Media
CNN+ fails, shut down after only one month
According to multiple reports, the CNN+ streaming service, owned by Warner Bros. Discovery, is shutting down just one month after its launch. CNN’s incoming CEO Chris Licht made the decision to terminate the streaming service.
Executive Vice President Andrew Morse, who oversees CNN+, will leave CNN following a transition period. According to sources, Licht told staffers that CNN+ had “an incredibly successful launch,” and that “it is not your fault that you had the rug pulled out from underneath you,” CNN’s article on the closure stated. Licht also described the events as a “uniquely sh**ty situation.”
“In a complex streaming market, consumers want simplicity and an all-in service which provides a better experience and more value than stand-alone offerings, and, for the company, a more sustainable business model to drive our future investments in great journalism and storytelling,” Discovery streaming head J. B. Perrette said in a statement on Thursday.
National Review reports:
The closure comes after multiple reports suggested the launch did not fulfill the network’s expectations. Two weeks after the launch, fewer than 10,000 people were using CNN+, people familiar with the matter told CNBClast week. The streaming service costs $5.99 a month or $59.99 per year.
CNN executives assisted by the McKinsey consulting firm expected the service to draw 2 million subscribers in its first year, and another 15–18 million subscribers after four years, Axioms reported. CNN had already invested $300 million in CNN+ and was planning to invest around $1 billion over four years, according to Axios.
Rupert Murdoch, the 92-year-old media tycoon, announced his decision to step down from his roles as Chairman of Fox Corporation and Executive Chairman of News Corp on Thursday. The transition is set to take effect in November, with his son, Lachlan Murdoch, assuming the position of sole chairman for both media conglomerates.
According to reports from Fox News, Murdoch addressed his colleagues in a letter, where he explained that his decision was prompted by a desire to embrace new roles while recognizing the capable leadership of his son, Lachlan. He stated, “For my entire professional life, I have been engaged daily with news and ideas, and that will not change. But the time is right for me to take on different roles, knowing that we have truly talented teams and a passionate, principled leader in Lachlan who will become sole Chairman of both companies.”
Despite the transition, Rupert Murdoch made it clear that he would remain actively involved in the “contest of ideas,” highlighting the intensifying battle over freedom of speech and freedom of thought. He criticized elites and the media for prioritizing narratives over the pursuit of truth.
“In my new role, I can guarantee you that I will be involved every day in the contest of ideas,” he wrote.
Lachlan Murdoch issued a statement, congratulating his father for his remarkable 70-year career and acknowledging his enduring impact on the companies he founded. He expressed gratitude for Rupert Murdoch’s vision, pioneering spirit, and steadfast determination, assuring that he would continue to provide valuable counsel in his role as Chairman Emeritus.
Rupert Murdoch’s media empire includes FOX News Channel, which has been a dominant force in 24-hour news coverage since its launch in 1996. Under his leadership, it became one of the world’s most influential news sources. Additionally, Murdoch served as the CEO of 21st Century Fox from 1979 until 2015 and as its Chairman from 1991 to 2015.
Murdoch’s career began in 1954 when he assumed control of News Limited, a public corporation in Australia previously led by his father. He expanded his media holdings internationally, acquiring major UK publications like News of the World and The Sun in 1969, as well as U.S. newspapers including the New York Post and The Village Voice.
His impact extended to television with the launch of the FOX Broadcasting company in 1986 and the subsequent establishment of FOX Sports. In 2019, Fox Corporation emerged as a standalone, publicly traded entity following the separation of 21st Century Fox, redefining the U.S. media landscape.
Rupert Murdoch’s contributions to the media industry have earned him numerous accolades, including the Companion of the Order of Australia (A.C.) and induction into the Television Academy Hall of Fame. Alongside his family, he has supported various charitable organizations across the U.S., the U.K., Australia, Asia, and Israel.
The transition of leadership marks a significant moment in the media world, as Rupert Murdoch’s enduring legacy continues to influence the future of media and journalism.
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jimmy rooks
April 22, 2022 at 6:46 am
CNN must not have a large amount of cash reserves!(I wonder why!)
Profx
April 24, 2022 at 10:13 am
The next question is when will CNN shut down?
Parent company CNN numbers are not much better than the disastrous numbers of CNN+.
As an aside…
Once again AT&T made a poor business decision in purchasing Time Warner/Warner Media that included CNN.
Randall Stephenson of SBC/AT&T was an inept leader of a company that made all the right decisions under the previous CEO Ed Whitacre.
Stephane
April 24, 2022 at 1:55 pm
Many, many years ago, when Baron Bic defeated Ted Turner in a race for the America’s Cup, Turner decided to stop showing the French stock trading and the value of the French money. The week after the race!
To be that thin skinned showed me that the Communist News Network was not one to be watched. EVER.
I NEVER watched since then. Even in the airport, I would bring a book and read and never even listen.
And today, we see that there is really NOTHING OF VALUE in ANY of the programmings available, with any of the show casters. NOT ONE OF THEM IS WORTHY OF ANY PRAISE for their STUPIDITY, and partisanship!