CNN loses defamation trial, docs reveal network finances in steep decline

AN UPDATE TO A COURT CASE WE TOLD YOU ABOUT LAST WEEK –

CNN HAS NOW BEEN FOUND LIABLE OF DEFAMATION AND ORDER TO PAY 5 MILLION DOLLARS IN DAMAGES.

BUT THE JURY – ALSO HAS ORDERED THE NETWORK TO AWARD **PUNITIVE DAMAGES TO THE MAN WHO SUED THE NETWORK OVER A STORY HE SAID WAS “A HIT PIECE” AGAINST HIM.

THE JURY – AGREED.

AND BECAUSE OF IT – WE’RE GETTING DETAILED FINANCIAL REPORTS FROM CNN NOT TYPICALLY MADE PUBLIC –

THAT SHOWS A NETWORK IN STEEP FINANCIAL DECLINE.

A FLORIDA JURY HAS FOUND CNN “DEFAMED” NAVY VETERAN ZACHARY YOUNG – A SECURITY CONTRACTOR WHO WAS FEATURED IN A NOVEMBER 2021 SEGMENT ABOUT THE COSTS AFGHAN REFUGEES WERE PAYING TO LEAVE THE RAVAGED AREA FOLLOWING THE U.S. AFGHANISTAN WITHDRAWAL.

CNN FEATURED YOUNG IN THE STORY AS THE ONLY **NAMED PRIVATE CONTRACTOR ASSISTING IN THE AFGHAN EVACUATIONS.

CNN REFERRED TO IT AS “BLACK MARKET” OPERATIONS –

LATER ISSUING AN ON-AIR APOLOGY OVER USING THE WORDS “BLACK MARKET.”

YOUNG ARGUED THE REPORT PUT HIM IN A NEGATIVE LIGHT – PAINTING HIM AS A CRIMINAL.

YOUNG CONTENDED HE WAS CONTRACTED OUT BY CORPORATIONS AND PAID BY THEM – NEVER BY AFGHAN REFUGEES – CALLING THE REPORT “COMPLETELY FALSE.”

WHILE CNN CONTENDED THEIR REPORTING WAS ACCURATE AT TRIAL –

THE JURY SIDED WITH YOUNG – SAYING THE REPORT WAS “MATERIALLY FALSE” AND “DONE WITH AT LEAST NEGLIGENCE.”

BUT THE JURY – ISN’T DONE.

NOW – A DECISION IS TO BE MADE ON THE **AMOUNT OF PUNITIVE DAMAGES AWARDED – WITH THE JURY TO HEAR TESTIMONY ABOUT CNN’S FINANCES.

WITH CNN LAWYERS– ALREADY MAKING A CASE FOR THE JURY TO SHOW MERCY.

ACCORDING TO WASHINGTON POST REPORTER JEREMY BARR COVERING THE TRIAL –

“CNN’s top lawyer, in trying to appeal to the jury to award a small punitive damages award, acknowledges that “you’re going to see that the net worth of the company is actually in a subtle decline. You’re also going to hear about the headwinds facing the entire media environment.”

BARR – CITING TAX DOCUMENTS OBTAINED IN THE CASE –

SHOWS A SERIES OF FINANCIAL STATS THAT POINTS TO A NETWORK IN DECLINE.

SHOWING CNN’S “NET INCOME” – DROPPING FROM 600 MILLION IN 2021 TO 300 MILLION IN 2022 AND SLIGHTLY INCREASING BY 2023.

AND THEN CNN’S “NET WORTH” – DROPPING FROM 4.4 BILLION IN 2021 TO 2.2 BILLION IN 2022.

BARR NOTING – CNN’S NET WORTH “WAS CHOPPED IN HALF.”

DEFAMATION LAWSUITS AGAINST THE MEDIA RARELY MAKE IT TO A JURY TRIAL.

USUALLY BEING SETTLED OR DISMISSED –

MAKING THIS CASE – UNIQUE – AND PERHAPS THE OUTCOME COULD INCENTIVIZE MORE LAWSUITS AGAINST MEDIA COMPANIES –

AT A TIME THE INDUSTRY IS ALREADY FACING A DECLINE IN REVENUE – AND TRUST.