AMC Networks CEO Kristin Dolan received $14.6 million in total compensation for 2023.
The package, which was disclosed in the company’s latest SEC proxy filing, included a $1.65 million base salary, $8.8 million in stock awards, $4.04 million in non-equity incentive plan compensation and $71,750 in “other” compensation, including $8,585 in company match contributions to her 401(k) plan, $49,658 in reimbursements for personal helicopter travel and $13,277 in director compensation.
The median AMC Networks employee received $88,982 in 2023. The ratio of Dolan’s pay compared to the median employee was 164 to 1.
Dolan, the wife of AMC Networks’ owner James Dolan and the former CEO of TV analytics firm 605, took over the CEO role in February 2023. She replaced Christina Spade, who exited the position in 2022 after just three months.
Following Spade’s departure, James Dolan stepped into the role of interim executive chairman in November and announced a “large-scale layoff” affecting about 20% of AMC Networks’ staff and “cuts to every operating area.”
In her first earnings call as CEO, Dolan argued that the TV landscape has gotten too confusing for consumers and that the industry needs to work together to come up with “new thinking on bundling and partnerships.”
“In an environment of shifting consumption, we are committed to making our content available across the entire distribution ecosystem. While we reevaluate the pathways to content monetization, we are strategically reducing costs and streamlining our organization,” she said at the time. “We remain focused on the overall profitability of the company as we continue to maintain a strong balance sheet, drive free cash flow and maximize shareholder value.”
In 2023, AMC Networks generated $203.9 million and free cash flow of $169 million, reflecting a 12.1% and 23% increase, respectively, from the prior
year. It also renewed key multi-year carriage agreements, introduced an ad-supported tier of AMC+ and expanded its ad-supported distribution ecosystem to include five linear networks, several targeted streaming services and 17 FAST channels. It also struck a content licensing partnership with Warner Bros. Discovery’s Max.
“Throughout the year, we have worked to update our stockholders on a range of topics including the Company’s business strategy, board of directors, governance and executive compensation practices, as well as environmental and social matters,” James Dolan wrote in the proxy’s letter to shareholders. “We are committed to maintaining an active dialogue with our stockholders and remain focused on creating stockholder value.”
AMC Networks stock has fallen 43% year to date and 35.7% in the past year.
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