Bidenomics has hit CNN.
CEO of CNN, Mark Thompson, has announced the network will lay off nearly 100 employees.
In a memo to company employees, Thompson announced that the network will undergo changes, including structural changes to the newsroom and a new subscription service.
In the memo, Thompson noted that 100 employees, or three percent of the company’s employees, would be laid off as part of the structural changes in the newsroom.
Thompson stated the move is a “key milestone in the transformation of CNN.”
CNN CEO Mark Thompson to lay off 100 employees as he discloses fresh turnaround plans https://t.co/S51mdaNZBw pic.twitter.com/cJgmRooXrg
— New York Post (@nypost) July 10, 2024
Per The New York Post:
CNN CEO Mark Thompson revealed to staffers Wednesday a drastic new plan to push the cable news network into the digital age — and signaled that job cuts are coming.
The media boss called the incoming changes — which will include a new subscription service and structural changes to the newsroom — a “key milestone in the transformation of CNN” in his memo to company employees.
Thompson said he plans to lay off 100 employees – about three percent of the workforce – as well as build a new digital subscription service that he hopes will generate more than $1 billion in revenue.
The CEO was brought on last summer to help push the television news network into the future, after pulling off a turnaround at The New York Times. Thompson acquired tech review company Wirecutter and launched the cooking vertical during his nearly decade-long tenure at The Times.
Previously, CNN launched CNN+, a streaming platform that was shut down after only one month.
The news network canceled the platform after it was reported the network had lower than expected subscriptions.
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