Benzinga | Aug 24, 2021 02:22PM EDT

AMC Networks Hunts For Permanent CEO As Veteran Chief Resigns Abruptly

* AMC Networks Inc (NASDAQ:AMCX) appointed former Showtime Networks Inc's Matthew Blank as the interim CEO effective September 8. The company had initiated a search for a permanent CEO.

* CEO Josh Sapan transitioned to the role of Vice-Chairman after 26 years in the position.

* Sapan is credited for AMC's transformation, pitting it against streaming powerhouses like AT&T Inc's (NYSE:T), HBO, and Netflix Inc (NASDAQ:NFLX), Bloomberg reports.

* AMC Networks also fueled takeover speculations due to its relatively small size in a consolidating media landscape.

* AMC Networks reported a Q2 beat this month.

* Price Action: AMCX shares traded lower by 1.03% at $48.82 on the last check Tuesday.