Get woke, go broke.
Mark Thompson, the CEO of CNN, has announced plans to lay off nearly 100 employees.
In a memo to staff, Thompson outlined upcoming changes, including structural changes to the newsroom and the launch of a new subscription service.
Thompson mentioned that approximately 100 employees, representing three percent of the company’s workforce, would be affected by the newsroom’s restructuring.
He described the move as 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
From 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.
CNN had previously launched CNN+, a streaming platform that was shut down after only one month due to lower than expected subscription sales.
