AMC Networks said it promoted Christina Spade to CEO, effective September 9.
Spade has been the company’s COO and CFO. She will succeed Matt Blank, who had been interim CEO since September.
The company also said that Patrick O’Connell was named CFO, reporting to Spade.
AMC Networks reported that second quarter net income rose to $83.429 million, or $1.91 a share, from $35.885 million, or 83 cents a share.
Revenue dropped 3% to $738 million. Streaming revenues grew 20%. AMC said it had 10.8 million streaming subscribers at the end of the quarter, up 1.3 million from the first quarter and up 46% from a year ago.
The company reiterated that it was on track to achieve its long-term goal of 20 million to 25 million streaming subscribers by 2025.
AMC’s domestic operations had an adjusted operating income of $209.5 million, down 16.3%. Revenue fell 2.8% to $621.1 million.
The company reaffirmed its full-year financial outlook of low-single digit revenue growth and said adjusted operating income would be 10% lower for the full year because of increased strategic content, marketing and technology investments. It expects to generate $100 million in free cash flow.
Spade joined AMC Networks as CFO in January 2021 from ViacomCBS, where she had been CFO. She had been CFO of CBS before the merger of Viacom and CBS. She was named a Multichannel News Wonder Woman in 2017 when she was CFO and executive vice president of CBS's Showtime Networks.
“I’m delighted that Chris is taking over as our new CEO. She is a proven leader with a long track record driving transformative change in media and entertainment and I am confident she has the expertise and vision to guide AMC Networks to greater success,” said James Dolan, chairman of AMC Networks.
“I want to thank Matt for his leadership over the past year and for the changes he’s brought about in the company and best positioning us for our further pivot into streaming,” Dolan said.
According to an SEC filing, Spade’s base salary will be $1.75 million, with an annual bonus targeted at 200% of salary. She is also expected to get at least $3.75 million as part of the company’s long-term incentive program. In addition Spade will get $6 million in restricted stock units as a special equity award and a signing bonus of $30,000.
“I am honored to assume the role of CEO,” said Spade. “I’m a fan of this company in every respect, its content, brands, and most importantly, its people and dynamic and inclusive culture. I’m grateful for the support of Jim, our Board of Directors and Matt, and I look forward to working with the strong team here to unlock the rich opportunities that lie ahead.”
O’Connell joins AMC Networks from Branded, an e-commerce company, where he was chief strategy officer and head of acquisitions.
Before Branded, O’Connell was executive VP, head of corporate development at CBS Corp., where his responsibilities included mergers and acquisitions and he worked on the CBS-Viacom merger and the sale of CBS Radio. He spent 14 years at Goldman Sachs & Co.
O’Connell’s base salary will be $800,000 with a bonus targeted at 100% of salary. He is expected to get at least $1.2 million as part of the company’s long-term equity plan and a one-time signing bonus of $1.05 million.
“Patrick is a highly accomplished executive focused on delivering strong financial performance with a deep understanding of today’s media landscape opportunities. I know he’ll be instrumental in driving the business forward with his strong finance track record, entrepreneurial drive and collaborative approach,” said Spade. ■
