Economy

CNN Chief Jim Walton Stepping Down

Saying that the cable news network "needs new thinking," CNN Worldwide President Jim Walton told his staff today that he's stepping down at the end of the year.

In a memo, he said:

"New thinking ... starts with a new leader who brings a different perspective, different experiences and a new plan, one who will build on our great foundation and will commit to seeing it through. And I'm ready for a change. I have interests to explore and I want to give myself time to do it."

As Politico points out, "the news comes amid severe ratings struggles at CNN." Huff Post Media adds that:

"CNN's U.S. network had its worst-ever ratings for a second quarter, down 40 percent for some of its prime-time shows. The decline was particularly notable in May, when CNN faced tough competition from broadcast networks during a slow news period and its ratings were compared to a year earlier, in the aftermath of the Osama bin Laden killing."

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