Beginning Monday, July 15, CNN will be moving its freelancer’s payment plan to Net 90, meaning the network is supposed to begin paying out the freelancer’s money after ninety days. CNN previously operated under a thirty day pay-out period.
Turner Broadcasting executive Brad Ingram sent the memo out, as obtained by NewsBlues, stating, “As existing contracts expire, we will implement terms that are in line with our new payment terms.”
He went on to acknowledge that it probably wasn’t what was best for the freelancers. “We understand that the change in standard payment terms could impact your business. However, we are making this change to be better aligned with our corporate requirements.”
An anonymous CNN correspondent emailed his thoughts to NewsBlues about the new payment plan. “The 30 day terms that already take 90 to 120 days to pay, are now going to be extended out officially to 90 days.”
Pointing out it could take even longer to get paid if they ‘misplace’ an invoice, the correspondent continued, “Realistically (not hypothetically) when someone in management that has to approve the payment misplaces an invoice or just wants to shove an invoice to the following year, it will now take six to nine months to get paid.”