Oct 16 (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 ( NFLX ).

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 ( FOXA ) had launched Fox One

subscription-based streaming service in August for $19.99 per

month.