After launching CNN+ on March 29, Warner Bros. Discovery is pulling the plug on the streaming service.
Not everything is made to last. That’s certainly the case with CNN+, the news streaming subscription service. After less than a month active, the big bosses at Warner Bros Discovery are shutting it all down.
They’re also giving out refunds to customers. Up to $300m was spent on developing the service, but it ended up attracting only 10,000 viewers a day on its first days. Andrew Morse, head of CNN+, is also leaving the company entirely.
When the service launched, it was part of AT+T which then merged with Discovery, creating a new company, Warner Bros. Discovery, under the care of David Zaslav, the chief executive of Discovery.
Hundreds of employees are at risk of losing their jobs as the company has given them 90 days to find a different role within the company. If unsuccessful, they will receive a severance package of six months pay.
Incoming CNN chief executive Chris Licht said consumers wanted something simpler. “While today’s decision is incredibly difficult, it is the right one for the long-term success of CNN. It allows us to refocus resources on the core products that drive our singular focus: further enhancing CNN‘s journalism and its reputation as a global news leader,” Licht wrote.
