{"id":480505,"date":"2022-08-02T22:40:20","date_gmt":"2022-08-02T19:40:20","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cnns-profits-to-dip-below-1b-for-first-time-since-2016-report\/"},"modified":"2022-08-02T22:40:20","modified_gmt":"2022-08-02T19:40:20","slug":"cnns-profits-to-dip-below-1b-for-first-time-since-2016-report","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cnns-profits-to-dip-below-1b-for-first-time-since-2016-report\/","title":{"rendered":"#CNN&#8217;s profits to dip below $1B for first time since 2016: report"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a284ca69664b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a284ca69664b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/cnns-profits-to-dip-below-1b-for-first-time-since-2016-report\/#%E2%80%9CCNNs_profits_to_dip_below_1B_for_first_time_since_2016_report%E2%80%9D\" >&#8220;CNN&#8217;s profits to dip below $1B for first time since 2016: report&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CCNNs_profits_to_dip_below_1B_for_first_time_since_2016_report%E2%80%9D\"><\/span>&#8220;CNN&#8217;s profits to dip below $1B for first time since 2016: report&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<p>CNN\u2019s profits are poised to drop below the $1 billion mark for the first time since 2016 as its new boss scrambles for new ways to generate revenue, according to a report. <\/p>\n<p>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.<\/p>\n<p>The cable <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> network\u2019s profitability is on pace to decline to $956.8 million this year, according to projections from S&amp;P Market Intelligence. That\u2019s well short of the company\u2019s internal target of $1.1 billion, according to the New York Times, which <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2022\/08\/02\/business\/media\/cnn-profit-chris-licht.html?partner=slack&amp;smid=sl-share\">reported earlier Tuesday<\/a> on the projections.<\/p>\n<p>CNN parent Warner Bros. Discovery reports earnings on Thursday, but it is not expected to break out CNN\u2019s financials or provide further detail. A rep for the company did not return requests for comment.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"722\" height=\"1024\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/cnn-profit-dip-03.jpg?w=722\" alt=\"\" class=\"wp-image-23300560\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/cnn-profit-dip-03.jpg?quality=75&amp;strip=all&amp;w=1444 1444w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/cnn-profit-dip-03.jpg?quality=75&amp;strip=all&amp;w=1083 1083w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/cnn-profit-dip-03.jpg?quality=75&amp;strip=all&amp;w=722 722w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/cnn-profit-dip-03.jpg?quality=75&amp;strip=all&amp;w=361 361w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/cnn-profit-dip-03.jpg?quality=75&amp;strip=all 1024w\" sizes=\"auto, (max-width: 722px) 100vw, 722px\"\/><figcaption>CNN\u2019s new boss Chris Licht is hoping to expand the news organization\u2019s profitability as he tries to pump up ratings.<\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<p>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.<\/p>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>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. <\/p>\n<p>The Times said CNN employees call Marlin \u201cFish Man,\u201d on account of his surname. According to<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/chrismarlin\/\"> his LinkedIn<\/a>, Marlin, a former lawyer at the firm Foley &amp; Lardner and Holland &amp; Knight, has no experience running a cable news network. His Linkedin says his current title at CNN is head of strategy and business operations, where he is a \u201cStrategist and Business Driver. Focused on geopolitics, geoeconomics, innovation, scale, climate change, mis\/disinformation, future of <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>, AI, China, and law.\u201d<\/p>\n<p>Some of his business ideas have included inking advertising deals with major tech firms like Microsoft, selling sponsorships to corporate underwriters, expanding CNN\u2019s brand in China and growing CNN Underscored, an e-commerce play, the report said. <\/p>\n<p>To cull expenses, WarnerBros. Discovery CEO David Zaslav tightened CNN\u2019s <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">travel<\/a> and expense policy, with work celebrations for senior vice presidents and below to be c<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ed at $50 per person, the report said. Licht has also cut costs in CNN\u2019s reporting endeavors, opting to not send US-based staff to overseas events.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/cnn-John-Griffin_21.jpg?w=1024\" alt=\"CNN world HQ\" class=\"wp-image-23300613\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/cnn-John-Griffin_21.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/cnn-John-Griffin_21.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/cnn-John-Griffin_21.