Mark Thompson named as CEO of CNN

ATLANTA: Warner Bros Discovery named Mark Thompson as CEO of CNN on Wednesday, tasking the former New York Times and BBC chief with reviving a news network beset by sagging ratings and falling profits.

Thompson succeeds Chris Licht, who stepped down in June after a rocky one year at the helm that included a divisive town hall with former Republican US president Donald Trump and the shutdown of CNN+ streaming service just weeks after its launch.

With Thompson, Warner Bros Discovery is turning to an executive with ample experience at the top level, unlike Licht – a former TV producer who had worked on “The Late Show With Stephen Colbert” and MSNBC’s “Morning Joe”.

During his 8-year tenure as the CEO of the Times, Thompson helped transform the Gray Lady into a beacon for newspapers in the internet age by focusing on digital subscriptions.

The Times’ share price grew nearly five-fold in the period, widely outperforming the benchmark S&P 500 index.

“Mark is a true innovator who has transformed for the digital age two of the world’s most respected news organisations,” Warner Bros Discovery CEO David Zaslav said. Shares of the company rose more than 1 per cent on Wednesday, outstripping the broader market. They have risen nearly 40pc this year.

Thompson’s appointment, effective Oct 9, comes ahead of what is expected to be a hotly contested US presidential election next year with candidates including Trump, Democratic incumbent Joe Biden and Florida governor Ron Desantis.

A big focus area for the new CEO is likely to be the recently announced round-the-clock news service called CNN Max, which will be available on Warner Bros Discovery’s streaming platform.