CNN New Subscription Based Service Likely to Collapse, Spent $300 Million Only Gained 150k Subscribers

Put this in the tracking file for ratios and such.  Axios is reporting that CNN+ is likely to collapse as Warner Bros has suspended all external marketing and product development and fired the Chief Financial Officer.  The network has spent $300 million, and only generated 150,000 subscribers.  A major fail by any measure.

(Via Axios) Warner Bros. Discovery has suspended all external marketing spend for CNN+ and has laid off CNN’s longtime chief financial officer as it weighs what to do with the subscription streaming service moving forward, five sources tell Axios.

• Why it matters: Inside CNN, executives think the launch has been successful. Discovery executives disagree.

• CNN+ has roughly 150,000 subscribers so far.

• Warner Bros. Discovery wants to eventually build one giant service around HBO Max.

• New leadership has replaced CNN CFO Brad Ferrer with Neil Chugani, Discovery’s current CFO for streaming and international, as part of a broader finance team restructuring.

• Other high-level positions at WarnerMedia across different business functions are likely to be eliminated to cut costs and streamline leadership in coming weeks.

What to watch: Sources say a plan is being considered to replace Chris Cuomo’s 9:00pm EST primetime slot with a live newscast, instead of personality-driven perspective programming. (read more)