CNN’s much-hyped streaming news service known is shutting down on April 30, just one month after it launched
CNN says the vision for the streaming service goes against the vision of CEO David Zaslav and his vision to unite the whole company under one brand.
The decision was made by the network’s new management, following CNN’s parent company, WarnerMedia merging with Discovery to form Warner Bros. Discovery earlier in 2022.
Discovery’s boss says the streaming market is complex and “consumers want simplicity and an all-in service which provides a better experience and more value than stand-alone offerings”.
He says the network still has “exciting opportunities ahead in the streaming space”.
Incoming CNN CEO Chris Licht spoke to employees frankly, noting it is a “uniquely shitty situation.”
Hundreds of CNN+ staffers could face redundancy.
In a memo, the CEO says “all CNN+ employees will continue to be paid and receive benefits for the next 90 days to explore opportunities at CNN, CNN Digital and elsewhere”.
Those who don’t find a new role will receive a minimum of six months severance.
