STORY: CNN will layoff about 6% of its workforce as the cable news network shifts its strategy toward streaming services.
That's according to an internal memo from CEO Mark Thompson seen by Reuters on Thursday.
Thompson told employees the objective was "a simple one: to shift CNN's gravity towards the platforms and products where the audience themselves are shifting."
And that means away from legacy TV networks and towards digital products.
To that end, Thompson said CNN has started development on a new streaming service for news programming similar to its cable channel.
He also laid out plans for a new lifestyle-oriented online product this year, which would add at least 100 new jobs.
The digital push is being financed by a $70 million investment from parent company Warner Bros Discovery.
The moves come after CNN in October launched a paywall on its website and just weeks after Warner Bros Discovery said it plans to split its cable TV networks from its streaming services and studios to form two separate units.
