CNN+ to shut, further highlighting streaming woes

STORY: CNN’s ambitious new streaming service CNN+ - which launched less than a month ago – is already history.

New parent company Warner Bros. Discovery announced Thursday it’s pulling the plug after the platform got off to a slow start - reportedly attracting just 10,000 viewers a day.

CNN+ - which boasted familiar faces such as Anderson Cooper and Chris Wallace - debuted ahead of parent company WarnerMedia's merger with Discovery, and reportedly cost over $120 million to launch.

Its abrupt end is another reality check on the crowded and costly field of streaming businesses.

Just this week, Netflix said it lost subscribers for the first time in a decade, despite spending billions on programming – causing a stampede out of the stock.

Among the investors making their exit: billionaire hedge fund manager Bill Ackman, who liquidated his fund’s $1.1 billion bet on Netflix made just three months ago, locking in a loss of more than $400 million.

A saturated market, along with the high cost of content, has left some investors wondering whether streaming services - once viewed as a sure bet on Wall Street - still merit their high growth stock valuations.

Sell-offs in shares of Netflix and other streaming-related stocks such as Walt Disney, Paramount Global, Warner Bros Discovery and Roku – all deepened on Thursday.

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