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Under Warner Bros. Discovery, Licht is tasked with making CNN\u2019s journalism more fact-centric and less opinion-based. <\/figcaption><figcaption><span class=\"credit\">LightRocket via Getty Images<\/span><\/figcaption><\/figure>\n<p>Zaslav has said he wants to shift CNN from its more left-leaning, opinion-based, Trump-heavy reporting made famous under former CNN boss Jeff Zucker to more fact-based, middle-of-the-road journalism. That move has come as CNN\u2019s ratings have been on a downward spiral since former President Donald Trump has left office. <\/p>\n<p>\u201cJournalism first. America needs a news network where everybody can come and be heard; Republicans, Democrats,\u201d Zaslav said this summer at Allen &amp; Co.\u2019s \u201csummer camp for billionaires\u201d in Sun Valley, Idaho. \u201cI think you\u2019re seeing more of that at CNN. We\u2019re not going to look at the ratings and, in the long run, it\u2019s going to be worth more.\u201d<\/p>\n<p>But so far, the plan hasn\u2019t paid off. According to Nielsen, CNN has drawn an average of 639,000 people in prime time this quarter, a 27% decline from a year ago. It trails left-leaning MSNBC, which is down 23% in prime time during the same period, and right-leaning Fox News, where viewership is up.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/David-Zaslav-80.jpg?w=1024\" alt=\"David Zaslav\" class=\"wp-image-23300675\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/David-Zaslav-80.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/David-Zaslav-80.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/David-Zaslav-80.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Warner Bros. Discovery CEO David Zaslav is looking to shore up $3 billion in costs in 2023. <\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<p>Currently, Warner Bros. Discovery, which includes HBO Max, TBS, Food Network and Animal Planet, is trying to shore up roughly $3 billion in cost savings. <\/p>\n<p>Weighing CNN down is the cost of covering the Ukraine war, paying some costs associated with CNN+ like big salaries of high-profile journalists like Chris Wallace, the Times said, adding that in order to balance those losses, CNN is selling some of the programming CNN+ created to other providers.<\/p>\n<p>The company also faces a pricey public lawsuit filed by former CNN anchor Chris Cuomo, who was fired last year\u00a0after it was learned that he played an active role in advising his brother,\u00a0then-New York Gov. Andrew Cuomo, on how to counter sex misconduct claims made against him by former aides. <\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/Chris-licht-58.jpg?w=1024\" alt=\"Chris Licht\" class=\"wp-image-23300775\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/Chris-licht-58.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/Chris-licht-58.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/Chris-licht-58.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Licht has tapped a longtime friend, Chris Marlin, to help CNN find new revenue streams.<\/figcaption><figcaption><span class=\"credit\">WireImage<\/span><\/figcaption><\/figure>\n<p>Weeks later, Cuomo\u2019s boss at CNN, Zucker, stepped down after it was learned he was carrying on a consensual relationship with his top marketing officer, Allison Gollust.<\/p>\n<p>Cuomo then filed a $125 million claim against CNN after the network refused to pay out the remaining $18 million on his contract. The case is in arbitration.<\/p>\n<p>But CNN\u2019s centrist strategy is a big bet that could blow up, according to Steve Cahall, a senior analyst at Wells Fargo.<\/p>\n<p>\u201cIf the strategy delivers more reach \u2014 that is, more ratings \u2014 then it\u2019s probably a better business,\u201d Cahill told the Times. \u201cIf it delivers less reach \u2014 if it turns out that the middle is a narrow place to be these days in America \u2014 then it\u2019s a less good business strategy.\u201d\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/08\/02\/cnns-profits-to-dip-below-1b-for-first-time-since-2016-report\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;CNN&#8217;s profits to dip below $1B for first time since 2016: report&#8221; CNN\u2019s profits are poised to drop below the $1 billion mark for the first time since 2016 as its new boss scrambles for new ways to generate revenue, according to a report. Chris Licht, who took the helm of CNN three months ago&#8230;<\/p>\n","protected":false},"author":1,"featured_media":480506,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/cnn-profit-dip-99.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[131967,131987,70445,87539,89511,26256,108028],"class_list":["post-480505","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-8-2-22","tag-chris-licht","tag-cnn","tag-david-zaslav","tag-profit","tag-tv-ratings","tag-warner-bros-discovery"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/480505","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=480505"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/480505\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/480506"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=480505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=480505"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=480505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}