CNN Hires Mark Thompson as CEO to Focus on Long-Term Viability

Former CNN Chief Executive Officer Chris Licht was tasked with changing the network’s programming and tone to prioritize news over “advocacy” journalism by Warner Bros. Discovery CEO David Zaslav. However, with Licht now fired, CNN’s new CEO Mark Thompson has a broader job to tackle.

Thompson, who assumes his role on Oct. 9, has been engaging in preliminary discussions with Zaslav and CNN’s leadership team about strategic ideas and priorities. According to sources familiar with the matter, Thompson has not made any decisions yet and plans to meet with staff and learn about the business before taking any action.

However, some areas of focus have already emerged. Thompson will concentrate on developing digital subscription businesses around CNN.com and creating content for a younger audience on CNN Max, the network’s live news service on the “Max” streaming platform by Warner Bros. Discovery.

In contrast, Licht’s expertise was in programming, having launched shows like “Morning Joe” on MSNBC and “CBS This Morning” on CBS. His tenure was marked by efforts to depoliticize CNN and make it more balanced in its coverage. However, he faced challenges in winning the support of CNN employees, which ultimately led to his termination.

Thompson’s main objective is to ensure the long-term sustainability of CNN. The work to change CNN’s reputation has already been mostly completed, according to sources familiar with Warner Bros. Discovery executives’ thinking.

Thompson’s previous experience as CEO of The New York Times, where he significantly grew the company’s digital subscription business, makes him well-suited for the task. During his time at The New York Times, Thompson successfully increased the number of subscribers from less than 1 million to about 7 million.

One of Thompson’s goals is to establish various subscription products on specific topics within CNN.com while keeping the platform free. For customers seeking full access, CNN could offer discounted bundles. Additionally, Thompson may explore integrating Bleacher Report with CNN.com, similar to The New York Times’ integration of The Athletic.

Thompson will also have the opportunity to develop new shows on CNN Max, targeting a younger audience. CNN’s linear network primarily appeals to older adults, and Thompson will need to figure out how to attract millennials and younger viewers.

Despite the challenges, Thompson will have resources to invest in CNN Max, with the network’s expected earnings to increase in 2023. The improved advertising revenue during the 2024 U.S. presidential election should further support CNN’s growth.

Thompson’s task of programming a streaming news service like CNN Max is an ongoing challenge, as nobody in the industry has yet figured out the perfect formula.

Thompson’s appointment as CEO and his expertise in building digital subscription businesses position him to lead CNN into a sustainable future.

Thompson’s previous experience as CEO of The New York Times, where he achieved substantial growth in the digital subscription business, makes him well-suited for the task at CNN. During his tenure, the number of subscribers increased from less than 1 million to about 7 million.

CNN currently lacks a clear digital strategy, as the decision to discontinue CNN+ was made after just one month in 2022. However, Thompson is expected to leverage CNN.com and its 149 million monthly unique visitors to build digital subscription businesses.

One potential strategy is to offer several subscription products on specific topics within CNN.com, while keeping the platform free. Customers seeking full access could opt for bundled offers at discounted rates. Another possibility is integrating Bleacher Report with CNN.com, similar to The New York Times’ acquisition of The Athletic.

Prior to his role at The New York Times, Thompson served as the director-general of the British Broadcasting Corporation. Now, as CNN’s CEO, he will have the opportunity to develop new shows for CNN Max, the network’s live news service on Warner Bros. Discovery’s “Max” streaming platform.

Thompson’s focus will be on programming for a younger audience, as CNN’s linear network primarily appeals to older adults who still subscribe to traditional pay-TV. He will need to find news programming that can attract millennials and younger viewers.

CNN’s earnings before interest, taxes, depreciation, and amortization are expected to increase to around $1 billion in 2023 after a brief dip in 2022 due to losses associated with CNN+. The attention generated by the 2024 U.S. presidential election is also anticipated to boost advertising revenue.

Thompson will need to find innovative ways to keep CNN relevant and distinct in the streaming industry. Ensuring that news content doesn’t get overshadowed by entertainment programming on the same platform will be a key challenge.

CNN has already started considering strategies to address this issue, such as alerting Max viewers to breaking news while they are watching on-demand entertainment content.

Thompson’s primary role will be to navigate the complexities of the streaming-news business and position CNN for continued success.

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