According to several sources, it appears that CNN’s profitability has now taken a serious dive along with its ratings in recent months.
As The Daily Caller reports:
CNN is on track to have its profitability below the $1 billion mark as the network’s ratings decline, sources familiar with the matter told The New York Times.
S&P Global Market projected that the network’s profit fell to $956.8 million this year, marking the first time its profitability has fallen below $1 billion since 2016, The New York Times reported. The network reportedly aimed to make a profit of $1.1 billion.
Another source said CNN President Chris Licht aimed for $950 million in profitability, which the network is on track to meet, according to the outlet.
CNN’s ratings have seen a significant drop in ratings in the past year, trailing both its main competitors, MSNBC and Fox News. The network has garnered an average viewership of 639,000 in prime time this quarter, dropping 27 percent in the current quarter compared to the previous year, according to the report.
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 ended its streaming service CNN+ after only a month due to low ratings.