What AMC’s streaming woes say about the larger TV industry

But three days after the call, MoffettNathanson warned that the traditional TV business was declining faster than expected and said AMC might never return to the free cash flows it once generated. Then, on 11/29, AMC Networks said that Ms. Spade had resigned after about three months of her tenure as chief executive. The board concluded that she was not the right executive to lead AMC Networks through the turbulent time that lay ahead, according to one person with knowledge of the decision, and gave her a separation package worth about $10 million.

Woman. Spade did not respond to requests for comment.

AMC Networks’ next steps will be overseen by Mr. Dolan, who on 5/12 became interim Executive Chairman of the company, which gave him the opportunity to work directly with the AMC Networks management team. In a statement, AMC Networks said it will continue to distribute its shows and films across multiple platforms, with a focus on ad-supported streaming and making its traditional TV business more profitable with targeted advertising.

“The cost actions we are taking are focused on helping us address the current challenges being felt across the media industry, as well as the broader economic outlook,” the statement said.

as Mr. As Dolan ponders the future of AMC Networks, industry speculation will inevitably center on whether he will join his peers in considering a sale to a larger competitor. But it is a bad time for that. Stock prices have fallen across the media industry as investors grow increasingly skeptical of unprofitable streaming services and declining cable TV businesses. And the ad market has deteriorated, threatening to further depress ratings.

To make matters worse, AMC Networks doesn’t own some of the shows it’s made famous, including Mad Men, which is owned by Lionsgate, and Breaking Bad, which is owned by Sony, according to people with knowledge of the matter. But AMC Networks owns The Walking Dead and has already started promoting new shows from the Anne Rice Immortal Universe franchise. The company’s library value could weigh on any price the company can achieve in a sale.

“It’s scary to be a buyer of AMC Networks since their channel portfolio is no longer a must-carry for distributors,” said Mr. Greenfield.

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