Chris Licht, CNN’s chief executive, is stepping down, a move announced by Warner Bros. Discovery (NASDAQ:WBD), the parent company of CNN, after a tenure lasting just over a year punctuated by several missteps. During an editorial meeting on Wednesday, David Zaslav, Warner Bros. Discovery’s CEO, acknowledged the challenging period under Licht’s leadership.
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Licht’s departure follows a damning profile in The Atlantic which sparked internal unrest within the network as dissatisfaction with his leadership rose among both on-air personalities and producers. Criticism was also directed at Licht over several of CNN’s programming choices, such as a widely criticized town hall event with former president Donald Trump.
Despite Licht’s experience as a producer at CBS and MSNBC, his stint as CNN’s CEO was marred by numerous controversies, low ratings, and questionable programming decisions, leading to a perception of him as detached and overbearing within the network.
Nevertheless, analysts have a positive view of parent company Warner Bros Discovery. Indeed, WBD stock is rated a Strong Buy based on 10 Buys and two Holds assigned in the past three months. Furthermore, the average price target of $20.64 per share implies 64.92% upside potential.
