Somebody get Chris Wallace a tissue!
You know how Wallace left Fox for CNN's paid streaming service that everyone knew would totally flop?
Yeah, it's totally flopping.
According to Axios:
Investment and projections for CNN+ are expected to be cut dramatically in response to a low adoption rate, two sources tell Axios.
By the numbers: The news giant was initially planning to invest around $1 billion in the service over the next four years.
- -Hundreds of millions of dollars are expected to be cut from that original investment total.
- -To date, around $300 million has been spent on the subscription service, which includes a sizable marketing investment.
- -The new company's leadership team still has yet to decide the ultimate fate of CNN+. CNN's new boss, Chris Licht, will start May 1.
The numbers are so bad that they are planning to cut back on hundreds of millions from their $1 billion investment.
This thing is a sinking ship, people.
Peter Heck was right again!
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