CNN’s latest 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 necessity 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 as well as 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 isn’t easy, but I’ve been struck by how lots of you could have come up to me or emailed me since then to say that you just’re up for the challenge but want to know HOW and WHEN the change goes to occur,” Thompson wrote.
Looking to shift CNN’s focus to digital as cord-cutting continues to hammer cable TV, Thompson outlined a five-part plan — “Constructing our digital future,” “A worldwide integrated multimedia news operation,” “Future-proofing TV production,” “Developing latest sources of revenue” and “Communication and culture.”
One insider shrugged off Friday’s memo as yet one more mealy-mouthed word salad from the British-born Thompson, a former honcho on the Latest 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 such thing as a plan, but we’re really planning to make plenty of plans. And rest assured, there are plenty of people overseeing the planning to make plans. And Mark is overseeing all the people planning to make plans. So don’t worry. We’ve got this totally under control!”
“He’s rearranging the deck chairs on the Titanic,” added one other insider.
One other CNN insider saw the memo in a more positive light.
“There was frustration that we hadn’t heard from him but I appreciated the memo. It couldn’t have come at a greater time,” the insider said. “It’s well thought out. I believe he answered the questions on how and what to do. He laid out some pretty clear steps. It’s a great 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 “construct” its “digital future” under newly hired digital boss Alex MacCallum, who will develop a “latest multimedia strategy across all platforms apart from linear TV” using data science, machine-learning and AI to create latest revenue streams.
Thompson also said he’ll proceed 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 brand spanking new jobs.
He said the network would increase its investment on CNN Originals, which included shows like “Stanley Tucci: Trying to find Italy”– essentially reversing a strategic move to decrease spend on Originals made by his predecessor, Licht.
Sources told The Post that the mood on the embattled news network is tense, after latest 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 Latest York Times, added that the leader is “strategic” and cost-conscious.
“He was strategic, smart, nice and particularly reasonable,” the source said. “He might be more tight together with his purse than previous management, I’d think.”
“He got his CNN job on Aug. 30. He began Oct. 9,” the source said. “It’s a really hard job and it’s a really tough environment, but it surely sure looks as if he’s taken a really very long time to provide you with numerous plans to make plans.”
Thompson’s latest move — to slash bonuses — was communicated on Tuesday via a company-wide missive, informing staffers they need to expect to get 75% of their targeted bonuses, that are a percentage of their salary.
The quantity was down from the 90% range of bonuses a yr earlier under fired CEO Licht.
“The tone of the e-mail was that it was a yr of stabilization,” said a CNN insider. “It mainly said we did rather well to launch latest shows and to stabilize the ship but we bumped into among the same headwinds as other media firms.”
The source added that in previous years under Licht’s predecessor, Jeff Zucker, bonuses could exceed 100% of the goal.
A source close to the network confirmed the lower bonuses but noted that each one staffers received merit increases of their salaries.
The source didn’t say whether the merit increases offset the decline in bonuses.
CNN staffers have also been buzzing a few 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 greater than $8.5 million and Chris Wallace, who pulls about $8 million, will likely see significant reductions down the road.
“TV money isn’t what it used to be,” said a CNN source. “All those anchors will take a cut because where else have they got to go?”
A CNN rep declined to comment.