CNN on Thursday confirmed reports that it would be cutting hundreds of jobs, but said the network is also adding several positions as it changes its weekday lineup and invests in a new digital strategy.
The 45-year-old news service said it would be parting ways with roughly 6% of its workforce, amounting to about 200 of its 3,500 employees.
But CNN also reported that CEO Mark Thompson informed staffers that a $70 million investment in the network’s digital strategy means those personnel losses will be largely offset by new hires by the end of the year.
“Our objective is a simple one: to shift CNN’s gravity towards the platforms and products where the audience themselves are shifting and, by doing that, to secure CNN’s future as one of the world’s greatest news organizations,” Thompson reportedly said in a staff memo.
Cable news channels have largely struggled to retain viewership as audiences turn toward streaming services and social media.
In October, CNN launched a $3.99 monthly plan providing online readers access to more stories. The outlet reportedly plans to pursue further subscription services including one that focuses on lifestyle topics.
CNN also announced lineup changes to its TV operations. Veteran anchor Wolf Blitzer will move his “Situation Room” from 6 p.m. to 10 a.m. on weekdays. He’ll add an hour — and co-host Pamela Brown — to the extended program.
That move leaves morning anchor and former White House correspondent Jim Acosta in limbo. Acosta and CNN are said to be engaged in “active discussions” to see where the newsman lands.
Thompson wrote is his memo that the new weekday lineup will bring “energy and competitive edge” to the network, while also putting “production costs on sustainable footing.”
The new schedule will begin in March.
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