CNN CEO Thompson's Bold Vision for Digital Future Sparks Optimism in Warner Bros. Discovery's Journey

On his first official day at Warner Bros. Discovery, Inc WBD CNN, CEO Mark Thompson emphasized the urgent need for the network to enhance its digital presence, asserting that conventional TV can no longer be the defining platform for the news organization. 

Drawing from his experience as the former CEO of the New York Times Co NYT, where he significantly boosted the digital subscription business, Thompson highlighted the pivotal role of mobile devices as the primary news source for most people under retirement age. 

He acknowledged the recent launch of CNN Max but stressed that the network is not yet adequately prepared for the future, the Wall Street Journal reports.

Also Read: After Killing CNN+, Warner Bros. Discovery Launches New Add-On To Stay Competitive

With CNN Max, Warner Bros. Discovery is staking its claim in a streaming market dominated by giants like Netflix Inc NFLX. CNN Max aims to provide viewers with high-profile content. 

Thompson underscored the necessity for swift action to ensure CNN remains relevant and competitive. While recognizing the importance of TV, especially in rebuilding prime time, he criticized its dominance within the network and the marginalization of digital platforms. 

Thompson encouraged CNN to define the news proactively and urged journalists to avoid getting entangled in debates about balance or false equivalency. 

He advocated for fair and proportional political news coverage without succumbing to intimidation or self-doubt.

Thompson’s appointment follows the controversial tenure of former CNN boss Chris Licht, who faced criticism for concentrating excessively on TV operations and neglecting digital expansion. Despite the profitability of TV due to established arrangements with cable providers, the decline of this medium and the inconsistent ad business necessitate a strategic shift towards digital platforms. 

CNN aims to leverage its significant digital assets, including one of the most visited news websites and the expertise of Athan Stephanopoulos, former president of NowThis, to amplify its digital offerings and reach a broader audience.

Price Action: WBD shares are up 0.90% at $10.63 on the last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.