In a memo from new CNN President Chris Licht, the service will cease operation on April 30.
The streaming video business is going through a correction and CNN+ has become a major casualty.
“This decision is in line with WBD’s broader direct-to-consumer strategy,” Licht said. “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.” “It’s business model was that of a start up it was built to lose tons of money at first and build longtime value,” Klein said. “Wall Street couldn’t care less about long term value so it was pretty easy to cut it loose. After one more quarter, it would albatross.”
CNN+ launched with major fanfare and a promotional blitz, hiring a number of well known names including Chris Wallace from Fox News and Audie Cornish from NPR. Presumably they will be joining the TV side. But Discovery and WarnerMedia’s previous owner AT&T kept arms length from each other until the completion of the merger. WarnerMedia and CNN executives pushed ahead with their plans to develop the service.
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