Dan McDermott
AMC NetworksAbout Dan McDermott
Dan McDermott is President of Entertainment and AMC Studios at AMC Networks, a role he has held since April 2020. He is 61 years old as of the 2025 proxy. Prior to AMC Networks, he led the Lionsgate–BBC Studios scripted TV partnership, and was a producer/writer/partner at Di Bonaventura Pictures Television; he also served as President of Television at DreamWorks and held roles at Fox Broadcasting Company. Company-level performance tied to his remit includes 2024 net cash from operating activities of $376 million (+84% YoY), free cash flow of $331 million (+96% YoY), streaming revenue of $603 million (+7% YoY), and 12.4 million streaming subscribers (+8% YoY). He received a CEO-recognized discretionary award for optimizing content strategy planning and deepening customer engagement .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lionsgate & BBC Studios | Head of scripted TV partnership | May 2019–Apr 2020 | Led partnership development in scripted TV |
| Di Bonaventura Pictures Television | Producer, writer, partner | Not disclosed | Content development, production leadership |
| DreamWorks | President of Television | Not disclosed | Oversight of TV slate and operations |
| Fox Broadcasting Company | Various roles | Not disclosed | Network programming and operations experience |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Not disclosed in AMC filings | — | — | No external public-company directorships disclosed in proxy biography |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $1,530,000 | $1,530,000 |
| Target Bonus (%) | 100% of base | 100% of base |
Performance Compensation
Annual Cash Incentive
| Metric | 2023 | 2024 |
|---|---|---|
| Eligible Earnings ($) | $1,530,000 | $1,530,000 |
| Target Bonus (%) | 100% | 100% |
| Target Bonus ($) | $1,530,000 | $1,530,000 |
| Payout Factor | 101.0% of target | 105.0% of target |
| Actual Annual Incentive ($) | $1,545,300 | $1,606,500 |
Long-Term Incentives (RSUs)
| Grant Date | Award (# RSUs) | Grant Date Fair Value ($) | Vesting |
|---|---|---|---|
| Mar 12, 2024 | 38,610 | $486,100 (at $12.59 share price) | Vests ratably over three years |
Long-Term Incentives (Cash Performance Awards, “CPAs”)
| Award | Target ($) | Structure | 3-year Payout % | Paid Amount ($) |
|---|---|---|---|---|
| 2023 CPA grant | $500,000 | Three one-year performance periods (AOI, FCF); 3-year average with modifiers; cliff vest/pay at end of period | N/A (in-flight) | N/A |
| 2021–2023 CPA cycle | — | AOI and FCF (weighted); averaged performance and modifiers | 106.5% | $319,640 |
Incentive Metrics, Weighting, Targets, Results (illustrative 2024 AIP)
| Metric | Weight | Target | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Annual Incentive Program (company-level KPIs: AOI, FCF, goals/projects) | 100% | Company set targets (AOI and FCF primary) | 105% of target achieved | 105% payout | One-year cash award |
| CPAs (AOI, FCF) | 100% | Annual targets per year within 3-year cycle | 2023 year: AOI 97.4%; FCF 136% → 106.2% weighted | 3-year payout 106.5% | Paid at end of cycle |
Equity Ownership & Alignment
| Metric | As of Dec 31, 2023 | As of Mar 12, 2025 |
|---|---|---|
| Beneficial Ownership (Class A shares) | 21,503 | 39,055 |
| Ownership as % of shares outstanding | <1% | <1% |
| Unvested RSUs (count) | 62,447 | Not disclosed |
| Pledging/Hedging | Company prohibits pledging and hedging for directors and executive officers | Company prohibits pledging and hedging |
Additional alignment policies: clawback policy compliant with SEC rules; no dividends/dividend equivalents on unvested equity; no excise tax gross-ups .
Employment Terms
| Term | Detail |
|---|---|
| Position | President – Programming, AMC Networks; President – AMC Studios |
| Agreement Effective Date | Oct 20, 2021 (amended original Apr 1, 2020 agreement) |
| Scheduled Expiration Date | Oct 29, 2025 |
| Minimum Base Salary | $1,500,000 (subject to annual review) |
| Target Bonus | 100% of base salary (subject to Committee discretion) |
| Long-term Incentive Expectation | Annual cash/equity grants with target value ≥ $1,000,000 |
| Severance (Termination without Cause) | 1.5x base salary + 1.0x target bonus; subject to separation agreement terms |
| Pro Rata Bonus Rights | Pro-rated bonus for year of termination; prior year bonus if unpaid, subject to performance |
| Equity/CPA Vesting on Termination | Full vesting of outstanding RSUs and CPAs per employment agreement and plan terms |
| Non-Compete/Other Covenants | Separation agreement includes non-competition, non-solicit, non-disparagement, confidentiality |
| “Cause” Definition | Fraud, embezzlement, willful misconduct, gross negligence, breach of fiduciary duty; certain crimes; material policy violations; inability to perform essential functions after leave exhaustion |
Compensation Structure Analysis
- Pay mix remains performance-heavy: annual incentive paid at 105% of target for 2024; CPAs paid at 106.5% for the 2021–2023 cycle .
- Equity grants shifted to RSUs vesting over three years (38,610 RSUs in 2024, $486k fair value), balancing retention and shareholder alignment; non-dividend policy on unvested awards enhances discipline .
- Contractual severance includes full vesting of RSUs/CPAs upon termination without cause, which increases retention certainty but can dilute strict pay-for-performance under certain exit scenarios .
Say-on-Pay & Shareholder Feedback
- 2023 advisory say-on-pay approval: 87%, with investor feedback focusing on severance payments; company increased say-on-pay frequency to annual starting 2024 .
Investment Implications
- Alignment: High at-risk pay (annual cash incentive and CPAs tied to AOI/FCF) and RSU vesting over three years support alignment with cash generation and operational discipline; policy prohibiting pledging/hedging and robust clawback reduces governance risk .
- Retention/trading signals: Substantial unvested RSUs (62,447 at YE 2023) and contract through Oct 2025, plus severance protections and full vesting on termination without cause, lower near-term departure risk; regular RSU vest events could create mechanical settlement flows but no pledging reduces forced selling risk .
- Performance linkage: Company metrics improved materially in 2024 FCF and streaming KPIs while incentive payouts remained close to target, indicating disciplined target-setting and execution underpinning pay outcomes .