Warner Bros.Discovery Suspends External Marketing Spend For CNN+: Axios

• Warner Bros.Discovery Inc (NASDAQ:WBD) suspended every external marketing spending for its recently launched streaming service CNN+ and laid off CNN's CFO Brad Ferrer, Axios reports.
• Discovery's current CFO for streaming and international, Neil Chugani, succeeded Ferrer.
• The report added that Warner Bros. Discovery looks to eliminate other high-level positions at WarnerMedia across different business functions to cut costs and streamline leadership.
• Also Read: AT&T Chief Looks To Boost Prices, Cut Costs Post Media Spinoff: WSJ
• CNN's news streaming service failed to attract viewers questioning the future of alone news streaming services when entertainment-first options dominated the landscape.
• Warner Bros. Discovery looks to build one giant service around HBO Max eventually.
• Price Action: WBD shares closed higher by 1.37% at $24.49 on Tuesday.