Investing.com -- Warner Bros Discovery (NASDAQ:WBD) has announced that Mark Thompson will take over as chief executive of CNN, with the media conglomerate banking on his top-level experience to help revive the flagging performance of its vaunted news network.
Thompson, who previously helmed The New York Times and BBC, will be tasked with turning around CNN following a rocky period under prior chief Chris Licht. During Licht's tenure, CNN faced criticism over its handling of a controversial town hall with former President Donald Trump and saw the roll-out of its CNN+ streaming service scrapped weeks after its debut.
Describing Thompson as a "true innovator," Warner Bros. Discovery CEO David Zaslav credited the 66-year old news industry veteran with "transform[ing] for the digital age" both The New York Times and BBC.
During his time at Gray Lady from 2012 to 2022, Thompson helmed an effort to refocus the business on its digital service, a move that led to a tenfold increase in paid digital subscriptions. Total digital revenues at the Times also more than doubled and its share price grew by almost five-fold.
While Director-General of the BBC, Thompson oversaw the British public service broadcaster's foray into streaming and expanded the scope of its web offerings.
One of Thompson's first tasks is expected to be the launch of CNN Max, a news service that will feature on Warner Bros. Discovery's streaming platform. CNN Max will focus on breaking news and analysis, moving away from the more lifestyle-heavy content favored by CNN+.
Ratings have slid recently at CNN as the network struggles to attract Republican viewers. Profit subsequently dropped under $1 billion last year and is expected to be only modestly higher in the 2023, according to S&P Global (NYSE:SPGI) Market Intelligence data cited by Reuters.