CNN Fires Up Streaming Rivalry, Bets $350M On Streaming Service Launch

AT&T Inc T WarnerMedia owned Cable news network CNN confirmed launching a news and entertainment streaming service called CNN+ this spring, Reuters reports.

Warner had authorized CNN’s leadership to press ahead with the investment of ~$350 million in 2022 to build the streaming service, Financial Times reports.

CNN+ will feature live daily news programming, original series, true crime shows, and food and travel. It+ will be available at an initial discounted subscription price of $2.99 a month.

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CNN will offer the promotional price to those who sign up within the first four weeks. Once the deal ends, the service will revert to a $5.99 monthly fee akin to Fox Corp FOXA Fox News operated Fox Nation.

Veteran television executive, Chris Licht, was named the new CNN Global Chair. Licht will assume those responsibilities when Discovery Inc DISCA completes its $43 billion acquisition of WarnerMedia.

Price Action: T shares traded higher by 0.34% at $23.90 premarket on the last check Thursday.

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