CNN is no longer a billion dollar company in terms of profits.
For the first time since 2016 the network is on track to have its profits fall below $1 billion, The New York Times reports.
However, new President of CNN Chris Licht reportedly set the goal to be $950 million, which CNN Is on track to meet, according to The Daily Caller.
Driving the decline in profits is a massive ratings decline.
Average viewership in quarter 3 of 2022 is 639,000, down 27% from the same quarter in 2021.
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
— Ben Mullin (@BenMullin) August 2, 2022
CNN famusly shut down CNN+ one month into streaming after spending millions to get it running. Reports also indicate that CNN is spending millions of dollars to cover the war in Ukraine.
Licht is positive though and thinks the changes to programming at the network will lead to increased profitability in 2023.
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