Is this the end of fake news CNN? It definitely feels like it.
According to a report from the Daily Caller, the fake news network is on track to report profitability of below $1 billion. This is the first time that it’s fallen that low since 2016.
Ouch.
The New York Times, citing individuals familiar with the matter, stated that CNN President Chris Licht was actually aiming for $950 million in profitability. In terms of major cable news networks, that’s really bad, especially compared to rivals such as Fox News.
It looks like Licht was too late in his efforts to save the company.
Licht had been focused on broadening CNN’s TV viewership, and he’s projecting that profitability will increase in 2023. However, his strategies have been pretty ineffective, in a lot of ways.
He hired his longtime friend, Chris Marlin, for example, to handle finances. This may seem ok, but Marlin’s never had any experience running a cable news network. The guy even recommended citing advertising deals with major companies such as Microsoft.
That’s some big brain logic right there.
For now, CNN seems to be in dire straits. The network just lost over $300 million in its pathetic launch of CNN+, which no one subscribed to. Licht has gone on full damage control since, discouraging anchors from running too far to the left.
But CNN’s reputation is now synonymous with woke liberalism and fake news. So even Licht’s goals seem very difficult to achieve.
Is it time to say goodbye to CNN?