What’s Amiss At Time Warner?
Many of Time Warner (NYSE:TWX) businesses — which include network programming, feature films, and publishing — are under siege.
Making news midway through the month was the company’s efforts to get rid of its magazine operations. As CNNMoney reported at the time, the media giant would like to rid itself of Time Inc., its publishing division that brings in $3.4 billion in annual revenue, as means to slim down its bulky weight. As part of this effort, Time Warner also has plans to layoff approximately 6 percent of the division’s workforce.
But far more concerning problems are attacking its cable news network. Apparently, there were not a sufficient number of news-making events in February to prompt television watchers to tune in to CNN; the DailyBeast flippantly commented that there “weren’t enough cruise crises” to save the channel this month.
Humorous explanation asides, CNN’s ratings drops this month were concerning. In the first full-month since new network chief Jeff Zucker took up his post, ratings were down by 5 percent for the daytime and 1 percent for primetime. Even worse, the networks total daytime viewers declined 10 percent from one year ago, while nighttime viewers dropped 18 percent for the period…