THE FUTURE OF CNN IS IN JEOPARDY IF THE NETWORK DOESN’T ADAPT TO CHANGING LANDSCAPE OF LEGACY MEDIA, CEO WARNS
CNN’s CEO, Mark Thompson, has warned that the network’s future is at risk if it does not adapt to the shifting landscape of legacy media. The network has announced that it will be making significant changes to its strategy, including laying off around 200 employees and refocusing on digital services.
The layoffs come as part of the network’s efforts to meet its target of generating $1 billion in digital revenue by 2030. As part of this effort, CNN will be hiring around 200 new employees to work on digital projects, including data scientists and product engineers.
One of the mainstays of the network, Jim Acosta, has been given a new time slot on the network’s schedule, with his show being moved to a midnight time slot on the East Coast. The network’s flagship show, The Situation Room, will be hosted by Wolf Blitzer and Pamela Brown, and will air from 10am to 12pm ET.
Thompson warned that the changes at the network are necessary to ensure its survival, saying, “If we do not follow the audiences to the new platforms with real conviction and scale, our future prospects will not be good.”
The network has been struggling with declining ratings, with a near 50% drop in prime-time viewership since the 2020 election. The network’s attempts to boost ratings have included changing the time slots for six of its shows.
Thompson acknowledged that the changes at the network will be difficult, but said, “I both acknowledge and regret its very real human consequences.” He emphasized that the network’s goal is to shift its focus to the digital platforms and products where the audience is shifting, and to secure CNN’s future as one of the world’s greatest news organizations.
The network is also launching a new streaming platform, and is aiming to produce between 50 and 100 vertical videos per day as part of its digital strategy. Thompson expressed his enthusiasm for the future of the network, saying, “I couldn’t be more excited about the chance to join CNN after years of watching it and competing against it with a mixture of admiration and envy.”