50 CNN Money employees to lose job over failed product

US-based Cable News Network, CNN, plans to lay off fifty members of its digital team before the week runs out, in an effort to reorganize its digital strategy.

While speaking to Vanity Fair’s Joe Pompeo, a CNN representative, Matt Dornic explained that the media giant had hired more than 200 hands in the past 18 months to drive new content ideas but not every new project paid off so the company will be stopping “some activities in order to reallocate those resources and enable future experimentation.”

Some of the network’s employees who work on the CNN Money, video, product, tech and social publishing would be affected as CNN high-profile creatives are getting woundup, including its virtual reality productions and efforts with Snapchat.

Capital-intensive projects and reformation are part of the cable network modus operandi, as the network aims to revolve its business model towards productivity and success. The cable network has been resilient in its drive to expand the information platform in what it does.

About a month ago, CNN chose to cut ties with YouTube star Casey Neistat last month, folding its video business, Beme that cost the network $25 million to acquire, into its core brand.

As at 2016, Cable Network News digital operation generated $300 million in revenue.