It sounds like new CEO Chris Licht may be too late to save the failing fake news network.
According to a report from the Daily Caller, 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.
This is the first time the network’s profitability has fallen below $1 billion since 2016. Uh-oh.
From The Daily Caller:
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.
Licht has focused on broadening the network’s TV viewership and projects the profitability will increase in 2023, a source told The New York Times.
New York Times media reporter Ben Mullin shared the story on Twitter.
“SCOOP —CNN is on pace to dip below $1 billion in profit for the first time since 2016 amind crashing ratings, sources say.”
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
The network took a huge blow this year after spending more than $300 million dollars in an attempt to launch streaming service CNN+ —it only lasted a few months before they closed up shop. Licht has attempted to bring the network back towards the center, discouraging anchors from running too far to the left.
So far, that strategy has yet to yield positive results for the struggling network.