CNN targets younger viewers with Buzzfeed deal
The media odd couple plan a 'mashup' format infused with a heavy dose of humor.
When the news dies down, people return to their usual shows. Or in the case of younger viewers, they increasingly keep their televisions turned off entirely. To combat this trend, CNN is joining forces with Buzzfeed, which recently ran a slideshow showing 14 CEOs and their shark doppelgangers, to create a channel on YouTube.
Exactly what the oddest pairing on TV since "Will and Grace" -- or, if you're older, Felix Unger and Oscar Madison in "The Odd Couple" -- have in mind isn't terribly clear.
As The Wall Street Journal notes, Buzzfeed is trying to establish itself as a news source for 18- to 34-year-olds. The channel will use the "mashup" format developed by Buzzfeed using text and photos infused with a heavy dose of humor. But there's a disconnect here that both companies will have to resolve.
Ali Velshi, the former CNN anchor who recently left to join Al-Jazeera America, noted Tuesday in Quartz that average cable news viewers are in their 60s, which makes them of little interest to advertisers convinced those viewers are too set in their ways when it comes to brands. Young people also have less loyalty to mainstream media than older viewers. A startling 49 million news consumers consider themselves to be underserved by cable news, in a survey quoted by Velshi.
Perhaps that's the market the two companies should target.
CNN head Jeff Zucker is under intense pressure to increase the channel's audience without alienating existing viewers -- not an easy task. Last year, the network earned about $335 million in ad revenue, according to the Pew Center for Excellence in Journalism. That was down from $347.8 million a year earlier and less than half of the $736.8 million generated by ratings leader Fox News Channel, owned by News Corp. (NWS).
Teaming up with Buzzfeed isn't quite a "hail Mary" pass for CNN, but it does show that the network is willing to try almost anything to increase its audience beyond the traditional one for news. It's a gamble that CNN must take.
Jonathan Berr does not own shares of the listed stocks. Follow him on Twitter @jdberr.
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
Reports say the generous benefactor behind the huge gratuities is a former PayPal executive.
- Chinese investors are buying up Detroit
- Mega Millions jackpot hits $344 million
- 5 reasons to think twice about a balance transfer card
- Will I have to pay taxes because of a foreclosed home?
- 5 things that won't affect your credit scores
- The 7 deadly sins of winter driving
- 8 questions to ask before Mom and Dad move in
- High deductibles fuel new worries of Obamacare sticker shock
- How to use your credit card to donate to charity
[BRIEFING.COM] The major averages spent the entire session in a steady downtrend, but despite persistent selling pressure, today's losses were limited in scope. The Dow, S&P 500, and Nasdaq shed between 0.2% and 0.3% while the Russell 2000 lagged, falling 0.9%.
The underperformance of the Russell 2000 was likely owed in part to tax-loss selling, which tends to pick up this time of year. Small-caps often feel that pinch in a stronger fashion than large-cap issues since individual ... More
More Market News
John Stumpf acknowledges that growth has been slow, but he says he's still optimistic.