CNN’s new boss sought to ease anxiety with a Friday memo that named top executives to revamp the struggling network — just days after it was revealed he had slashed bonuses companywide.
Mark Thompson — who took CNN’s helm in October following the disastrous, 13-month tenure of former CEO Chris Licht — cited the “changing economics of television” and the need to put CNN on “more sustainable economic footing” as he parceled out details on a turnaround he outlined in January.
While Thompson didn’t mention the bonus cuts — which were believed to affect top anchors like Anderson Cooper, Jake Tapper and Chris Wallace in addition to the rank and file — he appeared to admit he sensed anxiety over initial plans he outlined on Jan. 17.
Those included promoting Virginia Moseley, a hard-charging news executive who some staffers have called an “a–hole” and a “tyrant” — to lead the newsroom as executive editor.
“Change is never easy, but I’ve been struck by how many of you have come up to me or emailed me since then to say that you’re up for the challenge but want to know HOW and WHEN the change is going to happen,” Thompson wrote.
Looking to shift CNN’s focus to digital as cord-cutting continues to hammer cable TV, Thompson outlined a five-part plan — “Building our digital future,” “A global integrated multimedia news operation,” “Future-proofing TV production,” “Developing new sources of revenue” and “Communication and culture.”
One insider shrugged off Friday’s memo as yet another mealy-mouthed word salad from the British-born Thompson, a former honcho at the New York Times and the BBC.
“It’s a five-point plan to make five-point plans,” said the media executive. “In other words, there is no plan, but we are really planning to make lots of plans. And rest assured, there are lots of people overseeing the planning to make plans. And Mark is overseeing all of the people planning to make plans. So don’t worry. We’ve got this totally under control!”
“He is rearranging the deck chairs on the Titanic,” added another insider.
Another CNN insider saw the memo in a more positive light.
“There has been frustration that we hadn’t heard from him but I appreciated the memo. It couldn’t have come at a better time,” the insider said. “It’s well thought out. I think he answered the questions on how and what to do. He laid out some pretty clear steps. It’s a good first step.”
The source added that CNN is such a “massive organization” that it “takes time” to really “wrap your head around it.”
Thompson said the network will “build” its “digital future” under newly hired digital boss Alex MacCallum, who will develop a “new multimedia strategy across all platforms other than linear TV” using data science, machine-learning and AI to create new revenue streams.
Thompson also said he will continue to “streamline production,” pointing to his move to cancel “CNN This Morning” hosted by Poppy Harlow and Phil Mattingly, telling the show’s 50-person staff to reapply for new jobs.
He said the network would increase its investment on CNN Originals, which included shows like “Stanley Tucci: Searching for Italy”– essentially reversing a strategic move to decrease spend on Originals made by his predecessor, Licht.
Sources told The Post that the mood at the embattled news network is tense, after new chairman and CEO cut staff bonuses by between 15% and 20%, as previously reported by The Post.
Still, one source who used to work closely with Thompson when he helmed The New York Times, added that the leader is “strategic” and cost-conscious.
“He was strategic, smart, nice and very fair,” the source said. “He is probably more tight with his purse than previous management, I would think.”
“He got his CNN job on Aug. 30. He started Oct. 9,” the source said. “It’s a very hard job and it’s a very tough environment, but it sure seems like he’s taken a very long time to come up with a lot of plans to make plans.”
Thompson’s latest move — to slash bonuses — was communicated on Tuesday via a company-wide missive, informing staffers they should expect to get 75% of their targeted bonuses, which are a percentage of their salary.
The amount was down from the 90% range of bonuses a year earlier under fired CEO Licht.
“The tone of the email was that it was a year of stabilization,” said a CNN insider. “It basically said we did really well to launch new shows and to stabilize the ship but we ran into some of the same headwinds as other media companies.”
The source added that in previous years under Licht’s predecessor, Jeff Zucker, bonuses could exceed 100% of the target.
A source close to the network confirmed the lower bonuses but noted that all staffers received merit increases in their salaries.
The source did not say whether the merit increases offset the decline in bonuses.
CNN staffers have also been buzzing about a trove of recent reports from The Ankler and The Wrap speculating that fat anchor salaries are due to get chopped under Thompson.
Sources told The Post the network’s highest-paid anchors like Anderson Cooper, who brings in an estimated $20 million, Jake Tapper, who earns more than $8.5 million and Chris Wallace, who pulls about $8 million, will likely see significant reductions down the line.
“TV money isn’t what it used to be,” said a CNN source. “All those anchors will take a cut because where else do they have to go?”
A CNN rep declined to comment.
This story originally appeared on NYPost
