CNN’s net worth cut in half between 2021 and 2023, forensic economist reveals during defamation trial

A Florida jury found that CNN defamed U.S. Navy veteran Zachary Young last week, allowing a rare peek in the network’s books that revealed its net worth was cut in half from 2021 to 2023. 

Young successfully alleged CNN smeared him by implying he illegally profited when helping people flee Afghanistan on the “black market” during the Biden administration’s military withdrawal from the country in 2021. The six-person jury ruled Young was to be awarded $4 million in lost earnings and $1 million in personal damages, and it also found punitive damages were warranted against CNN. 

Before punitive damages were awarded, both sides had a chance to argue their case to the jury. The plaintiff called acclaimed forensic economist Robert W. Johnson to break down the current condition of CNN’s finances and the network’s ability to pay punitive damages. 

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Johnson, who was a paid witness, used the “standard method of economic analysis” that is “used and relied upon by economists to quantify the financial condition” of CNN. He said in a perfect world he would have seen CNN’s balance sheets and income statements, but those were “never provided.”

Instead, CNN provided 1120 U.S. Corporate Income Tax returns for the years 2021 through 2023. Johnson said he would have preferred to also receive the 2024 tax statement, but he would rely on the information that was provided.

“We believe them to be accurate, valid and truthful,” Johnson said of the documents he was provided. 

CNN was worth $4.4 billion in 2021 but dropped to $2.3 billion in 2023, according to Johnson. 

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During that time, CNN has had multiple leadership changes as it struggled to attract viewers during the Biden administration. CNN has seen significant turnover since 2021, with high-profile hosts like Don Lemon and Chris Cuomo out the door. 

Former parent company WarnerMedia merged with Discovery to create Warner Bros. Discovery in 2022. 

Johnson’s data also showed that CNN’s revenue dropped from $2.2 billion in 2021 to $1.8 billion in 2023. CNN’s net income over the same period dropped from $0.6 billion in 2021 to $0.4 billion in 2023, according to the network’s tax returns provided to Johnson. 

Washington Post media reporter Jeremy Barr responded to the data on X, writing “these are not numbers we normally get.”

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CNN still had a $424.9 million cash flow profit in 2023 despite widespread struggles to attract an audience. CNN and Young reached a settlement before the jury could decide on punitive damages. 

CNN dismissed Johnson’s findings. 

“The numbers represent the Plaintiff’s interpretation of a subset of data as presented in litigation, and they do not represent financial data for the whole of CNN’s business,” a CNN spokesperson told Fox News Digital.