CNN+ to shut down less than a month after launch (updated)
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CNN+, we hardly knew ye: Warner Bros. Discovery (NASDAQ:WBD) is shutting down the streaming news service with details to come to staffers Thursday, Variety reports.
New CNN boss Chris Licht sent a staff memo about an "important meeting" set for noon, at which time he's expected to confirm the news. Licht already told CNN+ head Andrew Morse about the decision, according to the report.
CNN's Reliable Sources team is confirming that news, saying the service will shut its doors April 30.
The service isn't even a month old. But its launch seemed cursed with turmoil, pushed out just days before its parent, WarnerMedia, spun off from AT&T and merged with Discovery under an entirely new leadership team.
Just a few days after the AT&T/Discovery transaction closed, WBD was reportedly set to slash hundreds of millions of dollars from its investment in CNN+, amid reports that only about 10,000 people had become daily users of the service.
Just a couple of days ago, WBD suspended external marketing spending and reportedly laid off CNN's Chief Financial Officer, replacing him with the former Discovery's CFO for streaming and international.
It now seems likely that any creations of merit coming out of the CNN+ effort will move to a widely expected combination service of HBO Max/Discovery expected to launch in 2023.
Updated 12:07 p.m.: Morse is now going to leave the company, Variety says. WBD has moved to a session low, down 7%.
Updated 12:10 p.m.: "This decision is in line with WBD's broader direct-to-consumer strategy. 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," Licht says, according to CNN's Brian Stelter.
Updated 12:17 p.m.: Warner Bros. Discovery has announced the April 30 shutdown, and its staff meeting is under way. "As we become Warner Bros. Discovery, CNN will be strongest as part of WBDâs streaming strategy which envisions news as an important part of a compelling broader offering along with sports, entertainment, and nonfiction content," Licht says.
Customers will receive prorated refunds, the company says. And it's confirmed that CNN+ head and CNN Chief Digital Officer Andrew Morse will exit after a transition period. Alex MacCallum will take over at CNN Digital.
Updated 12:35 p.m.: Seeking Alpha has learned that employees in the CNN+ staff meeting are being offered pay and benefits for the next 90 days to "explore opportunities" at CNN, CNN Digital and at Warner Bros. Discovery. After that, any exiting employees will receive at least six months severance, which will vary by tenure.