Thu 11 July 2024:
CNN is set to cut around 100 jobs and introduce digital subscriptions by the end of the year as part of a major business restructuring. In a memo, CNN CEO Mark Thompson announced the job cuts, which represent a small fraction of the network’s 3,500-strong workforce, emphasizing that the company aimed to reduce layoffs by closing open positions.
Facing challenges in audience growth and revenue, CNN is diversifying its offerings. Thompson highlighted the need for an ambitious digital strategy to attract and retain audiences, ensuring the network’s journalistic integrity and business success.
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CNN plans to create new subscription-based products, offering news, analysis, and context in innovative formats, with a stronger focus on video content to leverage CNN’s strengths in video and reporting. The network will also enhance its lifestyle and features content, opening up new monetization opportunities such as sponsorships, advertising, and direct-to-consumer subscriptions.
Additionally, CNN will explore the use of artificial intelligence to better serve its audience. Thompson, who took over as CEO in October 2023, previously led digital transformations at the BBC and The New York Times, making him well-suited to drive CNN’s transition.
In January, Thompson outlined a strategy for significant modernization of the CNN.com website, signaling a shift towards a digital-first approach.
SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES
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