Well, that was fast. And expensive.
In acquiring CNN-parent Warner Media from AT&T , Discovery leadership agreed to assume $55 billion in debt. Executives have said they would find $3 billion in savings annually — presumably by eliminating obvious redundancies. But that still leaves a lot of debt to repay.
In his own statement about the shuttering of CNN+, J.B. Perrette, head of Warner Bros. Discovery Global Streaming & Interactive, alluded to the competitive nature of the crowded market: “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, and, for the company, a more sustainable business model to drive our future investments in great journalism and storytelling.
Among U.S. services, CNN boasts an unrivaled global news footprint, one that has been on prime display since the outset of Russian President Vladimir Putin’s bloody invasion of Ukraine. And the company has long had a robust digital operation. But CNN+ was conceived as something different — a service that would not offer live news but rather interview programs, documentaries and unscripted shows.
Political anchor Kasie Hunt, who was hired away from NBC News last year by Zucker and has a show on CNN+, alerted her Twitter followers to the availability of the “world class” journalists at CNN+ who will soon be losing their jobs.
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