CNN's net worth to halve between 2021 and 2023, forensic economist reveals in defamation trial
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A Florida jury found it CNN defamed US Navy veteran Last week, Zachary Young was halved from 2021 to 2023, allowing a rare glimpse into the network's fortune books.
Young claimed that CNN had successfully smeared him by implying that he made illegal profits while helping people on the “black market” to flee Afghanistan. The Biden administration Military withdrawal from the country in 2021. A six-person jury awarded Young $4 million in lost earnings and $1 million in personal damages, and it also found punitive damages against CNN.
Both sides had a chance to argue their case to a jury before punitive damages were awarded. The plaintiff called on renowned forensic economist Robert W. Johnson to analyze CNN's finances and the network's solvency. punitive damages.
Jury Finds CNN Defamed Marine Veteran, Still Awarded Punitive Damages
A Florida jury found CNN defamed U.S. Navy veteran Zachary Young last week.
Johnson, a paid witness, used CNN's “standard method of economic analysis that is used and relied upon by economists to quantify financial health.” He said in a perfect world, CNN would see balance sheets and income statements, but those were “never presented.”
Instead, CNN filed 1,120 US Corporate Income Tax returns for 2021-2023. Johnson said he would prefer to receive his 2024 tax return as well, but will rely on the information provided.
“We believe they are accurate, reliable and truthful,” Johnson said of the documents provided to him.
According to Johnson, CNN will be worth $4.4 billion in 2021, but will drop to $2.3 billion in 2023.
In Zachary Young's victory over CNN, both sides had a chance to argue their case to a jury before punitive damages were awarded. The plaintiff's paid witness showed the jury CNN financial information from the 1120 US Corporate Income Tax return.
According to information shown to the jury, CNN's net worth fell in half between 2021 and 2023.
During this time, CNN underwent many leadership changes as it struggled to attract viewers during the Biden administration. CNN has seen significant turnover since 2021, with high-profile hosts such as Don Lemon and Chris Cuomo.
Former parent company WarnerMedia will acquire Warner Bros. in 2022. Merged with Discovery to form Discovery.
Johnson's data also showed that CNN's revenue fell from $2.2 billion in 2021 to $1.8 billion in 2023. CNN's net income for the same period fell from $0.6 billion in 2021 to $0.4 billion in 2023, according to the network's tax returns filed with Johnson.
Washington Post media reporter Jeremy Barr responded to the X report, writing, “These are not the numbers we normally get.”
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Forensic Economist Robert W. Johnson.
CNN still generated $424.9 million in cash flow in 2023, despite extensive struggles to attract audiences. CNN and Young reached a settlement before the jury decided on punitive damages.
CNN refuted Johnson's findings.
“The filings reflect the plaintiff's interpretation of a subset of the data presented in the lawsuit and do not represent financial data for CNN's entire business,” a CNN spokesperson told Fox News Digital.
