Shortly after a Florida jury found that CNN had defamed Navy veteran Zachary Young and awarded Young $5 million in damages on Friday, the network was dealt a second blow as its revenue losses were publicly revealed on the witness stand.
The Florida jury reached its initial decision in Young’s favor early on Friday afternoon. The case concerns a November 2021 report from Alex Marquardt packaged into segments on Jake Tapper and Jim Acosta’s shows that the jury determined had defamed Young.
After the verdict was reached, the trial moved into its second phase, during which the jury will decide how much more money, in punitive damages, CNN owes Young.
In that second phase, Young’s team called forensic economist Robert W. Johnson to the stand to act as an expert witness in determining what the punitive damages should be. Under direct examination from Young’s lawyers, Johnson dissected tax documents given to the plaintiff and explained that CNN had brought in approximately $2.2 billion in revenue in 2021, $2.0 billion in revenue in 2022, and 1.8% billion in 2023.
That represents a $400 million or 18% drop over three years.
Despite its falling revenue, CNN still boasted net incomes of $600 million in 2021, $300 million in profit in 2022, and $400 million in 2023. Its cash flow profit from 2023 came in at $424.9 million
Fox News’ Joseph Wulfsuhn provided a handy set of screenshots from the slides Young’s lawyers showed jurors on Friday during Johnson’s testimony.
Currently going over various financial terms for jurors to understand as Phase II into CNN’s finances proceeds.
— Joseph A. Wulfsohn (@JosephWulfsohn) January 17, 2025
The numbers provided a rare look at the financial health of a cable news behemoth. It also showed that in spite of its struggles, CNN remains extremely profitable.
