CNN+ is struggling to meet projections, with dramatic cuts to investment and projections expected just a few short weeks after launch. According to Axios, hundreds of millions of dollars are already being redirected.
From Axios:
By the numbers: The news giant was initially planning to invest around $1 billion in the service over the next four years.
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Hundreds of millions of dollars are expected to be cut from that original investment total.
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To date, around $300 million has been spent on the subscription service, which includes a sizable marketing investment.
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The new company’s leadership team still has yet to decide the ultimate fate of CNN+. CNN’s new boss, Chris Licht, will start May 1.
Fox News correspondent Charles Gasparino Tweeted about the rough launch a couple weeks ago, saying “@CNNplus employees bracing for layoffs possibly as soon as May amid projections of lackluster sales of new streaming channel; CNN employees say new streaming channel could be merged into larger @discoveryplus as early as May unless subscriptions pick up 130 @FoxBusiness”
Breaking: @CNNplus employees bracing for layoffs possibly as soon as May amid projections of lackluster sales of new streaming channel; CNN employees say new streaming channel could be merged into larger @discoveryplus as early as May unless subscriptions pick up 130 @FoxBusiness
— Charles Gasparino (@CGasparino) March 30, 2022
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