CNN’s profits anticipated to drop below $1 billion for first time since 2016

According to a New York Times report, CNN’s profits are anticipated to decrease this year, with the network breaking $1 billion in profit for the first time since 2016.

The decline is considerably less than the network’s original 2022 profitability goal of $1.1 billion, according to two individuals familiar with its operations.

The shortfall comes as Warner Bros. Discovery, which owns CNN, is reportedly planning drastic cuts at the network. According to the Times, Discovery is looking to reduce costs by as much as 30 percent and is considering “drastic measures” such as laying off staff and selling off assets.

CNN has been struggling in the ratings department in recent years, and the network is facing increased competition from rivals like Fox News and MSNBC.

CNN’s ratings have tanked so badly that it is now regularly beaten by Home and Garden Television (HGTV) in the key 25-54 demographic.

Sources close to the situation say that Warner Bros. Discovery is looking to cut as much as $200 million from CNN’s budget, in an effort to boost its bottom line.

The cuts are expected to come from a variety of areas, including programming, staffing, and production costs.

CNN has been struggling in the ratings race in recent years, as it has been eclipsed by its rivals Fox News and MSNBC.

The network’s ratings have been in decline for several years, and this quarter, they hit a new low, with just 639,000 people tuning in during primetime.

This represents a 27 percent drop from the same quarter last year.

CNN is also facing increased competition from newer networks like Fox Business and One America News Network.

In addition, the network has been spending a lot of money covering the war in Ukraine, and is still paying some costs related to the now-defunct CNN+, such as the salaries of Chris Wallace and Audie Cornish.