Mark Thompson, former CEO of The New York Times and director-general of the BBC, has been appointed as the new CEO of CNN, with the aim of reviving the network’s ratings and profitability.
Key points
- Thompson brings extensive experience at the top level, having successfully transformed The New York Times into a digital powerhouse during his eight-year tenure, focusing on digital subscriptions and expanding the brand’s offerings beyond news.
- Under Thompson’s leadership, The New York Times saw its share price grow nearly fivefold, outperforming the benchmark S&P 500 index.
- The appointment comes after Chris Licht’s departure as CNN CEO, following a challenging year marked by controversial events and the shutdown of the CNN+ streaming service shortly after its launch.
- Thompson’s mission at CNN is yet to be fully defined, as it remains uncertain whether he will focus on broadening the brand or strengthening the core news product.
- An important area of focus for Thompson will likely be the recently announced round-the-clock news service, CNN Max, which aims to capitalize on the immediacy of breaking news and analysis.
- With the upcoming 2024 US presidential election on the horizon, Thompson’s leadership will be crucial in navigating the highly contested political landscape and positioning CNN as a go-to news source.
Thompson’s appointment has already generated positive market response, with shares of the company rising over 1% on the announcement. As CNN faces fierce competition and changing viewer habits, Thompson’s expertise and track record in digital transformation will be instrumental in revitalizing the network’s success.