COMPANY TOWN: Jim Walton, the longtime president of CNN Worldwide, is resigning at the end of the year amid a severe ratings slump at the company’s U.S. flagship channel, CNN.

“CNN needs new thinking,” Walton said in a note to staff. “That starts with a new leader who brings a different perspective, different experiences and a new plan.”

Walton’s resignation does not come as a surprise to TV news insiders. CNN has been struggling for years to compete against Fox News and MSNBC, which have found success with shows that cater to the two sides of the political aisle.

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