Categories: OLD Media Moves

CNN is cutting investment in MoneyStream app

CNN is cutting its investment in personalized business app CNN MoneyStream, a move that marks the cable news company’s latest retrenchment in its digital business, reports Steven Perlberg of BuzzFeed.

Perlberg writes, “The service, which offered users a feed of custom articles and information on the stocks and business personalities they care about, will now function as just an automated feed. It may eventually be deleted from the App Store entirely, two people familiar with the matter said.

“A handful of tech staffers working on the app were laid off Thursday, these sources said (the staffers worked for Turner, CNN’s parent company).

“A CNN spokesperson confirmed the company will not support MoneyStream like it had in the past.

“The cut is the latest move by CNN Digital to rein in costs and close down digital products that haven’t taken off as intended. The company last week announced it was effectively shuttering Beme, the $25 million startup led by YouTube star Casey Neistat.”

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Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.