Advertising Plunge of 11 Percent Across CNN and Other Warner Bros. Discovery Networks Due to Dropping Viewership

Reports show that CNN and other networks owned by Warner Bros. Discovery are experiencing a significant drop in viewership, leading to a decrease in advertising revenue for the cable TV industry. Warner Bros. Discovery witnessed an 11 percent decline in TV advertising revenue in the most recent quarter, causing its stock to fall by almost 4 percent. Executives attribute this decrease to audience declines in domestic general entertainment and news networks, as well as the soft linear advertising market in the U.S. and Latin America. CNN, in particular, continues to struggle in ratings compared to Fox News and MSNBC, with no shows making it to the top-15 list of most-watched cable news shows in March. The network has been making efforts to boost its ratings through various changes, including executive shake-ups and talent reshuffling. Despite the negative news, Warner Bros. Discovery tried to shift focus by announcing new projects like a series of Lord of the Rings movies and a streaming bundle partnership with Disney. However, like other major Hollywood studios, Warner Bros. Discovery is grappling with the decline of the traditional cable TV market as more American households choose to cut the cord. The TV advertising market has also been impacted by inflation under the Biden administration, leading to a further decline in consumer spending.