CNN’s new chief executive, Mark Thompson, has outlined a strategy to revitalize the company, emphasizing the need to recapture the “swagger and innovation” of its early days.
Thompson, who assumed the role last fall, pointed out that CNN, once a “scrappy outsider,” has been slow to adapt to the changing landscape of its primary television business. He expressed the importance of embracing a future beyond television, particularly by catering to the audience’s preference for news on smartphones.
In a memo to staff, Thompson highlighted the need for more innovation and risk-taking, addressing the challenges faced by news players with a broadcast heritage. He emphasized the shift towards a more unified approach by combining national, international, and digital teams into one unit, led by Virginia Moseley as executive editor and Mike McCarthy as CNN’s managing editor.
To drive sustained revenue, Thompson is looking towards digital projects and services. He announced the hiring of Alex MacCallum, currently chief revenue officer at The Washington Post, to oversee digital projects and services. Thompson’s track record in establishing a successful digital subscription service at The New York Times suggests a focus on leveraging CNN’s digital assets.
Thompson acknowledged the need for CNN.com to undergo drastic modernization and stressed the importance of complementing the CNN Max streaming service with multiple digital projects. The goal is to maximize the value of CNN’s news and intellectual property, exploring potential paid subscription services or other revenue-generating products.
Given the decline in cable television audiences due to cord-cutting, Thompson emphasized the necessity for CNN’s television personalities to connect with multiplatform audiences. He commended Anderson Cooper’s “All There Is” podcast about grief as an example of successful cross-platform engagement. The overarching strategy involves steering CNN towards a more dynamic and forward-thinking approach to meet the evolving preferences of its audience.
