We hardly knew ye, Chris Licht.
The former CNN CEO is CEO no more.
Check out the keynote speakers and details for The Vault 2023 and secure your tickets!
He only lasted thirteen months.
Warner Bros. chief executive David Zaslav, which bought out CNN, made an announcement on a conference call to his staff Wednesday morning.
“For a number of reasons things didn’t work out, and that’s unfortunate. It’s really unfortunate, and ultimately that’s on me. And I take full responsibility for that.”
Translation? The guy feels bad, but Licht got fired.
Licht certainly came to CNN at a turbulent time. He was tasked with shutting down the ill-fated CNN+ streaming service. Executives predicted that 24 million people would pay for it as CNN aimed to compete with the YouTube world. The reality? Only 100,000 people downloaded the app in its first two weeks. And it’s in the opening weeks when you’re expected to get your highest subscription numbers.
And then most recently, CNN saw itself at risk of falling below Newsmax to fourth place in the ratings. Newsmax even beat CNN ratings-wise on the Friday prime time slot.
The executive confirmed Licht’s unlucky lot in the conference call saying, “Chris poured his heart and soul into this job. Like all of you, he was in the line of fire and he’s taken a lot of hits. We appreciate his efforts, his passion, his love for journalism, and his love for this business.”
Licht was brought on due to his outside experience producing late night talk shows. He would make CNN the most objective cable channel among the big three. They thought former President Donald Trump’s town hall would kickstart their efforts, leading to gangbuster ratings.
But in reality, MSNBC continues to rise as they remain unapologetically left. They benefitted the most from CNN’s downfall.
Two CNN veterans will take over temporarily until a new CEO is found.
Licht probably saw the writing on the wall after Atlantic Magazine issued a scathing profile of him last week.
It detailed internal disgust within the CNN ranks towards Licht, specifically with his firing of anchor Don Lemon.
But most of all, it was the money that mattered most. CNN saw a profit loss of $750 million.
So what’s next for CNN? Does it really matter, or will the no longer venerable cable news station just fall into the dustbin of history?
Add comment