CNN Continues To Grapple With Major Financial Woes

CNN is reportedly freezing and slashing salaries for their top talent as well as implementing another round of layoffs, eliminating some mid-high six figure positions entirely as they navigate mounting financial difficulties.

The New York Post reports:

CNN’s Jake Tapper and Wolf Blitzer have been denied salary raises while Chris Wallace will likely be forced to take a pay cut — even as rank-and-file journalists at the network brace for “inevitable” layoffs, according to a report.

Mark Thompson — the former BBC and New York Times boss who was brought in to overhaul CNN by Warner Bros. Discovery overlord David Zaslav — has told some of his highest paid and most recognizable stars to “take it or leave it,” according to a report.

According to one staffer, “Mark has made it known he doesn’t like the conventional style of TV packages we are doing. He wants people who are edgy. He doesn’t want people who look like your traditional anchorman, and it turns out those [edgy] people are cheaper.”

While Thompson may be able to make significant strides on his budget by hiring less traditional commentators and hosts, that may not fix the channel’s declining viewership — especially if he has no plans to address their declining reputation as a credible news source. Voters have ample options for opinion based political commentary via podcasts and social media, and it remains unclear whether they’ll turn to outlets like CNN for the same kind of content.

Trust in traditional media is at an all-time low, particularly among voters aged 50 and over. A significant number of Americans believe that news outlets have blurred the lines between reporting and editorializing, especially during the contentious election cycles of 2016 and 2020. Many voters felt that these outlets demonstrated a clear bias, favoring Democrats and sidelining conservative viewpoints, leading to feelings of disenfranchisement among right-leaning audiences.

As the 2024 election cycle unfolds, some pundits and hosts at CNN have attempted to adopt a more balanced approach, likely in response to the growing discontent among viewers. However, for many viewers, these efforts are too little, too late. The perception that mainstream media has consistently failed to provide fair and balanced coverage has driven an increasing number of voters to seek information from independent and alternative news sources.

This shift has become particularly pronounced among younger voters. Polls indicate that a growing segment of voters aged 50 and under has little to no trust in traditional news.

The 2016 and 2020 elections served as critical turning points for media credibility. Many viewers accused legacy media figures of inserting their personal politics and falsely presenting their opinions as fact. This sentiment has only intensified as voters access to alternative channels for information and are able to view events on social media in real time without middle men.

Media outlets have also made a habit of denying voters’ lived experiences, insisting the economy “isn’t that bad,” “there is no migrant problem,” and covering up Joe Biden’s cognitive decline. Some commentators insist that this approach insults voters intelligence and go as far as classifying it as gaslighting.

With the media landscape evolving rapidly, traditional outlets will not survive unless they recognize and adapt to these changes. The network’s decisions might be a step in the right direction, and may provide temporary financial relief, but they’re reactive and can’t save the company. Whether these outlets can genuinely restore their credibility remains to be seen.

The New York Post continues:

Insiders told the newsletter that CNN staffers are bracing for a “bloodbath” — or another round of layoffs on top of the hundreds of jobs that have already been slashed by Thompson as he continue an overhaulof the once-mighty cable news network after taking over earlier this year.

In a climate where trust in traditional news outlets wanes, the ability to discern fact from fiction becomes paramount.

As the 2024 election approaches, the media’s role in shaping public opinion will be under intense scrutiny. If legacy media outlets fail to demonstrate genuine impartiality they risk drifting into total irrelevance and obscurity.