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CNN+ Facing Lay-Offs, Budget Cuts After Dismal Launch

'We remain very happy with CNN+’s performance to date and are proud of what our teams have built.. '

(Headline USA) CNN’s new streaming service is already facing steep budget cuts and lay-offs after a miserable launch.

Warner Bros. Discovery, an incoming corporate parent of CNN, plans to take a hard look at CNN+ and cut costs and staff members, according to Axios. As part of its review, WBD decided to suspend all external marketing for CNN+, and is pulling a plug on CNN’s original plan to invest $1 billion into the streaming service over the next four years.

The news comes amidst reports that CNN+ has failed to attract viewers and subscribers alike. The platform has only 150,000 subscribers so far, even after the company spent $300 million to roll it out.

CNN’s ratings have also tanked. Through Feb. 15, the channel’s average prime time audience among viewers aged 25-54 was just 126,000, according to Forbes.

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However, CNN has insisted that CNN+ has been nothing but a success.

“After only three weeks of being available to customers, CNN+ is one of the top news subscription services on the market,” a spokesperson for the network said in a statement this week. “We remain very happy with CNN+’s performance to date and are proud of what our teams have built.”  

CNN+’s early failure reportedly has one of its star hosts, former Fox News anchor Chris Wallace, in a tizzy. He is reportedly having “daily mental breakdowns” over how quickly his career has tanked since leaving Fox.

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On top of this, Wallace has been so uptight about his own image (or lack thereof) that he has been having staff count how many times his promo plays each day.

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