It looks like The Walking Dead may not be the only thing that has come to an end at AMC Networks, which operates the AMC cable TV channel, IFC, WE tv, and Sundance TV. According to The Wall Street Journal, a memo has been sent to staff warning them of major layoffs on the way.
“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,” AMC Chairman James Dolan wrote. “We do not take this lightly. We will take every step possible to minimize the impact of these actions on our community.”
All told, AMC Networks plans to lay off 20% of U.S. workers. Essentially, the reason is more people turning to streaming for their entertainment needs. AMC Networks also operates the AMC+ and Shudder streaming services, but as Dolan’s memo laid out, those services haven’t brought in enough to offset losses.
AMC operates streaming services, but they’re not successful enough to prevent layoffs
It’s tough to think that the network that has given us shows like The Walking Dead, Mad Men and Breaking Bad has been taking such a major hit this year; their stock has dipped 40%. At least The Walking Dead series finale gave AMC+ its biggest day of viewership since it began; that’s something!
According to Deadline, AMC Network isn’t the only one undergoing major layoffs. Paramount Global is laying off around 30 people as the company aligns CBS Studios, Paramount TV Studios, and the Paramount+ scripted originals team.
What’s happening at Paramount Global doesn’t sound as bad as what’s going on at AMC Networks. It’s more about organization and figuring out how to make things work more efficiently for the studios. Although that doesn’t mean the layoffs don’t hurt.
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