How to lose 300 million in less than a month

[HedonistForever]

"Going Woke means going broke". I wish I could say I made that up but I didn't.


https://www.axios.com/warner-bros-discovery-shutting-down-cnn-plus-63558fe4-6f70-4b36-a75d-d477e5c29b23.html


Warner Bros. Discovery, the newly-combined company that includes CNN parent WarnerMedia and Discovery, is shutting down CNN+, sources familiar with the matter tell Axios. The subscription streaming service will cease operations on April 30.
Why it matters: CNN+ launched just a few weeks ago with a $300 million investment. It's being shuttered due to a strategic misalignment between Discovery executives and CNN executives.
Details: Andrew Morse, the head of CNN+ and head of digital at CNN, will be leaving the company. Alex MacCallum, head of product and general manager, will replace Morse as head of digital.

• According to an internal memo obtained by Axios, incoming CNN head Chris Licht said, "In a complex streaming market, consumers want simplicity and an all-in service, which provides a better experience and more value than stand-alone offerings."
• Sources say Licht, who starts officially on May 2, handled the situation professionally and with empathy.
• Many other senior executives from CNN are expected to leave the company in coming weeks.
• Employees of CNN+ will continue to get paid and receive benefits for 90 days after the service shuts down. If they cannot find work within Warner Bros. Discovery within that timeframe, they will receive at least six-months severance, per the company's internal memo.

The big picture: The service was shut down because CNN and its new parent disagreed over whether the investment made sense long-term.

• CNN's original plan was for CNN+ to become profitable in four years by investing $1 billion into the service. A profitable service would've diversified CNN's revenue long-term around a digital asset outside of its website, increasing its valuation and potential, executives believe.
• But Discovery thought a separate subscription app for news didn't make sense for its own strategy long-term, and worried about the business economics around the launch. CNN had already spent $300 million to launch the service.

Catch up fast: CNN+ launched on March 29, just days before its parent company, WarnerMedia, merged with Discovery.

• Discovery executives were frustrated that the service launched to begin with, as Axios has previously reported.
• If CNN held off launching CNN+ until after the merger, it would have been easier to pivot the company's efforts towards something better aligned with Discovery's goals.

Inside CNN, executives saw the launch as a success. As of Tuesday, CNN+ had roughly 150,000 subscribers.

[JohnnyGleet]

Biden is blowing $800 million in Ukraine faster then that.

[Levianon17]

Originally Posted by JohnnyGleet

Biden is blowing $800 million in Ukraine faster then that.

How about that. Biden cares more about the Ukrainian Border than he cares about ours.

[eccieuser9500]

Originally Posted by JohnnyGleet

Biden is blowing $800 million in Ukraine faster then that.

Drop in the bucket.

[matchingmole]

Originally Posted by Levianon17

How about that. Biden cares more about the Ukrainian Border than he cares about ours.

Noted math challenged Trumptard would not agree with that.....Biden is doing a fantastic job...a billion people apprehended is a great job...........

[eccieuser9500]

Originally Posted by matchingmole

Noted math challenged Trumptard would not agree with that.....Biden is doing a fantastic job...a billion people apprehended is a great job...........

https://lesko.house.gov/

Prior to her role in the U.S. House of Representatives, Congresswoman Lesko served in the Arizona Legislature for nine years – the last three of which were in the Arizona Senate. She served as Senate President Pro-Tempore and Chairman of the Senate Appropriations Committee. She was honored by numerous organizations during her time at the Arizona Legislature, including, “Champion of the Taxpayer,” “Guardian of Small Business,” and “Senator of the Year.”

[VitaMan]

Ackman lost $ 430 million on Netflix. But it took him 3 months. This and the OP loss were both in streaming.