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Morgan Stanley’s Mike Wilson on inflation in 2023, Fed policy

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Horizon Therapeutics Fields Takeover Interest From Pharma Giants

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Horizon Therapeutics Fields Takeover Interest From Pharma Giants

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AMC Networks CEO exits after brief stint; plans 20% U.S. job cuts By Reuters

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© Reuters

(Reuters) -AMC Networks said its chief executive officer had stepped down, less than three months after taking over the role, and that it would cut about 20% of its U.S. workforce as it faces industry pressures and a challenging economy.

Shares of the cable TV network, home to hit shows such as “Mad Men” and “The Walking Dead”, fell 4.4% on Tuesday.

Christina Spade, who served as CEO since September, will receive severance benefits in accordance with the terms of her employment agreement, on “a termination without ’cause’ or resignation for ‘good reason’ basis,” the company said in a regulatory filing.

AMC Networks (NASDAQ:) declined to comment further on the departure. It said the board was in the process of finding a successor.

“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.

The layoffs at AMC Networks come at a time when several companies including Amazon.com Inc (NASDAQ:) and Facebook-parent Meta Platforms Inc (NASDAQ:) are making deep cuts to their employee base to navigate a potential downturn in the economy.

AMC Networks had 1,739 full-time and 287 part-time employees as of Dec. 31, according to a regulatory filing.

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

The streaming unit has, however, emerged as a bright spot. Revenue in the division surged 41% in the last reported quarter, even as the company’s overall revenue slumped 16%.

Spade joined as CFO in 2021 after serving as the finance chief of ViacomCBS (NASDAQ:), 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.

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Amazon used AWS in satellite experiment

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An image captured by the ION Elysian Eleonara satellite in January 2022.

D-Orbit

Amazon’s cloud computing division successfully ran a software suite on a satellite in orbit, in a “first-of-its-kind” experiment, the company announced Tuesday.

AWS, or Amazon Web Services, conducted the prototype satellite software demonstration through partnerships with Italian company D-Orbit and Swedish venture Unibap. The experiment was conducted over the past 10 months in low Earth orbit, using a D-Orbit satellite as the test platform.

The success of the AWS demo has implications across the space industry, as spacecraft – meaning anything from space stations to satellites – face a bottleneck in both data storage and communications while in orbit.

A “downlink,” the process of transferring data from orbit, requires a spacecraft connect to a ground station, with limitations such as the speed of the connection, or the time window in which the spacecraft is above the ground station.

AWS’ software automatically reviewed images to decide which were the most useful to send to the ground. It also reduced the size of images by up to 42%.

“We demonstrated the capability to increase the [satellite’s] productivity,” AWS vice president Max Peterson told CNBC.

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Peterson added that the experiment also showed that AWS can help companies perform “insight operations on the satellite, instead of having to wait until you can downlink back to Earth.”

“We can train models to recognize practically anything … [giving] the ability to both improve the utilization of a really expensive asset in space, and be able to take huge amounts of data and get insights and translate it into action faster,” Peterson said.

AWS has steadily built out its Aerospace and Satellite Solutions unit since its establishment in 2020, with the company providing cloud services to a variety of customers and partners across the space sector.

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