(AFP) — CNN, facing challenges due to the decline of the US cable broadcasting industry, announced plans on Wednesday to launch a new paid streaming service and to cut about 100 jobs, according to the company’s CEO.
Once a leader in cable news, CNN aims to launch its new $1 billion-plus subscription news product by the end of 2024, CEO Mark Thompson stated in a memo to staff.
“We are creating best-in-class, subscriber-first products that provide need-to-know news, analysis, and context in compelling formats and experiences,” Thompson said. “This starts with our first subscription product launching before the end of 2024.”
This move follows a brief attempt at a paid streaming service in 2022, which was quickly discontinued following the merger between CNN’s parent company WarnerMedia and Discovery.
Approximately a year later, Chris Licht was replaced as CEO by Thompson, formerly of the BBC and the New York Times, amid criticism of CNN’s editorial direction.
Under the new plan, CNN intends to follow its initial “need-to-know” subscription product with additional “want-to-use” paid offerings centered on lifestyle journalism, Thompson said.
CNN also plans to consolidate three separate newsrooms—US newsgathering, international newsgathering, and global digital news—into a single organization. This restructuring will result in the elimination of about 100 jobs from the company’s 3,500-person global workforce, Thompson added.
