CNN’s net worth halved between 2021 and 2023, says forensic economist defamation trial
Dominary Financial CEO Kyle Wall discusses how President Trump’s economic policies will affect the stock market at Varney & Company.
A Florida jury found that CNN has defamed a US Navy veteran. Zachary Young allowed a rare look at the network’s books last week, with his net worth halving from 2021 to 2023.
Young said he had successfully painted Afghanistan into a “black market” where people illegally profited from fleeing Afghanistan, according to CNN. The Biden administration In the year Military withdrawal from the country by 2021. A six-person jury ordered Young to pay $4 million in lost earnings and $1 million in personal damages, and was also awarded punitive damages against CNN.
Both parties had the opportunity to argue their case to a jury before punitive damages were awarded. The plaintiff called on renowned forensic economist Robert W. Johnson to discredit CNN’s financial condition and the network’s ability to pay. Punitive damages.
When a jury found CNN defamed against a Marine, it awarded punitive damages.
A Florida judge ruled that CNN defamed U.S. Navy veteran Zachary Young last week.
Johnson, who was a paid witness, used a “standard economic analysis method” used and trusted by economists to measure CNN’s financial condition. He said in a perfect world he would have seen CNN’s financial statements and income statements, but those were “never provided.”
Instead, CNN provided 1,120 US corporate income tax returns for the years 2021 to 2023. Johnson would have preferred to receive the 2024 tax return, but said he will rely on the information provided.
“We believe they are accurate, correct and true,” Johnson said of the documents provided.
CNN said it was $4.4 billion in 2021 but will drop to $2.3 billion in 2023, Johnson said.
During Zachary Young’s win on CNN, both sides had the opportunity to argue their case to a jury before punitive damages were awarded. The plaintiff’s paid witness showed the jury CNN financial information from 1120 US corporate income tax returns.
CNN’s net worth was cut in half from 2021 to 2023, according to data shown to the jury.
During that time, CNN had several leadership changes as it struggled to attract viewers during the Biden administration. With the departure of high-profile hosts like Don Lemon and Chris Cuomo, CNN has seen significant changes since 2021.
Former parent company WarnerMedia merged with Discovery to form Warner Bros. Discovery in 2022.
According to Johnson, CNN’s revenue will drop from $2.2 billion in 2021 to $1.8 billion in 2023.
Washington Post media reporter Jeremy Barr responded to the information on X by saying, “These are not the numbers we normally get.”
CNN defamation trial: Plaintiff accuses network of calling for ‘theatrics’
Forensic Economist Robert W. Johnson.
In 2023, CNN still had a cash flow profit of $424.9 million, despite a massive struggle to attract viewers. CNN and Young reached a settlement before the jury decided on punitive damages.
CNN dismissed Johnson’s findings.
“The numbers represent the interpretation of a subset of the plaintiffs as presented in litigation and do not represent financial data for the entire CNN business,” a CNN spokesperson told Fox News Digital.