CNN Layoffs: Media Firm To Cut 200 Jobs And Invest $70 Million In Digital Strategy Overhaul, Says Report
CNN is reportedly planning to eliminate hundreds of jobs as the network’s CEO warned of significant and irreversible shifts in how audiences consume news, according to a report from The Financial Times. In a memo to staff on Thursday, CEO Mark Thompson revealed that approximately 200 positions, or around 6 per cent of CNN's workforce, would be cut due to the sharp decline in viewership of its traditional cable TV offerings. The layoffs are part of a broader restructuring plan as CNN shifts its focus away from traditional television. Despite the job cuts, Thompson stressed that the overall workforce would remain stable, as the company is investing $70 million into its digital business intending to generate $1 billion in revenue by 2030. To deal with the decline in traditional TV, CNN is prioritising the development of a TV-like streaming subscription service available on global devices. The company expects to create hundreds of new roles as part of this transition, with the first 100 positions set to be posted and filled in the first half of 2025. “Some of that money’s going into product and tech, but a lot is also going into new high-quality journalism and storytelling,” Thompson stated in the memo, which was reviewed by The Financial Times. CNN is in talks with distribution partners to launch its streaming service. Thompson, who became CEO in 2023 with a mandate to revitalise the network, has made digital growth a key focus of his strategy in response to the continued decline of traditional TV. The network has been facing intense competition in the ratings race with Fox News and MSNBC, a trend that became evident during recent events. For instance, CNN attracted just 1.7 million viewers during Donald Trump’s inauguration on Monday, a sharp decline from the 10 million who tuned in for Biden’s inauguration in 2021. In comparison, Fox News drew over 10 million viewers, as per the report. Monday's inauguration marked the lowest TV viewership in a decade, with fewer than 25 million Americans watching Trump take the oath of office. This was a drop from the 34 million who watched Biden’s inauguration in 2021 and the 31 million who tuned in for Trump’s 2017 ceremony, according to Nielsen data. Thompson highlighted that the restructuring is a necessary response to the significant shifts in how audiences consume news, moving from traditional linear TV to digital and mobile platforms. He stressed that these changes are crucial for CNN’s continued success as a leading global news organisation. Also Read: Domestic Airlines Flew 16 Million Passengers In 2024, SpiceJet Had Maximum Rate Of Cancellations
CNN is reportedly planning to eliminate hundreds of jobs as the network’s CEO warned of significant and irreversible shifts in how audiences consume news, according to a report from The Financial Times. In a memo to staff on Thursday, CEO Mark Thompson revealed that approximately 200 positions, or around 6 per cent of CNN's workforce, would be cut due to the sharp decline in viewership of its traditional cable TV offerings.
The layoffs are part of a broader restructuring plan as CNN shifts its focus away from traditional television. Despite the job cuts, Thompson stressed that the overall workforce would remain stable, as the company is investing $70 million into its digital business intending to generate $1 billion in revenue by 2030.
To deal with the decline in traditional TV, CNN is prioritising the development of a TV-like streaming subscription service available on global devices. The company expects to create hundreds of new roles as part of this transition, with the first 100 positions set to be posted and filled in the first half of 2025.
“Some of that money’s going into product and tech, but a lot is also going into new high-quality journalism and storytelling,” Thompson stated in the memo, which was reviewed by The Financial Times.
CNN is in talks with distribution partners to launch its streaming service. Thompson, who became CEO in 2023 with a mandate to revitalise the network, has made digital growth a key focus of his strategy in response to the continued decline of traditional TV.
The network has been facing intense competition in the ratings race with Fox News and MSNBC, a trend that became evident during recent events. For instance, CNN attracted just 1.7 million viewers during Donald Trump’s inauguration on Monday, a sharp decline from the 10 million who tuned in for Biden’s inauguration in 2021. In comparison, Fox News drew over 10 million viewers, as per the report.
Monday's inauguration marked the lowest TV viewership in a decade, with fewer than 25 million Americans watching Trump take the oath of office. This was a drop from the 34 million who watched Biden’s inauguration in 2021 and the 31 million who tuned in for Trump’s 2017 ceremony, according to Nielsen data.
Thompson highlighted that the restructuring is a necessary response to the significant shifts in how audiences consume news, moving from traditional linear TV to digital and mobile platforms. He stressed that these changes are crucial for CNN’s continued success as a leading global news organisation.
Also Read: Domestic Airlines Flew 16 Million Passengers In 2024, SpiceJet Had Maximum Rate Of Cancellations
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