Posted 6 days ago
CNN is reportedly on pace to miss its profitability target by a substantial margin amid a continued crash in ratings just as the network’s new parent company, Warner Bros. Discovery, is planning to enact drastic cuts across its media properties.
The left-wing CNN’s profitability is expected to decline to $956.8 million this year, marking the first time since 2016 that the network had dipped below $1 billion in profit, according to a New York Times report that cited three people familiar with its operations.
The amount falls woefully short of the network’s initial 2022 profitability target of $1.1 billion, two people familiar with CNN’s operations told the newspaper.
In addition, CNN’s ratings continue to sink, dropping to 639,000 people in primetime this quarter, which represents a 27 percent decrease from a year ago. The network continues to place a distant third behind MSNBC and Fox News.
SCOOP — CNN is on pace to dip below $1 billion in profit for the first time since 2016 amid crashing ratings, sources say:https://t.co/10Fw7iofrp
The Times reported CNN has spent millions of dollars covering the war in Ukraine, and is still paying some costs related to the now-defunct CNN+, such as the salaries of Chris Wallace and Audie Cornish.... (Read more)