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CNN CEO Mark Thompson announced that the network will lay off about 100 employees.
“Where possible, we have closed open positions rather than targeting currently filled roles, but some of your colleagues will learn today that their jobs have been eliminated or are at risk of losing their jobs,” Thompson wrote.
The Hollywood Reporter reported:
Cable news channel CNN is undergoing restructuring in an effort to expand its digital business, and is set to face further job cuts.
CNN CEO Mark Thompson outlined his digital vision in a lengthy memo to staff on Wednesday morning, announcing plans to develop a suite of digital products, including launching a subscription service by the end of the year, other paid services centered around lifestyle journalism, and a “strategic push into AI.”
Thompson said in the memo that about 100 jobs would be eliminated, representing just under 3% of CNN’s workforce, and that he plans to hold a town hall meeting with staff later in the day to further outline his plans.
“To the extent possible, we have closed open positions rather than targeting currently filled roles,” Thompson wrote, “but some of your colleagues will learn today that their jobs have been eliminated or are at risk of being eliminated.”
Thompson plans to build CNN’s digital subscription business.
Thompson’s announcement that he intends to build a digital subscription business that could generate more than $1 billion in revenue is a cornerstone of his strategy to “future-proof” CNN. Direct-to-consumer subscription products have long been seen by CNN executives as an answer to declining revenue caused by the decline of linear TV.
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