AMC Networks Interim CEO Matt Blank’s 2021 Pay Hit Nearly $7M, Former CEO Josh Sapan’s Topped $15M
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AMC Networks interim CEO Matthew Blank received compensation worth nearly $7.0 million in 2021, the TV networks and streaming company disclosed Friday.
Former Showtime Networks CEO Blank was named to his role in late August, succeeding company veteran Josh Sapan who transitioned to the role of executive vice chairman. As interim CEO, Blank is tasked with utilizing his expertise and working with AMC Networks’ leadership, including Sapan, to “maximize the company’s streaming business, while building on its core assets.”
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Sapan received compensation worth nearly $15.3 million in 2021, compared with $11.8 million in 2020 and $20.2 million in 2019. Sapan earned a salary of $2 million last year, got more than $7.8 million in stock awards, performance incentive compensation of $5.3 million, plus other compensation.
Blank earned $630,000 in salary, $4.5 million in stock awards, nearly $1.7 million in performance incentive compensation and other compensation.
The company behind The Walking Dead home AMC, IFC, Sundance Channel and WE tv has also continued to grow its targeted streaming business, including AMC+, Acorn TV, Shudder, Sundance Now and ALLBLK.
The company’s stock fell 12 percent in 2021, but revenue increased 9 percent to a company record of $3.1 billion, driven by growth in streaming and advertising revenue. Adjusted earnings per share jumped 24 percent to $9.64, a company record.
AMC Networks’ streaming subscribers exceeded the 9 million mark as of the end of the year. Management has forecast that the company would reach 20 to 25 million streaming subscribers by the end of 2025.
“2021 was a strong, pivotal year for AMC Networks,” Blank said in February. “We met or exceeded all of our guidance metrics.” He added: “2022 will be the biggest year for original content in our history.”
