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LONDON (Reuters) – Struggling Cable News Network CNN.N plans to launch a new paid streaming service and cut about 100 jobs, its chief executive said on Wednesday, amid a decline in the U.S. cable broadcasting industry.
The network, once a leader in cable news, plans to launch more than $1 billion in new subscription news products by the end of 2024, Chief Executive Mark Thompson said in a memo to employees.
“We are building a best-in-class, user-first product that delivers the news, analysis and context users need to know in an engaging format and experience,” Thompson said.
“That will start with our first subscription product, which will be launched before the end of 2024.”
CNN launched a short-lived paid streaming service in 2022, but that service was quickly discontinued due to the merger of CNN parent company WarnerMedia and Discovery.
About a year later, Chris Licht was replaced as CEO by Thompson, a former BBC and New York Times employee, amid criticism of the network’s editorial direction.
Under the new plan, CNN plans to launch a “need to know” subscription product first, followed by a “want to use” paid product centered around lifestyle news, Thompson said.
CNN also plans to merge three separate newsrooms for U.S. newsgathering, international newsgathering and global digital news into one organization.
As a result, the company expects to cut about 100 jobs out of its global workforce of 3,500, Thompson said.
CNN, which has recently fallen behind rivals Fox News and MSNBC in the US ratings, hosted the first US presidential debate between Joe Biden and Donald Trump on June 27.
AFP
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