CNN is the real definition of “if you go woke, you’ll go broke,” as the fake news leader continues to struggle with their plummeting ratings.
CNN is experiencing a plunge in ratings while profits are on track to dip below $US1 billion for the first time in years, according to a new report highlighting the fall from “Trump-era heights”.
A newly published report from the New York Times shed new light on the network’s woes.
Chris Licht, who took the helm of CNN three months ago after the surprise exit of former chief executive Jeff Zucker, has not only inherited a scandal-scarred network but is also running a channel with slumping ratings.
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.
Well, there is one thing CNN really misses, President Donald Trump, who give the fake news outlet the boost they badly needed.
More details of CNN’s falldown from a FOX News report:
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.
CNN has experienced a ratings ‘plummet’, profits ‘slump’: report https://t.co/TngZvZyeDq
— Fox News (@FoxNews) August 4, 2022
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
‘The New York Post’ also covered CNN’s free fall:
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.
Well, 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
Also in the news: CNN’s ratings are the worst ever and profits are falling. With SE’s story below, now you know why.https://t.co/zmB6VfXge6 https://t.co/1tLH8FcNCk
— 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
The fake news network has also reportedly clamped down on spending amid the slumping ratings and revenues with limitations on employee travel and work celebrations.
Well, if you look closely at CNN’s numbers, Joe Biden’s ratings are somehow closely related to what CNN experiencing right now.
Sources: WLT, FOX News, New York Post
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