Shortly after a Florida jury ruled that CNN had defamed Navy veteran Zachary Young and awarded him $5 million in damages on Friday, the network faced another setback when its revenue losses were publicly disclosed on the witness stand.
The Florida jury reached its decision in favor of Young early Friday afternoon. The case revolves around a November 2021 report by Alex Marquardt, which was featured in segments on shows hosted by Jake Tapper and Jim Acosta. The jury determined that the coverage defamed Young.
After the verdict was announced, the trial moved into a second phase, where the jury will determine how much CNN owes Young in punitive damages.
During this phase, Young’s legal team called forensic economist Robert W. Johnson as an expert witness on punitive damages. Under direct examination, Johnson analyzed tax documents provided to the plaintiff and revealed that CNN’s revenue stood at about $2.2 billion in 2021, $2.0 billion in 2022, and $1.8 billion in 2023—an 18% decline, or $400 million, over three years.
Despite declining revenue, Johnson testified that CNN still recorded net incomes of $600 million in 2021, $300 million in profit in 2022, and $400 million in 2023. Meanwhile, its cash flow profit for 2023 amounted to $424.9 million.
CNN’s finances that Axelrod referred to earlier based on 2023 tax documents given to Plaintiff. pic.twitter.com/WZBnwYQMNy
— Joseph A. Wulfsohn (@JosephWulfsohn) January 17, 2025
While CNN still earns profits, it’s hard to say how long that will continue. The network’s viewership has been falling dramatically over the past couple of years, with an even bigger dropoff after President-elect Donald Trump’s November victory.
“CNN averaged 501,000 total viewers and 110,000 A25-54 viewers during primetime for respective declines of -3% and -13% compared to the previous week,” Adweek reported late last week. “In total day, the network saw 455,000 total viewers and 80,000 A25-54 viewers. That’s a mixed bag performance-wise, as CNN ticked upwards by +15% in the former category, but dipped -1% in the latter.”
Meanwhile, Fox News is crushing all cable news competitors — still. During a ratings period that included the death of former President Jimmy Carter and ongoing major wildfires in California, CNN still underperformed compared to other news networks.
According to Nielsen live plus same-day data for the week of Jan. 6, Fox News Channel (FNC) drew an average of 2.546 million total viewers and 303,000 viewers in the 25-54 demographic during primetime. These figures represent increases of +47% in total viewers and +53% in the demo compared to the previous week.
In total day viewing, Fox News averaged 1.797 million total viewers and 227,000 viewers in the 25-54 demo, marking gains of +34% and +33%, respectively.
Among basic cable networks, FNC ranked second in total primetime viewers and rose from third to second place among adults 25-54. For total day ratings, Fox News reclaimed the top spot in total viewers and placed second in the 25-54 category.
During the week of Jan. 6, MSNBC’s primetime lineup averaged 721,000 total viewers and 55,000 viewers in the adults 25-54 demographic—a +62% increase in total viewers and a +45% jump in the demo compared to the previous week.
In total day viewing, MSNBC averaged 540,000 total viewers and 41,000 demo viewers, marking gains of +38% and +11%, respectively, from the prior week.
Among basic cable networks, MSNBC rose from eighth to third place in total primetime viewers and moved from No. 37 to No. 31 in the primetime demo. In total day, the network advanced from fifth to third in total viewers and climbed from No. 30 to No. 27 in the demo.
Looking at the ratings from a year ago, Adweek noted:
- During primetime, Fox News was up by +27% in total viewers and +40% in the A25-54 demo. During total day, the network saw gains of +43% in total viewers and +51% in the demo.
- MSNBC was down by -39% in total viewers and -51% in the demo. During total day, the network was down -35% in total viewers and -49% in the demo.
- In primetime, CNN fell by -31% in total viewers and -23% in the demo. During total day, CNN was down by -11% in total viewers and -14% in the demo.
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