For the first time, internal financial projections of CNN have been broken out by Warner Bros. Discovery.
The company disclosed the numbers in a proxy filing released in connection with its planned spinoff of Discovery Global, of which CNN will be a major part.
CNN is projected to have $1.8 billion in revenue in 2026, according to the filing, rising to $1.9 billion in 2027, $2 billion in 2028 and $2.2 billion by 2030. CNN’s adjusted EBITDA in 2026 is estimated to be about $600 million, before falling to $500 million in 2027 and remaining flat at $600 million through 2030.
The company says that it expects “new platform revenue” (i.e. streaming) to account for $600 million of revenue for CNN by 2030. Still, CNN is facing the same pay-TV headwinds as everyone else. The filing indicates that the company expects CNN to face “core revenue declines at (4)% compound annual growth rate, offset by on-going savings initiatives to stabilize Adjusted EBITDA and pivot resources towards growth opportunities.”
Tax documents disclosed in a lawsuit last year indicated that CNN had revenue of $2.2 billion in 2021, falling to $1.8 billion in 2023, suggesting that the channel has stabilized, if WBD’s projections hold up.
WBD warns in the filing that the details were “not prepared with a view to public disclosure” but are being provided “because such information was presented to the WBD Board in connection with its evaluation of the Merger Agreement and the transactions contemplated thereby and its overall assessment of Discovery Global.”
CNN is in the midst of a moment of transformation under CEO Mark Thompson, who launched a premium subscription offering last year with a mandate to bring the cable channel fully into the digital age.
But the filing also shows just how important CNN is to the cable ecosystem: Per Discovery’s filing, all of its other cable channels combined (including TNT, TBS, HGTV, Food Network, etc) are expected to see their revenue fall from $9.9 billion in 2026 to $7.7 billion in 2030, with adjusted EBITDA falling from $3.8 billion to $1.9 billion over that time period.
By breaking out CNN’s financials from the rest of the Discovery lineup, it is also possible that the company is getting ahead of potential interest in a deal to acquire the channel and brand.
CNN has long been seen as a potential acquisition target thanks to its global reach and internationally-known brand. it has also been a focus point for President Trump, who indicated last month that the future of CNN could be a factor in his administration’s review of any deal.
“I think it’s imperative that CNN be sold,” he said.
Read the full article here
