AMC Networks appoints James Dolan's wife as new CEO
AMC Networks Chairman James Dolan has appointed his wife, Kristin Dolan, as CEO of the cable TV-native media empire following months of executive shuffling and broader layoffs at the company.
Kristen Dolan, a longtime AMC board member, will take the reins on Feb. 27, the company announced late Wednesday. The position has remained vacant for three months since AMC Networks' former CEO departed the company following internal conflicts over the company's strategy.
Kristen Dolan has more than 30 years of media experience at companies like Cablevision, where she met her husband and held various positions in marketing and product management before leading the company's cable operations, according to AMC. She has been separated from James Dolan since 2018 but remains close with him, according to the Wall Street Journal.
AMC Networks was once a cable industry leader, producing critically acclaimed television series including Breaking Bad, Mad Men and The Walking Dead. But the company has since struggled to turn a profit as cord-cutters abandon cable television for streaming services like Netflix and Hulu.
Shares of AMC, which is publicly traded, have plunged nearly 55% over the last year, while its market value has fallen below $1 billion. The company also owes $400 million due in April 2024 and an additional $800 million in 2025, according to securities filings.
AMC Networks' last CEO, Christina Spade, left in November following disagreements with James Dolan over how to execute layoffs and drive AMC's transition to streaming services. Following Spade's departure, he sent a memo to staff saying the company would lay off roughly 20% of its employees.
AMC Networks' flagship streaming service, AMC +, offers subscriptions for $9 per month and is operating at a loss. The company owns other streaming services, including the horror-focused Shudder and Acorn TV, which are breaking even or profitable, people familiar with the company's financials told the Wall Street Journal. But those profits aren't sufficient to make up for the steep decline of AMC's once-lucrative cable-TV business.
Dolan expressed confidence that his wife can turn AMC Networks around.
"Kristin is a proven executive and operational leader with a track record driving organizational change, a history managing subscription-based businesses, and a deep understanding of audience engagement and advertising, " Dolan said in a statement. "These are areas of critical importance as we transform our company and monetize our high-quality content."
