The cable TV network, home to hit shows such as "Mad Men" and "The Walking Dead," said in a regulatory filing that Spade was terminated "without 'cause' or resignation for 'good reason' basis," and that she would receive "severance benefits payable in accordance with the terms of her employment agreement."

The company declined to comment further on the departure. It said the board was in the process of finding a successor.

AMC also told employees Tuesday that significant layoffs are imminent, CNBC reported, citing people familiar with the matter and an internal AMC memo.

The television network is grappling with the toughening advertising market as viewers gravitate to streaming competitors, the sources said.

Earlier this fall at an off-site meeting, Spade said AMC would hire a consultancy to determine layoffs for 2023. However, shortly after, the sources said, AMC told employees that it would not be hiring a consultant and that layoffs would take place in late fall.

"We thank Christina for her contributions to the company in her CEO role and her earlier CFO (chief financial officer) role, and we wish her well in her future endeavors," Chairman James Dolan said in a brief statement.

In the internal memo, Dolan called it a "confusing and uncertain time" for the TV industry, and said that AMC had hoped to see its streaming revenue increase more than it has. "This has not been the case," Dolan wrote. "We are primarily a content company, and the mechanisms for the monetization of content are in disarray."

Nevertheless, AMC's streaming unit has emerged as a bright spot for the network. Revenue in the division surged 41% in the last reported quarter, even as the company's overall revenue slumped 16%.

AMC Networks did not respond to a request for comment frm Reuters on the layoffs. The company had 1,739 full-time and 287 part-time employees as of Dec. 31, according to a regulatory filing.

Spade joined as CFO in 2021 after serving as the finance chief of ViacomCBS, now Paramount Global. In September, she took the helm from Matt Blank who had held it on an interim basis after long-time Chief Executive Officer Josh Sapan stepped down in August last year.

Cord cutting and a gloomy advertising market have weighed on the company's business, with shares down 40% year to date.