Audience decline forces AMC to announce "large-scale layoffs"

Companies are starting to find out just how quickly coffers will run dry when you wage war against the streaming giants of the world. For example, AMC Networks is laying off several staff members in an attempt to cut losses.

Here's an excerpt of the memo reportedly addressed to AMC Networks staff members: It was our belief that cord-cutting losses would be offset by gains in streaming. This has not been the case. We of course realize that this will cause significant concern and anxiety for our emplyoees 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. AMC Networks saw its CEO, Christina Spade, step down in September. Spade was less than three months into the role where she was expected to last through 2025. The exit resulted in AMC Networks' stock dropping by 6%.