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A person walks past the headquarters of the Cable News Network (CNN) on November 17, 2022 in Atlanta, Georgia. 

Brandon Bell | Getty Images

When former CNN Chief Executive Officer Chris Licht started running the news organization last year, he had a mission from his boss, Warner Bros. Discovery CEO David Zaslav: change the network’s programming and tone to emphasize news rather than “advocacy” journalism.

With Licht now fired, CNN’s incoming CEO Mark Thompson has a new job: everything else.

Thompson, who starts at CNN on Oct. 9, has had preliminary discussions with Zaslav and other members of CNN’s leadership about strategic ideas and priorities, according to people familiar with the matter, who declined to speak on the record because the discussions were private. He has made no decisions about CNN’s operations and won’t until he has had a chance to meet with staffers and learn the business, said the people.

Still, some areas of emphasis are clear. Thompson will focus on building digital subscription businesses around CNN.com and creating programming for a younger audience on CNN Max, the network’s live news service on Warner Bros. Discovery’s “Max” streaming service, said two of the people.

Licht’s background was programming, as he launched “Morning Joe” on MSNBC and “CBS This Morning” with Charlie Rose, Norah O’Donnell, and Gayle King. Zaslav hired him as a TV programmer — and ultimately fired him after Licht lost the confidence of his employees and failed to deliver ratings winners.

Much of Licht’s short reign, which lasted a little over a year, centered around depoliticizing CNN. Zaslav and Licht agreed that CNN had gotten a reputation as left-leaning, and tried to refocus the network as a down-the-middle outlet that could appeal to both Democrats and Republicans. Licht and CNN’s leadership since his firing — a four-person team of Amy Entelis, Virginia Moseley, Eric Sherling and David Leavy — overhauled CNN’s linear shows, including a new morning show and a revamped primetime lineup.

Licht struggled to win over CNN employees by purposely taking a hands-off approach to differentiate his style from former CNN chief Jeff Zucker, who resigned in February 2022 after failing to disclose a consensual relationship with a coworker. Zaslav felt Licht moved too slowly to make decisions and didn’t appropriately relate to CNN’s talent, according to people familiar with the matter. Licht believed he couldn’t be his authentic self given Zaslav’s mandate to be a non-nonsense leader who had to reform CNN’s image and cut costs, the people said. Licht had to lay off hundreds of employees as part of a broader Warner Bros. Discovery headcount reduction.

Mark Thompson, CEO of CNN

AP

While Licht largely focused on linear programming, Thompson will concentrate on making CNN a sustainable business for the next five years — a timeline he’s already discussed with some members of CNN leadership, according to people familiar with the matter. The work to change CNN’s reputation is largely complete, according to people familiar with Warner Bros. Discovery executives’ thinking.

How to cover Donald Trump, an issue which defined Licht’s tenure, probably isn’t in Thompson’s top five priorities as he starts the job, according to a person familiar with the matter. Existing CNN executives believe they already have the infrastructure in place to appropriately handle the former president and current Republican primary candidate as the 2024 election ramps up, the person said.

Entelis, Moseley, Sherling and Leavy all plan to stay at CNN as Thompson takes over as CEO, according to people familiar with the matter. All will report to Thompson. A CNN spokesperson declined to comment on speculation about Thompson’s eventual moves and strategy.

Digital strategy

Thompson’s last job was CEO of the New York Times, which he held from 2012 to 2020. He grew the Times’ subscription digital business, which launched in 2011, from less than 1 million subscribers to about 7 million before he left the company in September 2020. During his time as the newspaper’s CEO, shares rose from $9 to about $43 — a gain of more than 375%.

CNN hasn’t had a clear digital strategy since Zaslav and Licht decided to kill off CNN+ after just a month in 2022. CNN+, at the time, was a little-watched streaming service that launched without much content. Former CNN chief Jeff Zucker and then-CNN digital chief Andrew Morse hoped it would eventually become CNN’s version of The New York Times — a subscription news product that could feature more than just video.

Thompson will still have to preside over CNN’s linear network, an entity that has declined along with the erosion of the pay-TV cable bundle. But Zaslav is counting on him to use CNN.com and its 149 million monthly unique visitors as a funnel to build digital subscription businesses, said people familiar with the matter.

