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CNN's president, Jim Walton, made no bones about the fact that he's quitting because the network's ratings are so low, saying in a memo to staff that the organization needed "new thinking" in order to recover from its slump. Walton will stay on at the cable news channel through the end of December while the company searches for a successor, which will make for a total of nearly a year that the leadership transition's been in the works. "Walton said he's been talking to his boss, Turner Broadcasting Chairman Phil Kent, about leaving since the first few months of the year," The Associated Press's David Bauder reported. While this year has seen CNN fall to some of its lowest ratings in 20 years it's actually making record profits. April was the network's worst ratings month in 10 years, only to be beat by the cumulative ratings at the end of June, when it dropped to its lowest since 1991. But it's still making money, an expected $600 million this year, thanks to its middle-of-the-road perspective and wide international reach. But the U.S. network is its flagship, so that's got to succeed as well, and Walton no longer thinks he's the man to make it do so.

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