AMC Networks to cut jobs in restructuring

(Reuters) – Cable channels operator AMC Networks Inc said on Friday it would restructure its operations by reducing its domestic workforce and centralizing some functional areas.

The company did not disclose how many employees would be impacted by the move, which is expected to result in severance costs of between $20 million and $25 million in the fourth quarter.

The majority of the severance payments will be made next year, it said in a regulatory filing https://www.sec.gov/ix?doc=/Archives/edgar/data/1514991/000151499120000048/amcx-20201118.htm.

(Reporting by Ayanti Bera in Bengaluru; Editing by Aditya Soni)