AMC Networks expects $350 million to $475 million in restructuring charges related to layoffs, other cost cuts
AMC Networks Inc. disclosed in a Thursday afternoon filing with the Securities and Exchange Commission that it expects to incur $350 million to $475 million in charges, before taxes, related to its restructuring plan. The company confirmed earlier in the week that it planned to lay off about 20% of its staff amid business pressures. In Thursday's filing, it said the restructuring plan was "designed to achieve significant cost reductions, in light of 'cord cutting' and the related impacts being felt across the media industry as well as the broader economic outlook." The company expects that the bulk of the charges will relate to content and programming assessments, while others will relate to organizational restructuring and areas like severance. AMC Networks noted in the filing that the efforts "are ongoing, including further strategic assessments of programming that could result in additional charges above the estimate provided above," though the company expects that its restructuring initiatives in conjunction with this plan would be "substantially" complete by the close of 2023.
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