David Preschlack in December was named CEO at Diamond Sports Group, the increasingly separate division of Sinclair Broadcast Group that runs the Bally Sports regional sports networks. That gives him the unenviable task of managing shrinking distribution revenue and rising rights costs while improving relationships with the major sports leagues whose streaming rights he needs to reach cord-cutting sports fans. The odds are against business as usual with the smart money betting on a race between bankruptcy and a sale, possibly to those same sports leagues.

Adam Silver, NBA

Adam Silver is commissioner of the National Basketball Association, the next major league whose television rights will be available. With its young, hip fan base, NBA rights will command an increase from the $2 billion currently paid by The Walt Disney Co. and Warner Bros. Discovery. WBD CEO David Zaslav recently declared that his company doesn’t need the NBA. Maybe not. But its Turner networks won’t be the same without Inside the NBA. The rights could go to the NBA (with John Tesh’s Roundball Rock theme making a comeback) or Amazon, Apple or Google could line up for a three point shot.

Soo Kim, Standard General

Soo Kim, founder and CEO of Standard General, reached a deal to buy Tegna for $8.6 billion almost a year ago. But the approval process has been unusually protracted. Facing opposition from unions, rival station groups and cable operators, Standard General has stressed the deal would be in the public interest, bringing diversity to the station group’s management. Kim has also made extraordinary promises not to lay off newsroom staff or to leverage Tegna’s size to get better retransmission deals for Standard General but no end is in sight. The delays have been costly. Interest rates are up and the media business has entered a recession, lowering the value of broadcast assets. How long can Kim fight to get this deal approved? Or will he give up and let someone else grab Tegna?

James Dolan, AMC Networks

James Dolan, chairman of AMC Networks, let CEO Christina Spade go in November and announced there would be “large-scale layoffs” at the company. Those layoffs were swiftly executed, with about 20% of the company’s staff being let go. Dolan has become executive chairman at AMC, but it remains to be seen what will happen to the company and whether there’s a place in the industry for a small-scale distributor of high-quality content.

Jeremi Gorman, Netflix

Jeremi Gorman joined Netflix as president of worldwide advertising soon after the streaming giant announced that after being proudly commercial free, it would be selling spots. After making an ad-tech deal with Microsoft, Netflix got its ad tier launched with remarkable speed. But early returns were just that: Netflix had too few ad-tier viewers and had to give money back to sponsors. Gorman will aim to scale up before the upfronts. Pro tip: Carnegie Hall is available. ■

AMC Networks said James Dolan has been appointed interim executive chairman of the company, following the departure of CEO Christina Spade on November 29.

Dolan had been chairman of AMC’s board of directors.

When AMC announced that Spade was stepping down, the company said it was “finalizing” who would be named as a replacement.

After Spade’s exit, AMC Networks laid off 20% of the 1,000 people who worked there. The company cited the changing media landscape, with cord-cutting reducing revenues faster than they can be replace by streaming as making eliminating costs necessary.

Also Read: AMC Networks Restructuring To Result in $350-$475 Million Charge

AMC said that as executive chairman, Dolan will be able to provide strategic oversight of the company until a new CEO is named. 

“AMC Networks has a seasoned executive leadership team and I look forward to working with them to provide high-level strategic direction and guidance as we navigate the business during this period of transformation in the media industry," Dolan said.

He will keep the new post until a new CEO is selected or March 6, whichever comes first.

In a filing with the Securities and exchange commission, AMC said that Dolan, whose used to own Cablevision Systems and continues to control AMC, Madison Square Garden and the New York Knick and Rangers, will not receive any incremental compensation with his appointment as interim executive chairman.

As a director of AMC Networks, Dolan received total compensation of $242 624 in 2021. ■

AMC Networks said that the restructuring plan that includes laying off 20% of its staff will result in pre-tax charges of between $350 million and $475 million.

In a filing with the SEC Thursday, the company said the costs will include “strategic programming assessments” leading to content charges of $300 million to $400 million and organizational restructuring costs, including severance, retention and other costs, of about $50 million to $75 million.

AMC said the restructuring efforts are "ongoing" and could result in additional charges.

The company said it expected the process to be completed by the end of 2023.

AMC on Tuesday announced that recently named CEO Christina Spade had stepped down and then chairman James Dolan sent a memo to staff warning that “large scale” layoffs were in the offing.

