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A Florida jury found so CNN defamed the US Navy veteran Zachary Young last week allowed a rare peek into the network’s books that revealed her net worth would halve from 2021 to 2023.
Young successfully claimed that CNN defamed his reputation by insinuating that he illegally profited from helping people flee Afghanistan on the “black market” during the post-war period. Biden administration military withdrawal from the country in 2021. The six-person jury awarded Young $4 million in lost profits and $1 million in personal damages, and also found punitive damages justified against CNN.
Before punitive damages are awarded, both sides have an opportunity to argue their case before the jury. The plaintiff called on renowned forensic expert Robert W. Johnson to analyze the current state of CNN’s finances and the network’s ability to pay. Punitive damages.
Jury finds CNN committed defamation against Navy veteran, reaches settlement on punitive damages
A Florida jury found that CNN defamed US Navy veteran Zachary Young last week.
Johnson, who was a paid witness, used “the standard method of economic analysis” that “economists use and rely on to determine the financial situation,” he told CNN. In an ideal world, he said, he would have seen CNN’s balance sheets and income statements, but “they were never provided.”
Instead, CNN provided 1,120 US corporate income tax returns for the years 2021 to 2023. Johnson said he would have also preferred to have the 2024 tax return, but would rely on the information provided.
“We believe they are accurate, true and truthful,” Johnson said of the documents he was provided with.
CNN was valued at $4.4 billion in 2021 but fell to $2.3 billion in 2023, according to Johnson.
Before punitive damages were awarded in Zachary Young’s CNN win, both sides had the opportunity to present their cases to the jury. The plaintiff’s paid witness showed the jury CNN Financial data from 1,120 US corporate income tax returns for the year.
CNN’s net worth was cut in half from 2021 to 2023, according to data shown to jurors.
During that period, CNN has seen multiple leadership changes as it struggles to attract viewers during the Biden administration. CNN has seen significant turnover since 2021, with high-profile hosts like Don Lemon and Chris Cuomo walking 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 fell from $2.2 billion in 2021 to $1.8 billion in 2023. CNN’s net income fell during the same period from $0.6 billion in 2021 to $0.4 billion in The year is 2023, according to the network’s tax returns filed with 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 important phone call for ‘stage’
Forensic economist Robert W. Johnson.
CNN still has cash flow earnings of $424.9 million in 2023 despite widespread difficulties attracting an audience. CNN and Young reached a settlement before a jury could decide on punitive damages.
CNN rejected Johnson’s findings.
“The numbers represent Plaintiff’s interpretation of a subset of the data as presented in the lawsuit, and do not represent the financials of CNN’s entire business,” a CNN spokesperson told Fox News Digital.
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