AMC Networkswhich continues its shift from linear television to streaming, is cutting about 5% of its global workforce of 1,800 employees through a voluntary buyout.
General manager Christine Dolan announced the cuts on Friday during the company's third-quarter earnings report. earnings call Wall Street analysts. Previously the company had reported mixed results for the quarterwhile advertising revenue fell 17%, but streaming revenue rose 14%.
In the company's earnings call, Dolan called the quarterly results “a key milestone in our transition from a cable network business to a technology-focused global streaming and content company.”
Dolan said “less than 5%” of employees would leave as a result of the initiative, which is designed to “ensure we have the skills we need for the future.” She added that company leaders are “grateful for the contributions of those who have chosen to pursue new opportunities and, of course, those who are leading this new era of the company.”
AMC Networks, the parent company of cable networks AMC, IFC, Sundance TV, We TV and BBC America, also operates a portfolio of niche streaming services AMC+, Shudder and Acorn TV with a total of 10.4 million subscribers.
AMC Networks' workforce reductions come during much wider pullback throughout the entertainment sector. Paramount is laying off about 2,000 employees following its merger with Skydance, about 10% of its total workforce. Warner Bros. Discovery recently initiated layoffs at its cable business and will likely be part of more cuts as the company moves closer to a deal that will either be acquired or split into two companies. Disney also laid off several hundred workers last summer.
However, it's not just that traditional media are tightening their belts. Advances in artificial intelligence are leading to significant layoffs even at large tech companies. Last month, Amazon said it was cutting 14,000 corporate jobs, including in publishing and video game development.