In its SEC filing, AMC said the restructuring was made necessary as the result of  “cord cutting” and the related impacts being felt across the media industry as well as the broader economic outlook.

The company said that 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. The company may realize some future licensing and other revenue associated with some of the owned titles.” ■

After announcing the departure of CEO Christina Spade, AMC Networks chairman James Dolan sent a memo to staff warning the company was planning to make "large scale" layoffs and other cuts to operations.

In his memo Dolan cited the difficulties faced by the pay-TV industry and the fact that streaming has not yet replaced the revenues being lost by the traditional cable networks that make up the bulk of AMC's business. AMC has confirmed reports that the layoffs could amount to 20% of the company's work force which totals about 1,000 employees.

"As I am sure you are aware our industry has been under pressure from growing subscriber losses. This is primarily due to 'cord cutting.' At the same time we have seen the rise of direct to consumer streaming apps including our own AMC Plus," Dolan said. "It was our belief that cord cutting losses would be offset by gains in streaming. This has not been the case. We are primarily a content company and the mechanisms for the monetization of content are in disarray."

Dolan said that he and the AMC board have decided the company needs to conserve its resources.

"We have directed the executive leadership of AMC Networks to undergo significant cutbacks in operations. These will include a large-scale layoff as well as cuts to every operating area of AMC Networks," Dolan said. "We of course realize that this will cause significant concern and anxiety for our employees and those who rely on AMC Networks for their livelihood. We do not take this lightly. We will take every step possible to minimize the impact of these actions on our community. However, it is imperative that we begin immediately with this new course of action."

Dolan said details of the cuts would be communicated in the near future.

In the third quarter, AMC’s net income dropped to $84.7 million from $110.7 million a year ago. Revenue fell 16% to $682.1 million. Advertising revenue was down 16% to $407 million.

In midday trading AMC Networks shares were down more than 5% to $19.40, down from a 52-week high of $44.66.

AMC Networks management has been in flux for a while. Josh Sapan, who had been CEO of the company for 26 years stepped down in August 2021 and became executive vice chairman. A number of other senior AMC executives have left the company as well.

Sapan was succeeded on an interim basis by former Showtime head Matt Blank. Christina Spade, who had joined the company as CFO from CBS and Showtime, was named CEO in August. ■

AMC Networks on Tuesday announced that CEO Christina Spade had “stepped down” from her post after just four months on the job.

The company said its board of directors “is currently finalizing who it will name as a replacement, with an announcement to follow.”

In a filing with the Securities and Exchange Commission, the company said Spade will receive the severance benefits payable in accordance with the terms of her employment agreement, dated August 4, 2022, on a termination without “cause” or resignation for “good reason” basis.

Spade was AMC’s chief financial officer when she was promoted to CEO in August. She previously had been chief financial officer for CBS Corp. and for its Showtime unit, where she worked with Matt Blank, who had been AMC’s interim CEO.

Naming a CFO as CEO indicated that AMC, spun off from Cablevision Systems and still controlled by the Dolan family, might be considering selling or merging the company.

As a smaller, independent programmers, AMC is being squeezed by cord-cutting and a tough advertising market. It has moved into streaming with a group of special interest direct-to-consumer services. AMC’s goal is to get those services to a combined total of 20 million to 25 million subscribers by 2025. That would be far behind the leader, The Walt Disney Co., which already has more than 200 million subscribers.

In the third quarter, AMC’s net income dropped to $84.7 million from $110.7 million a year ago. Revenue fell 16% to $6821 million,. Advertising revenue was down 16% to $407 million.

In September, AMC put all revenue and distribution under Kim Kelleher, who had been head of the company’s advertising sales business,

“We thank Christina for her contributions to the company in her CEO role and her earlier CFO role, and we wish her well in her future endeavors,” AMC Networks chairman James Dolan said. ■

When the finale episode of the original version of AMC Networks’ The Walking Dead aired Sunday night, characters from earlier seasons of the show were brought back to live in commercials make for the occasion. 

The custom spots were created by Ryan Reynolds’ Maximum Effort marketing agency,  AMC’s Content Room, and Dan Sanborn of Jimmy Kimmel’s Kimmelot production company on behalf of marketers Autodesk, Deloitte, DoorDash, MNTN and Ring.

