AMC Networks has presented about 200 employees with a voluntary buyout option, TheWrap has confirmed.
The company expects about a 10-20 percent acceptance rate from staff members with 10 or more years experience, per a spokesperson, though it could obviously be much higher. The roughly 200 employees approached represents about six percent of total staff.
The cable channel group includes AMC, BBC America, IFC, Sundance TV, WE TV, IFC Films and AMC Networks International. Crown jewel AMC is home to cable’s biggest series, “The Walking Dead.” It also boasts spinoff “Fear the Walking Dead,” “Better Call Saul,” “Humans,” and “Into the Badlands.”
The cost-cutting move comes as AMC stock has steadily been sliding since early December. Shares are down about 32 percent from that month’s first week to-date.
Here’s a snapshot of AMCX’s last 12 months:
Deadline first reported the news of the buyouts.