Tags: CNN | Walton | Resign | Network

CNN’s Walton to Resign, Saying Network Needs ‘New Thinking’

Friday, 27 Jul 2012 02:46 PM

 

CNN President Jim Walton, who presided over the once-dominant cable-news business as it lost viewers to Fox News, will resign after almost a decade in the job, saying the network needs “new thinking.”

Phil Kent, chief executive officer of CNN parent Turner Broadcasting, will lead the search for a replacement, according to a statement from the company, which is owned by Time Warner Inc. Walton, who has spent his entire 30-year career at CNN, plans to step down at the end of the year.

“CNN needs new thinking,” Walton said in a memo to staff. “That starts with a new leader who brings a different perspective, different experiences and a new plan, one who will build on our great foundation and will commit to seeing it through.”

CNN is suffering through a ratings slump, with prime-time viewership dropping 8 percent to 627,000 on average this season through mid-May, compared with a year earlier, according to Nielsen. CNN now ranks far behind News Corp.’s Fox News, which drew an average prime-time viewership of 1.85 million in the same period.

Walton, 54, started at CNN in December 1981, one year after it was founded by billionaire Ted Turner. Walton helped build the nascent network into a dominant news organization, and CNN soon became a staple in many households. It was the only news company that broadcast live video feeds of the first Gulf War from inside Iraq.

Supreme Court

In recent years, the network struggled to find a formula that connected with viewers. It also made a major gaffe last month, reporting incorrectly that the U.S. Supreme Court found a central piece of President Barack Obama’s Affordable Care Act to be unconstitutional.

Walton, a native of Bowie, Maryland, graduated from the University of Maryland and started his first job at CNN as a video producer.

“It’s the only place I’ve ever worked,” Walton said in a December interview. “I feel really lucky to have started my career with CNN.”

Shares of New York-based Time Warner, which acquired Turner Broadcasting in 1996, rose 1.5 percent to $38.92 at 1:15 p.m. in New York. The stock had climbed 6.1 percent this year through yesterday.


© Copyright 2015 Bloomberg News. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Man Held Over Suitcase Stuffed With Human Remains

Saturday, 31 Jan 2015 08:06 AM

A man was detained Friday night in connection with a suitcase found on a downtown San Francisco street stuffed with huma . . .

Texas Gov. Abbott Declaring 'Chris Kyle Day' in Sniper's Honor

Saturday, 31 Jan 2015 08:02 AM

Texas Governor Greg Abbott said on Friday he would officially declare Feb. 2 Chris Kyle Day in the state, in honor of  . . .

Ohio Delays Seven Executions to Secure New Drugs

Saturday, 31 Jan 2015 07:45 AM

Ohio is postponing the execution of seven death row inmates, officials said Friday, following several botched lethal inj . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved