Warner Bros. Discovery is set to announce Mark Thompson as the new executive to oversee CNN, according to sources familiar with the matter. Thompson, a former leader of the New York Times Co. and BBC, is known for his success in guiding media into the digital realm. This news comes as the fifth executive structure change at CNN since early 2022.
Thompson’s potential appointment as the head of CNN operations surprised insiders, who believed the parent company was open to new leadership following the ouster of Chris Licht. Licht’s tenure was marked by unsuccessful personnel moves that did not improve ratings. Warner Bros. Discovery is expected to make an official announcement regarding Thompson’s hire as early as Wednesday.
Warner Bros. Discovery hopes that Thompson’s leadership will bring stability to CNN, especially as the network approaches the 2024 presidential election. As CNN has been grappling with ratings shortfalls, the company aims to attract broader audiences and secure more advertising revenue. However, the recent succession of senior teams since the departure of former leader Jeff Zucker has left CNN’s employee base unsure about the network’s future.
Under interim leadership and the management of Licht, CNN made efforts to stabilize the network through schedule overhauls and streaming initiatives. However, it remains uncertain if Thompson will be able to turn the tide for CNN. Projections show a decline in CNN’s subscriber base and revenue from cable and satellite distributors in 2024. Nevertheless, advertising revenue is expected to increase with the upcoming presidential election.
Thompson’s experience in leading the New York Times Co. saw a shift towards digital subscriptions as a means of revenue generation. During his tenure, digital-only subscriptions for the company increased from 640,000 to 5.67 million. Thompson also oversaw the launch of new ventures, including a cooking vertical and partnerships with TV platforms such as FX, Amazon Prime Video, and Netflix.
CNN’s employees are now left wondering about the potential changes Thompson might bring, including the possibility of assembling his own senior executive staff. More clarity is expected to emerge in the coming days as CNN continues its quest to regain stability and success in the ever-evolving media landscape.