CNN's embattled leader, Jim Walton, will resign at the end of the year, according to a report on the media site Fishbowl:

CNN President Jim Walton, who has been with the company for 30 years, has announced that he's resigning. He will remain with the network until the end of the year.

"CNN needs new thinking," Walton wrote in a note to staff this morning. "I have interests to explore, I need to give myself time to do [them]."

See various quotes and his note after the jump...

From CNN PR: Jim Walton told the CNN organization today that he will step down as president of CNN Worldwide at the end of this year.  He will continue in his current role until that time.  Jim's decision has the support and respect of Turner Broadcasting CEO Phil Kent.  Phil will lead the search for Jim's successor. Employee note from Jim Walton is below as well as statements from Phil Kent and Jeff Bewkes.

Network ratings have been in virtual free fall. And why not? MSNBC makes no bones about the fact that it is a liberal news network while CNN clings to the delusion that it isn't. It appears that most consumers of cable news want their network to be unapologetically partisan. CNN, the pioneer in the industry, has so far refused to accept the new reality and declare their allegiance.

There may be a few of us who prefer news to be as unbiased as possible, but in this day and age, that simply isn't going to happen. There's no money to be made being non-partisan and until there is, things will remain as they are in the news business.