AMC Networks told its employees Tuesday that it is planning significant layoffs, according to people familiar with the matter and a memo obtained by CNBC.
The memo, sent by AMC Networks Chairman James Dolan, came shortly after the company announced that CEO Christina Spade stepped down from her role less than three months after being promoted to the position. The layoffs are expected to happen in the coming days and amount to about 20% of its U.S. staff, said one of the people, who was not authorized to speak publicly about the matter.
AMC Networks had more than 1,700 full-time employees and 287 part-time employees as of the end of last year.
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