One idea being discussed is to build several subscription products on specific topics within CNN.com, which would remain without a paywall, said the people. For customers who want all access, CNN could offer a bundle for a discount. Paying a monthly fee could unlock on-demand or live CNN programming on certain subjects, give users access to particular pieces of in-depth or focused journalism and provide other benefits.

Thompson may also explore ways to integrate Bleacher Report with CNN.com, just as The New York Times has done with The Athletic, the online sports media company it acquired last year for $550 million, according to a person familiar with the matter.

Programming CNN Max

Before joining The New York Times, Thompson was director-general (a combination of chief executive and editor-in-chief) of the British Broadcasting Corporation. He’ll have a chance to develop new shows at CNN Max, a tab in Warner Bros. Discovery’s larger Max streaming service.

With CNN Max, Thompson will try to program for a younger audience. CNN’s linear network largely appeals to older, 60-and-up adults who still subscribe to traditional pay-TV.

Thompson will have some runway to invest in CNN Max. CNN’s earnings before interest, taxes, depreciation, and amortization is expected to be closer to $1 billion in 2023 after dipping to $750 million in 2022 when it had about $200 million in losses tied to CNN+, according to people familiar with the matter. Attention from the U.S. presidential election should also improve advertising revenue in 2024.

To keep CNN relevant, Thompson will need to figure out news programming that millennials and younger viewers will watch. Former CNN leadership feared news content would get swallowed up by a larger streaming service, believing it would be difficult to convince viewers to eschew entertainment programming when both are on the same platform. That led Zucker and former WarnerMedia CEO Jason Kilar to push for CNN+, a standalone streaming service.

CNN has already begun considering ideas to solve that problem, including potentially alerting Max viewers who are watching on-demand entertainment to CNN breaking news.

“This is a game that is still very much to be played,” JB Perrette, president and CEO of Warner Bros. Discovery’s streaming operations, said of the streaming-news business last month in an interview with Variety. “Nobody has figured it out yet.”

That will be Thompson’s job.

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Navan sets price range for IPO, expects market cap of up to $6.5 billion

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Navan sets price range for IPO, expects market cap of up to .5 billion

FILE PHOTO: Ariel Cohen during a panel at DLD Munich Conference 2020, Europe’s big innovation conference, Alte Kongresshalle, Munich.

Picture Alliance for DLD | Hubert Burda Media | AP

Navan, a developer of corporate travel and expense software, expects its market cap to be as high as $6.5 billion in its IPO, according to an updated regulatory filing on Friday.

The company said it anticipates selling shares at $24 to $26 each. Its valuation in that range would be about $3 billion less than where private investors valued Navan in 2022, when the company announced a $300 million funding round.

CoreWeave, Circle and Figma have led a resurgence in tech IPOs in 2025 after a drought that lasted about three years. Navan filed its original prospectus on Sept. 19, with plans to trade on the Nasdaq under the ticker symbol “NAVN.”

Last week, the U.S. government entered a shutdown that has substantially reduced operations inside of agencies including the SEC. In August, the agency said its electronic filing system, EDGAR, “is operated pursuant to a contract and thus will remain fully functional as long as funding for the contractor remains available through permitted means.”

Cerebras, which makes artificial intelligence chips, withdrew its registration for an IPO days after the shutdown began.

Navan CEO Ariel Cohen and technology chief Ilan Twig started the company under the name TripActions in 2015. It’s based in Palo Alto, California, and had around 3,400 employees at the end of July.

For the July quarter, Navan recorded a $38.6 million net loss on $172 million in revenue, which was up about 29% year over year. Competitors include Expensify, Oracle and SAP. Expensify stock closed at $1.64on Friday, down from its $27 IPO price in 2021.

Navan ranked 39th on CNBC’s 2025 Disruptor 50 list, after also appearing in 2024.

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Tech megacaps lose $770 billion in value as Nasdaq suffers steepest drop since April

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Tech megacaps lose 0 billion in value as Nasdaq suffers steepest drop since April

Jensen Huang, CEO of Nvidia, speaking with CNBC’s Jim Cramer during a CNBC Investing Club with Jim Cramer event at the New York Stock Exchange on Oct. 7th, 2025.

