CNN’s net worth cut in half between 2021 and 2023, forensic economist reveals during defamation trial
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A Florida jury found that out CNN has discredited a US Navy veteran Last week, Zachary Young gave a rare look at the network’s books, which revealed his net worth was cut in half from 2021 to 2023.
CNN’s supposed young man slandered him, implying that he made illegal profits by helping people flee Afghanistan on the “black market.” The Biden administration Military withdrawal in 2021. A six-judge jury ruled that Young should be awarded $4 million in lost profits and $1 million in personal damages, and found punitive damages against CNN.
Before the punitive damages award, both sides had a chance to argue their case to a jury.The plaintiff called renowned forensic economist Robert Johnson to examine the current state of CNN’s finances and the network’s ability to pay. punitive damages.
JURY FINDS CNN LIAMIZED AGAINST NAVY VETERAN, RULE IS REACHED ON PUNITIVE DAMAGES.
A Florida jury found CNN defamed US Navy veteran Zachary Young last week.
Johnson, a paid witness, used the “standard method of economic analysis” that is “used and relied upon by economists to quantify CNN’s financial position.” He said that in a perfect world he would have seen CNN’s balance sheets and income statements, but they were “never provided”.
Instead, CNN provided 1,120 U.S. corporate income tax returns for the years 2021 through 2023. Johnson said he would prefer to receive the 2024 tax return as well, but he will rely on the information provided.
“We believe they are accurate, valid and truthful,” Johnson said of the documents provided to him.
CNN’s value was $4.4 billion in 2021, but will drop to $2.3 billion in 2023, according to Johnson.
Before Zachary Young’s punitive damages award against CNN, both sides had a chance to argue their case to a jury.The plaintiff’s paid witness showed CNN jurors financial data from 1,120 US corporate income tax returns over the course of the year.
CNN’s net worth was cut in half between 2021 and 2023, according to data presented to the jury.
During that time, CNN has had multiple leadership changes as it has struggled to gain viewers under the Biden administration.CNN has seen significant turnover since 2021, with top anchors like Don Lemon and Chris Cuomo out the door.
Former parent company WarnerMedia merged with Discovery to form Warner Bros. Discovery in 2022.
Johnson’s data also showed that CNN’s revenue fell from $2.2 billion in 2021 to $1.8 billion in 2023. During the same period, CNN’s net income fell from $0.6 billion in 2021 to $0. $4 billion in 2023, according to the network’s tax returns provided to Johnson.
Washington Post reporter Jeremy Barr responded to X’s data, writing that “these are not the numbers we usually get.”
Forensic economist Robert V. Johnson:
CNN still had a cash flow profit of $424.9 million in 2023, despite a massive battle to attract audiences.CNN and Young have reached a settlement before a jury decides on punitive damages.
CNN denied Johnson’s findings.
“The figures represent the plaintiff’s interpretation of a subset of the data as presented in the lawsuit and do not represent financial data for CNN’s entire business,” a CNN spokesperson told Fox News Digital.
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