The New York Times revealed a report Tuesday highlighting the latest 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 famous that CNN’s new chairman, Chris Licht, instructed staff to not concern themselves with ratings at first of his tenure.
“Now, three months into Mr. Licht’s tenure, the network finds itself facing big questions about how it can continue to expand its business with its moonshot streaming service dead and the traditional TV business in structural decline,” the report stated.
According to projections from S&P Global Market Intelligence, CNN’s profits are projected to fall beneath $1 billion. The final time the community noticed profits beneath $1 billion was in 2016.
The Times additionally reported that Chris Marlin, a longtime pal of Licht and new addition to CNN, advisable “extending CNN’s brand in China” to safe further income.
CNN’s viewership has declined considerably since former President Donald Trump left office.
“Ratings are down from their Trump-era heights across cable news, but declines at CNN are particularly pronounced,” the Times reported.
One Wells Fargo analyst instructed the Times that CNN’s declining ratings is particularly regarding for the community as a result of “when those [traditional TV] advertisers make spending decisions, they are concerned primarily with total audience size.”
Trust in the media is at a record low, based on a latest Gallup ballot. Only 11% of respondents had a “great deal or quite a lot” of confidence in the trade, which was a 5% drop from final year. Conservative critics have lengthy accused the mainstream media of a liberal bias. They level to latest tales the mainstream media has pushed just like the debunked Steele file and described the summer time riots of 2020 that stemmed from Black Lives Matter protests as “mostly peaceful.”
Brian Flood contributed to this report.