AMC Networks Announces CFO Patrick O’Connell’s Departure for New Opportunity Outside the Media Industry

AMC Networks CFO Patrick O’Connell Steps Down for New Opportunity

AMC Networks announced Thursday that Chief Financial Officer Patrick O’Connell will step down to pursue an opportunity outside of the media industry. The company has not disclosed details about O’Connell’s next career move.

O’Connell will participate in the upcoming fourth-quarter earnings release and conference call with Wall Street analysts, although the specific dates for these events have yet to be confirmed. He will remain with AMC Networks until March, while a search for his successor is currently underway.

Appointed CFO in mid-2022, O’Connell succeeded Christina Spade, who was elevated to CEO but departed just months later amid substantial layoffs and cost-cutting measures. Before joining AMC Networks, O’Connell was a managing director at Goldman Sachs and served as executive vice president and head of corporate development at CBS Corp.

As AMC Networks navigates significant challenges from the declining traditional pay-TV landscape, the company has seen streaming revenue surpass linear revenue. However, both advertising and distribution revenues have declined by double digits in recent quarters, reflecting broader trends in cord-cutting and shifts in advertising spend.

CEO Kristin Dolan, who took leadership in early 2023 and recently had her contract extended through 2028, expressed her gratitude for O’Connell’s contributions. “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.”

In his own statement, O’Connell thanked the Dolan family and the company’s board and leadership team, saying, “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.”