Oliver Darcy, the writer behind CNN’s “Reliable Sources” and frequent critic of his own network, dropped a bombshell Thursday, announcing his departure to start a competing media newsletter. Darcy, 33, had taken the reins of the newsletter after CNN dismissed its previous writer, Brian Stelter, in 2022.

The surprise move coincides with a tumultuous period at CNN, as the network undergoes a significant restructuring led by new CEO Mark Thompson. Recently, Thompson unveiled plans to slash 100 jobs amid broader corporate adjustments.

Darcy’s exit arrives on the heels of Warner Bros. Discovery’s disappointing financial performance, reporting a staggering $10 billion net loss for the second quarter, with its stock plummeting over 10% in just one day according to The New York Post. Having joined CNN in 2017, Darcy’s new venture, a subscription-based newsletter titled “Status,” will be a solo effort.

“There are no backers. Just me,” he told The New York Post. “The paid readers will empower my independent voice.” Darcy emphasized that his new venture, “Status,” would be entirely self-funded, relying on subscriber support to sustain his independent journalistic efforts.

CNN CEO Mark Thompson said in a statement. “Oliver has established himself as a tough but scrupulously fair leading voice in media reporting and commentary – never afraid to call it as he sees it. He has been a great shepherd of CNN’s Reliable Sources newsletter, and we wish him every success in his new entrepreneurial adventure.”

Darcy was a senior media reporter for CNN, focusing on the intersection of media and politics. His work primarily involved scrutinizing the media’s role in shaping public opinion and how news organizations, especially those with significant influence like Fox News and other conservative outlets, cover political events. Darcy’s reporting was featured prominently on CNN’s “Reliable Sources,” a Sunday morning show that examines the top media stories of the week.

“Status” now hopes to blend reporting with incisive commentary and thoughtful analysis, covering a broad spectrum of topics from tech innovations in Silicon Valley to the intricate dynamics of presidential politics, and the evolving influence of artificial intelligence on news consumption.

Darcy expressed that the goal of “Status” is to synthesize these diverse themes into a coherent narrative every night, aiming to provide subscribers with a deep understanding of how these elements interconnect within the broader media landscape. “My pitch to readers is this is a 100 percent independent voice,” Darcy said. “I don’t think there’s one product out there that does exactly what we do.”

“Status” will operate on a subscription model, starting at $15 per month or $150 annually. There’s also an elite membership available for $595 per year, which includes exclusive benefits such as private Zoom calls with Darcy according to The New York Times. The inaugural issue of “Status” is scheduled to be released on Monday, marking a new chapter in Darcy’s journalistic career.

This year, CNN has encountered several significant challenges. The network is grappling with declining viewership as audiences increasingly turn to streaming platforms and digital content, moving away from traditional cable television. The shift has necessitated a stronger emphasis on digital transformation, with initiatives like the introduction of CNN+ aimed at capturing the online audience. However, converting traditional viewers into digital subscribers presents its own set of challenges, particularly in aligning consumer behaviors with new media consumption habits.

To offset this decline, CNN has been exploring alternative revenue streams, including digital advertising and subscription models. These efforts are still in their infancy and might not fully compensate for the losses incurred from cable. CNN has faced criticism from various political factions, which complicates its goal of being perceived as a neutral news platform.