AMC Networks has announced the departure of Chief Financial Officer Patrick O’Connell, who will leave the company to pursue an opportunity outside of the media industry. The announcement was made on Thursday, but specific details regarding O’Connell’s next role have not been disclosed. He is expected to participate in the company’s upcoming fourth quarter earnings release and conference call with Wall Street analysts, although the exact date remains unconfirmed.
O’Connell’s tenure at AMC Networks began in mid-2022, following the elevation of Christina Spade to the position of Chief Executive Officer. Spade’s time as CEO was short-lived, as she departed just three months later amid significant layoffs and a restructuring effort within the company. O’Connell will remain in his position until March 2024, during which time AMC Networks will initiate a search for his successor.
Challenges Facing AMC Networks
Like many companies in the media sector, AMC Networks is grappling with the challenges posed by the decline of traditional pay-TV. The shift toward streaming has altered the revenue landscape, with streaming services now accounting for a larger share of total company revenue. However, the company has faced a decline in advertising and distribution revenue, which has dropped by double digits, largely due to cord-cutting trends and shifting advertising expenditures.
The leadership at AMC Networks is now under the guidance of Kristin Dolan, who assumed the CEO role in early 2023 and recently had her contract extended through 2028. In a statement regarding O’Connell’s departure, Dolan expressed her gratitude for his contributions to the company. “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 stated. “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.”
O’Connell also shared his sentiments upon leaving, thanking the Dolan family and the company’s board and leadership. “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 remarked.
As AMC Networks navigates these ongoing challenges, the search for a new CFO will be crucial for the company’s strategic direction moving forward.
