Axios: CNN+ looks doomed - Update: it's getting shut down

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Warner Bros. Discovery is shutting down CNN+ and is expected to provide details to staffers Thursday, according to two people familiar with the matter.

Spokespersons for CNN and Warner Bros. Discovery could not be reached for immediate comment.

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Warner Bros. Discovery has suspended all external marketing spend for CNN+ and has laid off CNN's longtime chief financial officer as it weighs what to do with the subscription streaming service moving forward, five sources tell Axios.

Why it matters: Inside CNN, executives think the launch has been successful. Discovery executives disagree.

CNN+ has roughly 150,000 subscribers so far.

Warner Bros. Discovery wants to eventually build one giant service around HBO Max.

New leadership has replaced CNN CFO Brad Ferrer with Neil Chugani, Discovery's current CFO for streaming and international, as part of a broader finance team restructuring.

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Executives are frustrated that new leadership is moving quickly to dismantle what they see as an eventual lifeline for the cable network.

CNN's original plan was for CNN+ to become profitable in four years by investing $1 billion into the service.

Executives believe that if the service wasn't being knee-capped, its growth rate would've rivaled other print news outlets like The Wall Street Journal and The Washington Post — which have 2.9 million and 2.7 million digital subscribers, respectively.

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