Things are continuing to get worse for America’s leader in fake news, CNN.
A New York Times published report shed new light on the network’s woes.
Plummeting ratings are only half the story, as CNN is on pace to see their profits drop below $1 Billion for the first time since 2016.
CNN must really miss the boost they got from President Donald Trump…
Since shutting down CNN+ after less than one month, the news network has been in a freefall.
CNN has experienced a ratings 'plummet', profits 'slump': report https://t.co/TngZvZyeDq
— Fox News (@FoxNews) August 4, 2022
FOX News reports on CNN’s failures:
The New York Times published a report Tuesday highlighting the recent woes of CNN.
“The network is on a pace to drop below $1 billion in profit for the first time in years, according to people familiar with its operations, amid steep declines in TV viewership,” the New York Times reported.
The Times noted that CNN’s new chairman, Chris Licht, told employees not to concern themselves with ratings at the start of his tenure.
From NYT: 'Profits Slump at CNN as Ratings Plummet.' https://t.co/jjTS8RrC90
— Byron York (@ByronYork) August 3, 2022
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. https://t.co/kI1LePkBYf
— Breitbart News (@BreitbartNews) August 3, 2022
CNN in crisis as profits drop below $1 billion for the first time since 2016 https://t.co/MEcAJOVKks
— Daily Mail US (@DailyMail) August 4, 2022
— New York Post (@nypost) August 2, 2022
Our friends at the New York Post have more details on CNN’s freefall:
The cable news network’s profitability is on pace to decline to $956.8 million this year, according to projections from S&P Market Intelligence. That’s well short of the company’s internal target of $1.1 billion, according to the New York Times, which reported earlier Tuesday on the projections.
CNN parent Warner Bros. Discovery reports earnings on Thursday, but it is not expected to break out CNN’s financials or provide further detail. A rep for the company did not return requests for comment.
Warners Bros. Discovery quickly shuttered the fledgling CNN+ streaming service on April 30, less than a month after it launched. Licht started his job at CNN a day later, breaking the news to hundreds of newly hired CNN+ employees who were brought on to build up the service, which was expected to cost the company $1 billion.
According to the report, Licht hired Chris Marlin, a longtime friend who was recently an executive at the Florida homebuilder Lennar, to come up with ways to bring in new revenue.
The only question is:
How much further is CNN going to fall before they hit rock bottom?
CNN parent company Warner Bros. Discovery is looking to cut costs by $3 billion as the "most trusted name in news" hemorrhages viewers and continues to be a drag on the bottom line even after unceremoniously killing off CNN+https://t.co/m0JsPFCVFB
— Spencer Brown (@itsSpencerBrown) August 3, 2022
— Tony Katz (@tonykatz) August 4, 2022
CNN is on track to lose $1 Billion in profits this year. First time it’s dropped that much in 7 years. Ratings are plummeting..😂😂😂
They should just team up with pathetic FOX, and Tucker can have his own network.
— 🇺🇸ProudArmyBrat (@leslibless) August 3, 2022
It’s funny how closely CNN’s ratings are tied to Joe Biden’s…
NEW CNN POLL: Biden's approval rating is at just 38% — "a BIG warning sign" for Democrats. pic.twitter.com/VNoEJz5G6a
— RNC Research (@RNCResearch) July 18, 2022