(Reuters) – AMC Networks Inc on Wednesday named media industry veteran and long-time board member Kristin Dolan as its chief executive officer, filling a position that had been empty since Christina Spade’s abrupt departure in November.
Kristin, who is the wife of company Chairman James Dolan, has previously worked at cable television company Cablevision Systems Corp and served as the top boss of data and audience analytics firm 605, which she founded in 2016.
Kristin will take the reins of the company behind shows such as “Mad Men” and “The Walking Dead” on Feb. 27. She will receive a base salary of at least $2 million, AMC Networks said.
Shares of the company, which is controlled by the Dolan family, rose more than 3% in extended trading.
The stock had gained 10% in regular trading after a Wall Street Journal report that streaming-device maker Roku in partnership with a private-equity firm had made an approach 18 months ago.
AMC Networks’ previous CEO had left less than three months after taking over the role, and the announcement on her departure had coincided with the company saying it would cut about 20% of its U.S. workforce.
Cord cutting and a gloomy advertising market have weighed on AMC Networks’ business, but its streaming unit has emerged as a bright spot. Revenue in the division surged 41% in the last reported quarter, even as the overall revenue slumped 16%.
The company’s shares more than halved in value last year.
(Reporting by Sourasis Bose in Bengaluru; Editing by Shailesh Kuber and Shinjini Ganguli)
