The crash & burn of CNN+
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Just in case you missed it…
CNN announced last week:
“CNN+, the streaming service that was hyped as one of the most significant developments in the history of CNN, will shut down on April 30, just one month after it launched.”
A couple of twists to the story…
It’s reported that a former employer of mine, McKinsey, strategy study for CNN.
Specifically, it’s reported that McKinsey forecast that CNN+ would attract 2 million subscribers within 2 years … and 4 million by 2026 when the streamer had its mojo working at full speed.
That forecast struck many pundits as “rosy” since CNN currently gets less than 1 million viewers … free in cable bundles.
The rapid crash & burn is epic. It’ll be an oft-taught case in b-schools.
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To put things in perspective…
A (former) CNN+ producer preemptively chastised prospective gloaters …
Ms. Smith was promptly taken to the hoop by SD Gov. Kristi Noem:
Check and mate!
So you don’t cry too many tears for the CNN+ employees, rest assured that they’ll be getting severance packages that make Biden’s Build Back Better scheme look frugal.
According to CNN:
All CNN+ employees will continue to be paid and receive benefits for the next 90 days to explore opportunities at CNN, CNN Digital and elsewhere in the Warner Bros. Discovery family.
Staffers who aren’t absorbed elsewhere in the company will receive a minimum of six months of severance.
In other words: 21 months pay for 12 month’s works.
In comparison, most of the Keystone workers were sub-contractors who got diddly-squat when Biden abruptly shut down the project.
There’s no record of Ms. Smith tweeting that folks should show compassion for the Keystone workers…
The Homa Files 