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.
Before punitive damages were awarded in Zachary Young’s victory over CNN, both sides had a chance to argue their case to the jury. The plaintiff’s paid witness showed the jury CNN financial data from 1120 U.S. Corporate Income Tax returns for the yea
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.”
CNN DEFAMATION TRIAL: PLAINTIFF ACCUSES NETWORK OF FAKING CRITICAL PHONE CALL FOR ‘THEATER’
Forensic economist Robert W. Johnson.
Apple and Google's massive mobile empires face dual UK antitrust probes
Omar Marques | Lightrocket | Getty Images LONDON — Britain’s competition regulator on Thursday launched an investigation into Apple and Google’s huge mobile ecosystems to determine whether the tech titans are in breach of the U.K.’s strict new digital competition rules. The U.K. Competition and Markets Authority said it was […]
