© Reuters. FILE PHOTO: The exterior of the Warner Bros. Discovery Atlanta campus is pictured in Atlanta, Georgia, U.S. May 2, 2023. REUTERS/Alyssa Pointer/File Photo
(Reuters) – Warner Bros Discovery (NASDAQ:) 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.
The announcement follows Chris Licht’s exit in June after a rocky one year at the helm that included a divisive town hall with former Republican U.S. President Donald Trump and the shutdown of CNN+ streaming service just weeks after its launch.
With Thompson, 66, 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.”
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 .
