AMC is finally addressing its slew of cancelations.
AMC Networks has taken a page out of HBO Max’s playbook and axed several projects over the past month, even those where filming had started or been completed.
In December 2022, Moonhaven was canceled at AMC+ despite being renewed for a second season. And over the past several days, AMC Networks scrapped the second seasons of 61st Street and Pantheon and new series Invitation of a Bonfire and Damascus.
The cancelations come a month after AMC Networks CEO Christina Spade exited and the company made significant cost-cutting announcements, including laying off 20% of its U.S. employees and writedowns of $400 million as the company restructures.
Dan McDermott, president of entertainment and AMC Studios, said at AMC’s TCA press tour day that the cost-cutting has been a “difficult but important process.”
“As human behavior continues to evolve, our industry is experiencing an unrivaled period of reflection and correction,” he said. “Factors including rising inflation, challenging ad market, too many shows, and an over-reliance on streaming metrics that don’t necessarily deliver profitability, have caused most content companies, including ourselves, to take stock and recalibrate their forward path.”
“At AMC, we’ve taken critical steps so that going forward, we’re optimally positioned as a lean, progressive, forward-facing organization, poised to take advantage of the myriad opportunities in the marketplace,” he continued. “We will continue to do what we do best, work with immensely talented creatives to make shows and build franchises that fans love and make a focal point of their lives.