Benzinga - by Anusuya Lahiri, Benzinga Editor.
Warner Bros. Discovery Inc (NASDAQ: WBD) reached a decision to appoint Mark Thompson, previously a senior executive at both the New York Times and the BBC, as the next leader of CNN.
Following a period of upheaval and changes in leadership, Thompson's appointment as CEO could be a strategic move to combat CNN's prolonged ratings decline, The Wall Street Journal reports.
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Last week, Warner Bros. Discovery launched CNN Max, a live news service exclusively available on its Max platform to offer original programming and content from the CNN cable channel.
Thompson's track record includes an impressive transformation of the New York Times from 2012 to 2020. He emphasized building a robust online subscription model during his tenure and ventured into digital arenas like podcasts.
Notably, under his guidance, the Times achieved its ambitious target of 10 million paying subscribers well ahead of the projected 2025 deadline.
For Warner Bros. Discovery CEO David Zaslav, Thompson represents a contrasting choice compared to his previous selection, Chris Licht, a TV producer with no extensive experience running a significant news outlet. Licht departed last June after a brief yet tumultuous tenure lasting just over a year.
Thompson's expected leadership comes ahead of the crucial 2024 presidential elections, a substantial ratings opportunity for all news channels.
His hiring underscores Warner Bros. Discovery's commitment to rejuvenating CNN in terms of its ratings and editorial vision, especially after some insiders described Licht's leadership as lackluster.
Another critical task for Thompson would be aligning CNN's profitable traditional TV business with its ambitious digital growth objectives.
Earlier, Warner Discovery revealed intentions to integrate a CNN service into its Max streaming platform, offering select content from the primary cable network. Furthermore, CNN's online platform is one of the most visited news websites globally.
Price Action: WBD shares are down 0.46% at $12.89 premarket on the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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