CNN's new owner says it will close the US-based news channel's streaming service just a month after it launched.
After the service is shut down on 30 April, Warner Bros Discovery will issue refunds to subscribers.
Hundreds of workers could be at risk of losing their jobs after the head of CNN+ resigned.
$50 billion was wiped off the stock market value of the company after it revealed a decline in subscribers.
CNN+ was launched in an attempt to make money from news streaming subscriptions.
According to reports, the company spent as much as $300 million on developing the service, but it only attracted 10,000 viewers a day.
WBD became CNN's parent company after the merger of Discovery and AT&T.
The business will be strongest as part of WBD's streaming strategy which envisions news as an important part of a compelling broader offering along with sports, entertainment, and nonfiction content.
The decision was made to cease operations of CNN+, according to Mr. Licht.
Discovery's streaming boss said the firm was looking for a sustainable business model to drive its future investments in great journalism.
As part of the shakeup, Andrew Morse, who helped to drive CNN's streaming strategy, will leave the company.
Hundreds of CNN+ employees have been given 90 days to find a job in other parts of the company.
Those who fail to do so will be given a package of six months pay.
In the first three months of the year, the company reported a decline in subscribers.
The number of households using the service fell as it faced stiff competition.
In the three months to July, two million subscribers are likely to leave the platform.
The company's New York-listed shares plummeted after the announcement, wiping $50 billion off its stock market valuation.
All Rights Reserved © 2024