Kevin Stankiewicz | CNBC

Shares of Amazon, Nvidia and Tesla each dropped around 5% on Friday, as tech’s megacaps lost $770 billion in market cap, following President Donald Trump’s threats for increased tariffs on Chinese goods.

With tech’s trillion-dollar companies occupying an increasingly large slice of the U.S. market, their declines send the Nasdaq down 3.6% and the S&P 500 down 2.7%. For both indexes, it was the worst day since April, when Trump said he would slap “reciprocal” duties on U.S. trading partners.

After market close on Friday, Trump declared in a social media post that the U.S. would impose a 100% tariff on China and on Nov. 1 it would apply export controls “on any and all critical software.”

Amazon, Nvidia and Tesla all slipped about 2% in extended trading following the post.

The president’s latest threats are disrupting, at least briefly, what had been a sustained rally in tech, built on hundreds of billions of dollars in planned spending on artificial intelligence infrastructure.

Read more CNBC tech news

In late September, Nvidia, which makes graphics processing units for training AI models, became the first company to reach a market cap of $4.5 trillion. Nvidia alone saw its market capitalization decline by nearly $229 billion on Friday.

OpenAI counts on Nvidia’s GPUs from a series of cloud suppliers, including Microsoft. OpenAI is only seeing rising demand.

In September it introduced the Sora 2 video creation app, and this week the company said the ChatGPT assistant now boasts over 800 million weekly users. But Microsoft must buy infrastructure to operate its cloud data centers. Microsoft’s market cap dropped by $85 billion on Friday.

The sell-off wiped out Amazon’s gains for the year. That stock is now down 2% so far in 2025. It competes with Microsoft to rent out GPUs from its cloud data centers, but it doesn’t have major business with OpenAI. The online retailer is now worth $121 billion less than it was on Thursday.

“There continues to be a lot of noise about the impact that tariffs will have on retail prices and consumption,” Amazon CEO Andy Jassy told analysts in July. “Much of it thus far has been wrong and misreported. As we said before, it’s impossible to know what will happen.”

Tesla, which introduced lower-priced vehicles on Tuesday, saw its market capitalization sink by $71 billion.

The automaker reports third-quarter results on Oct. 22, with Microsoft earnings scheduled for the following week. Nvidia reports in November.

Google parent Alphabet and Facebook owner Meta fell 2% and almost 4%, respectively.

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Govini, a defense tech startup taking on Palantir, hits $100 million in annual recurring revenue

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Govini, a defense tech startup taking on Palantir, hits 0 million in annual recurring revenue

Govini, a defense tech software startup taking on the likes of Palantir, has blown past $100 million in annual recurring revenue, the company announced Friday.

“We’re growing faster than 100% in a three-year CAGR, and I expect that next year we’ll continue to do the same,” CEO Tara Murphy Dougherty told CNBC’s Morgan Brennan in an interview. With how “big this market is, we can keep growing for a long, long time, and that’s really exciting.”

CAGR stands for compound annual growth rate, a measurement of the rate of return.

The Arlington, Virginia-based company also announced a $150 million growth investment from Bain Capital. It plans to use the money to expand its team and product offering to satisfy growing security demands.

In recent years, venture capitalists have poured more money into defense tech startups like Govini to satisfy heightened national security concerns and modernize the military as global conflict ensues.

The group, which includes unicorns like Palmer Luckey’s Anduril, Shield AI and artificial intelligence beneficiary Palantir, is taking on legacy giants such as Boeing, Lockheed Martin and Northrop Grumman, that have long leaned on contracts from the Pentagon.

Read more CNBC tech news

Dougherty, who previously worked at Palantir, said she hopes the company can seize a “vertical slice” of the defense technology space.

The 14-year-old Govini has already secured a string of big wins in recent years, including an over $900-million U.S. government contract and deals with the Department of War.

Govini is known for its flagship AI software Ark, which it says can help modernize the military’s defense tech supply chain by better managing product lifecycles as military needs grow more sophisticated.

“If the United States can get this acquisition system right, it can actually be a decisive advantage for us,” Dougherty said.

Looking ahead, Dougherty told CNBC that she anticipates some setbacks from the government shutdown.

Navy customers could be particularly hard hit, and that could put the U.S. at a major disadvantage.

While the U.S. is maintaining its AI dominance, China is outpacing its shipbuilding capacity and that needs to be taken “very seriously,” she added.

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