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After 13 tumultuous months at the helm of CNN, Chris Licht is now officially out as the network’s CEO. And while the last straw may have been last week’s devastating 15,000-word profile in The Atlantic, the camel’s back had been breaking for some time.
Another likely factor behind Licht’s demise is the simplest one of all: money.
According to data compiled by advertising research firm MediaRadar, CNN experienced a nearly 40 percent drop in digital and on-air advertising revenue through the first four months of 2023 compared to the same period last year, which was before Licht took over as network chief.