In December, Never-Trumper Chris Wallace announced that he was leaving FOX News.
Wallace is most famous for joining the Democrat Party, teaming up against President Trump, and carrying Joe Biden’s corpse across the finish line in a 2020 presidential debate.
Chris Wallace joined CNN as an anchor for CNN+, a streaming subscription service – and he was “delighted” to work with Jeff Zucker.
“I am thrilled to join CNN+. After decades in broadcast and cable news, I am excited to explore the world of streaming. I look forward to the new freedom and flexibility streaming affords in interviewing major figures across the news landscape—and finding new ways to tell stories,” said Wallace. “As I embark on this adventure, I am honored and delighted to join Jeff Zucker and his great team. I can’t wait to get started.”
But the joy was short-lived.
CNN+ announced this week they are expected to make dramatic cuts to CNN+.
Poor, Chris Wallace.
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.
Details: CNN executives, with help from consulting firm McKinsey, originally expected to bring in around 2 million subscribers in the U.S. in the service’s first year and 15-18 million after four years.
- They originally planned for the service to break even after four years.
- Much of the subscriber opportunity executives see comes from international markets.
- Sources say those subscriber expectations will need to be dramatically reduced if investment is cut.