AMC Networks Names ViacomCBS Exec Christina Spade CFO

AMC Networks announced on Friday the appointment of Christina Spade as CFO and executive vice president, effective immediately. She succeeds the company’s previous finance chief, Sean Sullivan, who left in October for the same position at SiriusXM. Donna Coleman, former executive vice president of finance at Madison Square Garden and CFO of MSG, had been serving as interim CFO while the entertainment company searched for Sullivan’s replacement.

In her new position, Spade will oversee financial operations, as well as investor relations and global technology, for AMC Networks. She has spent her entire career in the media and entertainment industry, most recently as CFO and executive vice president at ViacomCBS. She’s also held chief finance roles at CBS Corporation and Showtime Networks, where she spent more than two decades and played a crucial role in scaling its streaming platform, also called Showtime. Earlier in her career, Spade served as an audit manager at PricewaterhouseCoopers in the entertainment, media and communications practice. 

“AMC Networks has built a strong portfolio of distinct brands that are synonymous with high quality,” Spade said in a statement. “I look forward to the opportunity to work with the AMC Networks team to build on the company’s long track record of innovation and success.”

Spade will be tasked with restoring cash flow to the company: Third-quarter earnings revealed net revenue had declined 9% to $654 million year-over-year, while third-quarter net income was $62 million, down from the $117 million AMC earned in the prior year period. Known for series such as The Walking Dead, AMC Networks has capitalized on consumer preferences, launching streaming services like Acorn TV and Sundance Now, which have helped diversify its revenue streams. AMC Network’s fourth-quarter earnings, which are expected to be reported next month, will reveal more of the financial challenges that Spade is up against. Her time spent at previous entertainment companies should serve her well. 

Spade’s appointment is aligned with the recent trend of more companies tapping women to helm the CFO role. While the percentage of female CFOs grew slightly in 2020—according to executive recruiting firm Crist Kolder Associates’ annual volatility report, in 2020, 13.4% of S&P 500 and Fortune 500 companies had female CFOs, compared to 13.2% in both 2019 and 2018—it’s grown significantly since 2010, when just 8.7% of all finance chiefs were women. But female leaders still have a long way to go: Of the 674 CFO positions at S&P 500 and Fortune 500 companies at the time of Crist Kolder’s report, just 90 were helmed by women, a stark contrast to the 500-plus men serving in the role. 

Spade will report to Josh Sapan, AMC Networks president and CEO. “Chris is an outstanding leader with a deep understanding of the media business and an impeccable track record driving strong financial and operational results,” said Sapan in a statement. “With her significant business transformation experience, Chris will be a strong addition to AMC Networks’ management team as we continue to reshape our company, accelerating our efforts to advance our streaming business while continuing to create the world-class content for which we are known.”