AMC Networks Says CFO Patrick O’Connell Exiting For New Role Outside Media Business

AMC Networks Chief Financial Officer Patrick O’Connell is stepping down in order to pursue “an opportunity outside of the media industry,” the company said Thursday.

In announcing the departure, the cable and streaming programmer didn’t offer details about O’Connell’s next career chapter. It noted that he will take part in the company’s upcoming fourth quarter earnings release and conference call with Wall Street analysts. The date of the earnings release and call has not been confirmed, but it should be in the next couple of weeks. O’Connell will remain with AMC Networks through March, and a search is under way for his successor.

A former managing director at Goldman Sachs and EVP and head of corporate development at CBS Corp., O’Connell was named CFO in mid-2022 after predecessor Christina Spade was elevated to CEO. Spade departed just three months later amid significant layoffs and cost-cutting.

Like its media industry peers, AMC Networks faces significant exposure to the decline of traditional pay-TV. In recent quarters, streaming has overtaken linear as a contributor to total company revenue, but advertising and distribution revenue have fallen by double digits due to cord-cutting and adjustments in ad spending.

The company is now run by CEO Kristin Dolan, who took the helm in early 2023. Dolan recently had her contract extended through 2028.

“On behalf of the Board and the entire company, I want to thank Patrick for his leadership, partnership, and meaningful contributions to AMC Networks,” Dolan said. “He has been a trusted colleague and steady leader who’s played an important role supporting our strategic priorities and positioning our company for continued success. His decision to pursue this new opportunity outside the media industry comes with our full support, and we wish him every success in this next chapter.”

O’Connell in a statement expressed gratitude to the Dolan family along with the company’s board and leadership team.

“It It has been a privilege to work with such a talented organization. I am proud of what we accomplished together and am confident in the future of AMC Networks,” he said.

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