CNN+, Meet Quibi

A little over three weeks ago, outgoing WarnerMedia CEO Jason Kilar tweeted: “Today marks the launch of CNN+. In my opinion, CNN+ is likely to be as important to the mission of CNN as the linear channel service has been these past 42 years. It would be hard to overstate how important this moment is for CNN.”

Yesterday, Warner Bros. Discovery announced that CNN+ is shutting down.

🤔 What happened?... CNN developed the streaming platform under the guise of its former corporate parent, WarnerMedia, before its $43 billion merger with Discovery. The merger between the two officially closed on April 8, creating the new Warner Bros. Discovery.

• CNN has spent between $100 million and $300 million on CNN+ to date, and had planned to spend about $1 billion total over the next four years.
• But subscriber numbers weren’t as eye-popping. Axios reported that about 150,000 people had signed up for the $5.99-a-month service as of this week, while CNBC reported that fewer than 10,000 people were using it on a daily basis.

🍒😤 And the cherry on top… a not-so-happy new owner. Variety reports that David Zaslav, the new CEO of Warner Bros. Discovery, was annoyed by the decision to launch CNN+ just weeks before Discovery was set to take over operations. But he was unable to communicate with WarnerMedia management, owing to legal boundaries surrounding the merger process.

🎥📰🏈 So, what’s next?... The newly combined entity hasn’t officially outlined its streaming plans and ambitions, but its stated goal is to bundle all of its in-house content, which includes HBO Max, Discovery+, and potentially live news and sports, into a Netflix competitor – aka one platform to rule them all.