Extracted from this filing and checked against the source text.
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 1.0
AMC Global Media Inc. announced a restructuring with charges of strategic programming assessments and organizational restructuring costs affecting Content and organizational restructuring (severance, retention and other costs).
- Type
- restructuring
- Charge
- strategic programming assessments and organizational restructuring costs
- Affected area
- Content and organizational restructuring
- Headcount
- severance, retention and other costs
Exact text from the filing
On November 28, 2022, AMC Networks Inc. (the “Company”) commenced a restructuring plan (the “Plan”) 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 Plan encompasses initiatives that will include, among other things, strategic programming assessments and organizational restructuring costs . As a result of the Plan, the programming assessments pertain to a broad mix of owned and licensed content, including legacy television series and films that will no longer be in active rotation on the Company’s linear or digital platforms. The Company may realize some future licensing and other revenue associated with some of the owned titles. The Company estimates it will incur approximately $350 million to $475 million in pre-tax restructuring charges comprised of: • strategic programming assessments leading to content charges of approximately $300 million to $400 m
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