CNN's revenue totaled about $400 million over three years, according to financial metrics shared in the network's defamation trial on Friday.
During the lawsuit, which concluded Friday with $5 million in damages awarded to Navy veteran Zachary Young, a forensic economist said the network that challenged the ratings would earn about $2.2 billion in 2021 and 20 in 2022. billion, and revealed that it brought in revenue of $1.8 billion in 2023.
This decline represents a decline of $400 million, or 18%, over three years, providing valuable insight into the company's financial health. Mediaite reported.
Economist Robert Johnson, who examined tax documents to determine what punitive damages should be awarded to Mr. Young, said CNN still expects his net income to be $600 million in 2021 and 3.3 billion in 2022. It revealed that it boasts a profit of $400 million and a profit of $400 million in 2023.
The network, owned by Warner Bros. Discovery, had a cash flow profit of $424.9 million in 2023.
FOX News' Joseph Wolfsoon Posted X screenshot of a slide Mr. Young's lawyer showed jurors during Friday's economist testimony.
Despite declining viewership, CNN remains highly profitable, tax documents reveal, but at the same time the network's net worth was cut in half between 2021 and 2023. It became clear. According to The Wrap.
Net worth decreased 47.7% from $4.4 billion in 2021 to $2.3 billion in 2023, according to the document.
Mr. Johnson argued that CNN's income should be used to determine Mr. Young's punitive damages.
Like many linear channels, CNN has suffered from viewership declines as consumers choose to stream via cable. However, the network experienced its sharpest decline as it dealt with changing political climate and media coverage.
According to NielsenCNN's primetime ratings, which totaled 685,000 in 2024, have declined -62% since 2020. In the all-important demo of 25 to 54-year-olds, viewership dropped to 72%. Over four years, the network's total daily viewership declined by 58% and in the demo by 71%.
CNN's financial situation comes after a Florida jury found Friday that CNN made illegal profits by helping Afghans flee the country during a segment on its 2021 show “The Read with Jake Tapper.” , was reported after it was found that Mr. Young had defamed his reputation.
The network was ordered to pay Zachary Young $5 million in compensatory damages for defamation and unspecified punitive damages.
