Warner Bros.Discovery Suspends External Marketing Spend For CNN+: Axios

Warner Bros.Discovery Inc WBD suspended every external marketing spending for its recently launched streaming service CNN+ and laid off CNN's CFO Brad Ferrer, Axios reports.
Discovery's current CFO for streaming and international, Neil Chugani, succeeded Ferrer.
The report added that Warner Bros. Discovery looks to eliminate other high-level positions at WarnerMedia across different business functions to cut costs and streamline leadership.
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CNN's news streaming service failed to attract viewers questioning the future of alone news streaming services when entertainment-first options dominated the landscape.
Warner Bros. Discovery looks to build one giant service around HBO Max eventually.
Price Action: WBD shares closed higher by 1.37% at $24.49 on Tuesday.