AMC Networks is undergoing a significant changing of the guard, as CEO Josh Sapan has announced he will step down after a 26-year run in the corner office. Former Showtime chief Matt Blank will take over on an interim basis, in a one-year appointment designed to maintain stability during a search for a permanent CEO. Sapan will become executive vice chair of the company as of Sept. 8.
Josh Sapan, who has guided AMC Networks since it was a Cablevision subsidiary known as Rainbow Media a quarter-century ago, has signed a contract renewal to remain its president and CEO for two more years.
AMC Networks CEO Josh Sapan saw his 2018 compensation fall 30% from the previous year to $20.5 million. Sapan earned a salary of $2 million and a bonus of $4.6 million, according to AMC Networks’ annual proxy filing with the Securities and Exchange Commission.
Among those honored at Wednesday’s ceremony in Miami Beach were AMC Networks’ Josh Sapan, YouTube’s Susanne Daniels, Univision’s Randy Falco, multihyphenate Eva Longoria and Fox’s Gary Newman and Dana Walden.
Six honorees will receive their awards at a reception scheduled for Jan. 18 at the Fontainebleau Hotel in Miami Beach.
AMC Networks CEO Josh Sapan told investors that his company’s channels are “dramatically underpriced” by MVPDs relative to the audience they deliver.