To paraphrase Tolstoy, each unhappy TV channel is unhappy in its own way. And as illustrated by the leadup to the Wednesday exit of CNN’s CEO, Chris Licht, the cable news channel hasn’t been a happy place lately. Beyond the gossipy drama behind his departure is the reality that CNN and its corporate parent, Warner Bros. In a world where far fewer people pay for cable, and where consumers face an oversupply of online news outlets, cable news channels no longer have a reason to exist. Assuming The New York Times was correct in reporting on Sunday that CNN generated $750 million in profit last year, the news channel accounted for just 8% of the profits flowing from all of the company’s cable channels.

Source: CNN June 08, 2023 12:02 UTC