The CNN+ EVP will also be stepping down after the shutdown's announcement
Shortly after launching in late March, streaming service CNN+ will be shutting down and reports claim that hundreds may lose their jobs because of it. The shutdown follows the merging of CNN's former parent company, WarnerMedia, with Discovery to form Warner Bros. Discovery in early April, according to a report from CNN Business.
J.B. Perrette, president and chief executive officer of Discovery, Inc., explained in a statement that for the company, a "more sustainable business model" is necessary to drive "future investments in great journalism and storytelling."
According to the report from CNN Business, "hundreds of CNN+ staffers" could get laid off due to the shutdown.
CNN President Chris Licht sent a memo to employees over the announcement, saying that it was not a "reflection of the quality of the talent and content of CNN+."
"Let me be clear: this move is in no way a reflection of the talented and hardworking people who poured their heart and soul into building and flawlessly launching CNN+ in a very short period of time," said Licht in a statement.
According to the CNN president, some of talent and content of CNN+ will be migrated to CNN's programming, while those affected by the shutdown will be contacted "as quickly as possible."
Licht said it will provide a transition plan to make it easier for their CNN+ colleagues to look for other jobs within the organisation, as well as severance pay for departing employees.
"As part of the transition plan, 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," said Licht.
"At the end of that period, any departing CNN+ employee will receive a minimum of six-month severance (depending on length of service at CNN)," he added.
In a town hall style meeting with staff, Licht also pledged that he would minimise the impact of the shutdown to employees, CNN Business reported.
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Meanwhile, Andrew Morse, who is the executive vice president of CNN+ and CNN's digital businesses, will also be stepping down after a transition period.
Licht reportedly wanted Morse to stay, who described his nine-year service to CNN as an "incredible ride," but said the vision of its new leadership was different from their original goal.
"That's OK. That's all part of change," said Morse in a note quoted by CNN Business.
CNN+ will continue streaming its shows and interactive interviews until the end of the month, a short-lived service that was previously hyped as the most significant launch from the company.
