CNN is having a very bad day.
A jury in Florida just sided with a veteran who accused the network of defamation, which is going to cost them $5 million in the short term and probably a lot more when the punitive damages are finally decided.
To make matters even worse, the trial revealed that CNN has lost hundreds of millions of dollars in revenue in recent years.
It’s just one more humiliating moment in an already awful situation for them.
The New York Post reports:
Ratings-starved CNN’s revenue dropped roughly $400 million in three years: court records
CNN’s revenue tanked roughly $400 million in three years, according to financial metrics shared at the network’s defamation trial on Friday.
During the case, which concluded Friday, awarding Navy veteran Zachary Young $5 million in damages, a forensic economist revealed that the ratings-challenged network brought in roughly $2.2 billion in revenue in 2021, $2 billion in revenue in 2022 and $1.8 billion in 2023.
The decline represents a $400 million or 18% drop over three years, and provided a rare look into the company’s financials, Mediaite reported.
The economist Robert Johnson, who dug into the tax documents in order to determine what punitive damages should be awarded to Young, revealed that CNN still boasted net income of $600 million in 2021, $300 million in profit in 2022 and $400 million in 2023.
It couldn’t happen to a nicer network.
CNN’s Net Worth Sliced in Half to $2.3 Billion Over Two Years
The cable network was worth $4.4 billion in 2021, according to company finances shared in court on Friday. The financial metrics put a spotlight on CNN’s conspicuous decline in recent years.https://t.co/DM0EtO8Hli
— johnny dollar (@johnnydollar01) January 17, 2025
Trial reveals that CNN’s profit has plummeted by more than $400 million in the last year pic.twitter.com/3n5VKTFDhZ
— HOT SPOT (@HotSpotHotSpot) January 18, 2025
Trump is being sworn in as president for a second time on Monday and CNN is crumbling to the ground. How’s that for irony?
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