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CNN reportedly has suspended promoting spending for its new streaming services CNN+ and laid off its main economical officer.
According to a report in Axios on Tuesday, CNN CFO Brad Ferrer has been succeeded by Neil Chugani, Discovery’s latest CFO for streaming and intercontinental, as part of what Axios phrases “a broader finance staff restructuring.”
Discovery merged with WarnerMedia, which owns CNN, before this month.
“Inside CNN, executives feel the launch has been productive. Discovery executives disagree,” in accordance to the report, penned by media reporter Sara Fischer, who noted that “CNN+ has approximately 150,000 subscribers so far.”
Also, the 9 p.m. slot on CNN – which was helmed by Chris Cuomo right until he was fired in December for advising his brother, former New York Gov. Andrew Cuomo navigate sexual misconduct allegations – may possibly be a newscast as opposed to an opinion present, in accordance to Fischer, citing “sources.”
Pertaining to CNN+, the streaming provider was projected “to turn out to be lucrative in 4 many years by investing $1 billion into the provider,” according to Axios.
Inspite of CNN+ now currently being offered on Roku, “with advertising and marketing around the service suspended, there are problems that growth will be short-lived,” wrote Fischer.
Lastly, Fischer blamed “bad timing, limited communications and misaligned incentives for how CNN and Discovery bought strategically misaligned on this sort of a massive product or service rollout.”
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