CNN announced 200 layoffs as part of a major restructuring focused on accelerating its digital business transformation. CEO Mark Thompson, in his boldest move since joining 18 months ago, aims to steer CNN towards digital-first platforms. Despite layoffs in the TV sector, CNN plans to hire new talent for digital roles, backed by a $70 million investment.
Cable giant CNN is planning to lay off dozens of employees and undergo a major restructuring as the outlet looks to retool itself around digital during President Trump’s second term. The layoffs are expected to impact about six percent of CNN’s global workforce, amounting to around 200 jobs on its linear television side, according to…
STORY: CNN will layoff about 6% of its workforce as the cable news network shifts its strategy toward streaming services.That's according to an internal memo from CEO Mark Thompson seen by Reuters on Thursday.Thompson told employees the objective was "a simple one: to shift CNN's gravity towards the platforms and products where the audience themselves are shifting." And that means away from legacy TV networks and towards digital products.To that end, Thompson said CNN has started development on a new streaming service for news programming similar to its cable channel.He also laid out plans for a new lifestyle-oriented online product this year, which would add at least 100 new jobs.The digital push is being financed by a $70 million investment from parent company Warner Bros Discovery.The moves come after CNN in October launched a paywall on its website and just weeks after Warner Bros Discovery said it plans to split its cable TV networks from its streaming services and studios to form two separate units.
CNN announced a restructuring Thursday that includes some 200 layoffs, an accelerated pivot to digital operations and new TV roles for personalities like Wolf Blitzer, Jake Tapper and Audie Cornish. It's the boldest revamp yet in the 18-month tenure of CEO Mark Thompson, a former chief executive at The New York Times and BBC called upon by parent company Warner Bros. Discovery to revive the news outlet's flagging fortunes. CNN's ratings have taken a hit since the election of President Donald Trump, a longtime critic of the network.
CNN is expected to announce significant job cuts this week, part of CEO Mark Thompson’s long-in-the-works restructuring plans to place more emphasis on the digital future. CNBC first reported on the job reductions, which could number in the hundreds. A CNN spokesperson declined comment. As he has laid out a digital strategy, Thompson has long …
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