Warner Bros. Discovery Inc. is shutting down CNN+, its month-old streaming service, according to a person with knowledge of the matter.
The service eclipsed 100,000 subscribers in its first week, Bloomberg News reported last week, but ultimately succumbed to cost cutting by the media company’s new management.
When it was owned by AT&T Inc., CNN spent hundreds of millions of dollars to program and market the service, which executives described as the news organization’s most ambitious new venture since the founding of the network more than 40 years ago.
CNN+ offers a mix of lifestyle shows and traditional news, including a daily interview show from Chris Wallace and a food and travel show hosted by actress Eva Longoria.
{{/usCountry}}CNN+ offers a mix of lifestyle shows and traditional news, including a daily interview show from Chris Wallace and a food and travel show hosted by actress Eva Longoria.
{{/usCountry}}The company charged $5.99 a month for the streaming service, the same as Fox News’ paid streaming service. Fox Corp. hasn’t said how many people pay for Fox Nation.
New management took control of CNN earlier this month with the merger of its parent company, AT&T’s WarnerMedia, with Discovery Inc. The streaming service launched on March 29.
Shares of Warner Bros. Discovery fell was much as 8.5% to $21.06 in New York.