(Reuters) -CNN is taking another shot at streaming with a $6.99-a-month subscription service that will launch on October 28, three years after its parent Warner Bros Discovery ( WBD ) pulled the plug on the costly CNN+ platform within 30 days of debut.

The "all access" subscription tier will roll out in the U.S. and offer users live and on-demand video programming along with all CNN.com articles, the news network said on Thursday. It will also come with a library of CNN Originals, including its latest content.

CNN's renewed push into streaming comes as parent Warner Bros Discovery ( WBD ) seeks to offset declining cable TV revenue and focus on expanding its streaming unit in a crowded market dominated by few big players such as Netflix.

WBD is also working on a spin-off that would move CNN into a cable-focused firm, while its studios and streaming businesses would form a separate company.

CNN CEO Mark Thompson, a former New York Times top boss credited with turning the Gray Lady into a digital content giant, has been trying to reverse the news network's sagging ratings and falling profits by focusing on new initiatives. 

The new offering builds on CNN's existing subscription product, the Basic tier, that was launched in October last year and provides unlimited access to CNN.com and app articles and subscriber-only content.

Current pay-TV subscribers will be able to log in to the new streaming product at no additional cost, while a subscription to the Basic tier will be required for unlimited article access.

Consumers can sign up for the $69.99 annual plan by January 5 at an introductory price of $41.99 for the first year, CNN said.

"It's an essential step in CNN's evolution," said Alex MacCallum, executive vice president for digital products and services at CNN Worldwide.

Rival Fox Corp had launched Fox One subscription-based streaming service in August for $19.99 per month.