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CNN chief Mark Thompson announces sweeping overhaul of news network, cuts 100 jobs
CNN —
Mark Thompson, the CNN chief executive appointed last year to modernize the news network, unveiled a sweeping set of changes at the iconic channel on Wednesday, announcing plans to build a billion-dollar digital business, experiment with artificial intelligence and overhaul key newsroom structures.
The far-reaching measures, which Thompson described to employees in a memo as a “key milestone in CNN’s transformation,” will result in about 100 employees, or about three percent of the workforce, being laid off. Those employees, Thompson said, will be eligible for severance packages.
Since his appointment last year, Thompson has been candid about the challenges CNN faces, emphasizing to employees that swift and drastic measures are needed to reorient the television-focused news organization toward a digital future.
Like other traditional media companies, CNN has relied heavily on carriage fees from the traditional cable news package throughout its four-decade history, a declining business that has been turned upside down by the advent of streaming services like Netflix. While the company still makes hundreds of millions of dollars in profits each year, shifting the network business away from the contract cable industry that provides the bulk of CNN’s revenue to position it for the future will be an enormously difficult challenge.
Art Streiber/Warner Bros. Discovery, Inc.
Mark Thompson officially started Oct. 9 as CNN’s chief executive and chairman and will also serve as the network’s editor-in-chief.
“Transforming a great news organization into the future is not something that happens overnight. It happens in stages and over time,” Thompson said in his memo to staff. “Today’s announcements do not answer every question or seek to solve every challenge we face. However, they represent a significant step forward, and I hope you will read about them in that spirit.”
Thompson’s announcement that he intends to build a digital subscription business generating more than $1 billion in revenue represents a cornerstone of his strategy to “future-proof CNN.” A direct-to-consumer subscription product has long been seen by CNN’s leadership as the answer to declining revenues caused by the decline of linear television.
The former management launched CNN+, a subscription streaming service that was quickly shuttered when CNN’s former parent company, WarnerMedia, merged with Discovery to form Warner Bros. Television. The siloed news streaming service didn’t fit with Warner Bros. Discovery’s business strategy, which called for building a superstreamer akin to its cable news package. CNN now boasts a much more cost-effective streaming service, CNN Max, which lives alongside other brands like HBO inside its parent company’s Max streaming service.
Thompson, who was light on details when announcing his plans for a digital subscription business, said CNN will create “products that deliver essential news, analysis and context in compelling new formats and experiences.” He said the first product would launch by the end of 2024.
Thompson, who previously served as chief executive of The New York Times, has pushed to expand the paper’s offerings beyond mainstream news, acquiring the analysis site The Wirecutter and launching the outlet’s cooking vertical, among other initiatives.
“We want to build on CNN.com’s reach with a new focus on engagement and frequency — how much time our users spend with us and how often they return — improving the quality of the product experience and giving users powerful reasons to return to us more often,” Thompson said in his memo.
As he works to modernize CNN’s business, Thompson revealed plans to embrace artificial intelligence tools, aiming to “recapture the ‘pioneering spirit’ that Ted Turner spoke of at our founding and reclaim a leadership position in the news experiences of the future.”
Thompson said CNN will make a “strategic push” into AI to “determine how best to safely leverage this new, emerging technology to serve our audiences and achieve our journalistic goals more effectively and responsively.”
His transformative measures will also include a dramatic overhaul of CNN’s newsroom, which has been largely divided into three divisions: U.S. television, international television and digital. Thompson said the structural changes he is implementing will unify the three branches under one roof.
CNN will also further adopt a “follow the sun” model, in which news is overseen at any given time by the company’s bureaus around the world. As part of that effort, Thompson said CNN’s Hong Kong bureau will see an “expanded role” and that the organization would “make greater use” of its bureaus in London and Los Angeles.
“This will streamline newsgathering workflows and put editorial direction closer to the story,” Thompson explained. “It will better equip us to handle a wider range of platform needs around the clock and mean we can flex news desk resources when the news cycle takes an unexpected turn.”
While Thompson has focused primarily on digital offerings, he also announced plans to breathe new life into CNN’s television programming. Thompson said Charlie Moore, the longtime executive producer of “Anderson Cooper 360” who was recently promoted to vice president of primetime programming, will “find ways to further develop and strengthen” the network’s television offerings. Thompson also announced the creation of a “TV Futures Lab” that will “not only develop and manage streaming andprogramming for the Max platform, but also lead new thinking on ways to migrate the linear news experience to other new digital environments.”
The changes come after years of strategy shifts and cuts at the pioneering cable news network. After longtime leader Jeff Zucker abruptly left the company in early 2022, the company was left without a clear direction.
Warner Bros. Discovery then named veteran television producer Chris Licht to replace Zucker. Licht was forced to lay off hundreds of employees early in his tenure and never articulated a clear path for CNN to move into the digital future. Compounding his lack of vision, Licht’s brief one-year tenure was marked by a series of serious missteps.
Thompson, who is widely credited with revitalizing The Times, was named CNN’s chief executive last summer after Licht’s tumultuous tenure in the role. Since then, Thompson has spoken consistently about the need to transform CNN’s business but has largely avoided offering specifics. Thompson’s announcement on Wednesday indicates that he is now ready to execute a more concrete plan.
Whether Thompson can successfully build a billion-dollar digital news business at CNN remains to be seen. Timing is also of the essence for Thompson as the cable news business continues to collapse. At The Times, the newspaper announced earlier this year that its digital subscription business will generate more than $1 billion in annual revenue, more than a decade after Thompson took the helm and began implementing changes there.
This story has been updated with additional context and developments.
The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.
Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.
Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?
Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
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