The spots bring back actors and characters that the show’s fans will remember, including Milton Mamet, played by Dallas Roberts; Andrea Harrison, portrayed by Laurie Holding; Rodney, played by Joe Ando-Hirsh and Gareth, acted by Andrew West.

“Ads should be fun. The Walking Dead has generated more cultural conversation over the last decade than any other property and we wanted to honor that by bringing a few characters back from the dead in some fun contextual ads,” said Reynolds.

“We were blown away by the total support of AMC Networks' Content Room and the willingness to be untraditional shown by Deloitte, DoorDash, Autodesk and Amazon Ring. I would also say MNTN but that one was easier since I control that budget! Ads can be a part of the cultural conversation as they once so frequently were. They just need a little more love, attention and mischief,” said Reynolds. COO of MNTN, the ad tech company that acquired Maximum Effort in 2021.

Working closely with the AMC Networks’ Content Room team, Maximum Effort successfully shot all five commercials in two days across two key locations, turning around finished spots in time to air with the finale.

"It was great partnering with Maximum Effort on this epic partner showcase. Content Room’s unique access to the zombie apocalypse and its millions of living fans is one of the many ways we can contextually bring a brand to life,” said Kim Granito, executive VP of Content Room and integrated marketing for AMC Networks. “We know TWD fans will love the creativity and seeing some of their favorite characters come (back) to life through these imaginative spots.”

In one spot Rodney’s head orders from Door Dash, promising the delivery guy he won’t bite. In the spot for Ring, Gareth uses the camera on his doorbell to avoid live people selling raffle tickets. “I would literally rather die…again,” he says. Andrea Harrison shows off the brains she’s collected at Deloitte.

After it launched, The Walking Dead quickly became the highest rated show on cable, and in some seasons was drew the biggest audience of any scripted shows on TV.  For AMC, spots on The Walking Dead drew record pricing, and demand for the spots helped the company sell its other ad inventory at higher costs per thousand viewers.

Even as the series aged, and cord cutting eroded audiences, prices for spots on The Walking Dead remained high and prices for spots in the finale cost hundreds of thousands of dollars.

The clients in the finale said they were all in.

“The Walking Dead has been a cultural phenomenon, and we’re proud of the role Autodesk’s software has played in bringing many of TWD’s visual effects to life over these past 11 seasons," said Dara Treseder, Chief Marketing Officer, Autodesk. “Autodesk is thrilled to partner with Maximum Effort – and alongside beloved brands – to celebrate the show’s finale and connect the audience to the technology behind the scenes. As Milton Mamet shared – with Autodesk software, anything you can imagine, you can design and make – from greener buildings and cleaner cars to award-winning TV shows!”

“If there is one thing this post-apocalyptic show has taught us, it’s that creativity, resilience and preparedness are essential to survival,” says Suzanne Kounkel, CMO, Deloitte US. “When we think about The Walking Dead we think about transformation, transcending limitations and circumstances, and overcoming seemingly impossible obstacles. At Deloitte, our people do just that every day, tackling some of the most pressing challenges of our time, with creativity, innovation and a willingness to take risks. We’re privileged to participate in this cultural moment – the end of an era for The Walking Dead fandom – and for the opportunity to collaborate with Maximum Effort on an ad campaign that enables us to celebrate our brand and showcase our fun, creative side.”

“We're super stoked to partner with Maximum Effort to send off this wonderfully beloved series. The Walking Dead has captured the hearts and imagination of millions of fans and to be a part of such a fun and unexpected advertising intervention is truly special” said DoorDash’s head of brand marketing, David Tai Bornoff. “For more than 12 years, the show delivered to its fanbase, and we hope that DoorDash does the same, whether to your porch, your door, or your pike!"

“Tapping into cultural moments like this AMC campaign allows us to show up in unexpected ways and bring some fun to our brand,” said Lindsey Scheftic, head of marketing for Ring. “This collaboration is another way for us to delight customers and reach new audiences in helping make neighborhoods (and Zombies) safer.”

AMC is keeping its Walking Dead franchise undead with a number of spinoffs including Fear The Walking Dead, The Walking Dead: World Beyond, Tales of The Walking Dead and projects featuring Walking Dead characters Rick, Michonne and  Daryl.  ■