CNN's new owner says it will close the US-based news channel's streaming service just a month after it launched.

Warner Bros Discovery (WBD) says it will issue refunds to subscribers after the service is shut down on 30 April.

The head of CNN+ has resigned and hundreds more workers could be at risk of losing their jobs.

This week, $50bn (£38.4bn) was wiped off the stock market value of streaming giant Netflix after it revealed a sharp fall in subscribers.

The company spent as much as $300m on developing the service but it got off to a slow start, attracting just 10,000 viewers a day, according to reports.

Earlier this month, WBD became CNN's parent company with the completion of the merger of media company Discovery and telecom giant AT&T.

Chris Licht, incoming chief executive of CNN, said the business "will be strongest as part of WBD's streaming strategy which envisions news as an important part of a compelling broader offering along with sports, entertainment, and nonfiction content".

"We have therefore made the decision to cease operations of CNN+," Mr Licht said in a statement.

Discovery's streaming boss JB Perrette said the firm was searching for a "more sustainable business model to drive our future investments in great journalism and storytelling".

Hundreds of CNN+ employees have been given 90 days to secure a job in other parts of the company, CNN reported.Those who fail to do so will receive a severance package of at least six months pay, it said.

It comes after streaming giant Netflix reported a plunge in subscribers in the first three months of the year.

QUOTE:

Life is not about waiting for the storm to pass. Its about dancing in the rain! Hehehe … Happy Positive thinking folks! -PME

www.pmeafrica.com

*Birthday Parties
Bachelors Eve
Weddings 💒
Fashion Shows etc.

PME.. "Mixing glamour, good service & luxury"
+2348169815428
+2348074034680
Call or WhatsApp.*

www.pmeafrica.com

With each event, we retain our unique nature -never forgetting the personal touch that really makes the difference.

*IMAGINATION* : May the seeds of today be the fruits of tomorrow.

*Events :: Mobile devices & Accessories :: Real Estate :: General Contractors .* .

Philip Marcus Enterprises..

*PME* .. _"Mixing glamour, good service and luxury"._

*Home of the PME Party Planner.* 🥳

+2348169815428, +2348074034680 _

.... twitter @pme_africa. TikTok @pmeafrica

... Tell a friend.. to tell a friend .. so they can tell their friends._*

www.pmeafrica.com

*Have a wonderful day.*