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Chris Licht is leaving CNN after leading the news network for just over a year, its parent company Discovery Warner Bros announced Wednesday morning.
Shares of the company closed up more than 8% on Wednesday.
And while Warner Bros. Discovery seeks to replace Licht, executives Amy Intellis, Virginia Mosley, Eric Shearling and David Levy will lead CNN, the company said.
Warner Bros. CEO David Zaslav said. Discovery, in a note to employees, “We have great confidence in this group and will support it fully until a new CEO is appointed,” adding that the company will conduct internal and external searches for the next CNN leader. . “We are in good hands, allowing us to take the time we need to conduct a thoughtful and thorough search for a new leader.”
Licht’s departure came when he faced a mutiny among CNN’s talent and staff. His tenure, which actually began when he canceled the expensive CNN+ streaming service, was riddled with programming missteps and low ratings.
“I have known Chris for many years and have great respect for him, both personally and professionally. This job will never be easy, especially in a time of great upheaval and transformation, and Chris has poured his heart and soul into it,” Zaslav said in his note. “Unfortunately, it didn’t turn out the way we had hoped – in the end it falls on me. I take responsibility.”
Chris Licht, Chairman and CEO, CNN Worldwide.
Courtesy: CNN
Licht has come under fire in recent weeks after the network hosted a town hall with Donald Trump that was filled with dozens of cheering fans of the former president. While the event drew 3.3 million viewers, CNN’s ratings plummeted afterward. Two days after City Hall, CNN was primetime Came below Newsmax’s right-hand outlet, which is a much smaller network.
But it was an uninteresting 15,000-word profile of Licht in Atlantic Ocean — titled “Inside the Meltdown at CNN” — this may have sealed his fate. He apologized to employees Monday morning, but senior officers at CNN’s parent company, Warner Bros. Discovery, including CEO David Zaslav, were not happy with the article and its aftermath.
The move comes shortly after the appointment of Levi, a key ally of Zaslav, as the network’s new chief operating officer. Leavy was tasked with handling marketing, public relations, advertising sales, utilities, and other logistics.
The move was intended to allow Licht to focus more on programming. Licht helped launch MSNBC’s “Morning Joe” as an executive producer in 2007 and later became executive producer and showrunner of “The Late Show with Stephen Colbert” on CBS.
Licht did not immediately respond to CNBC’s request for comment.
Read Zaslav’s memo to employees:
everyone,
This morning we’re announcing that Chris Licht is leaving CNN and we’ll be conducting an extensive internal and external search for a new leader. I wanted you to hear this news directly from me as it affects you and your teams.
I have known Chris for many years and have great respect for him both personally and professionally. This work has never been easy, especially in a time of great upheaval and transformation, and Chris poured his heart and soul into it. He has a deep love for journalism and this work and that has been evident throughout his tenure. Unfortunately, things didn’t turn out the way we had hoped – and that’s ultimately on me. I take responsibility. Needless to say, we appreciate Chris’ effort and dedication and wish him all the best.
We have put in place a solid transition plan by appointing an acting leadership team consisting of experienced executives… Amy AntillesExecutive Vice President, Talent Development and Content, Virginia Mosleyand EVP and Editorial and Eric ShearlingExecutive Vice President, US Programming, Inc David Levy, COO, on the business side. We have great confidence in this group and will provide them with full support until a new CEO is appointed. We are in good hands, allowing us to take the time we need to conduct a thoughtful and thorough search for a new leader. I understand that such changes can be stressful and appreciate your continued patience as we go through this process.
You’ve heard me say it many times: CNN has the greatest journalists in the world… We are deeply committed to supporting them and the critical work that CNN does every day. We gotta get that right – and we will!
David
Disclosure: NBCUniversal is the parent company of MSNBC and CNBC.
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