CNN is projected to hit $1.8 billion in revenue and $600 million in adjusted profit for 2026, according to new regulatory filing by parent company Warner Bros. Discovery released on Tuesday.
Revenue is expected to rise to $1.9 billion in 2027, $2 billion in 2028 and $2.2 billion by 2030. Meanwhile, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) is expected to fall to $500 million in 2027 and remain flat at $600 million through 2030.
The figures offer a fresh glimpse into the news network’s financials as it prepares to be spun off from WBD as part of Discovery Global in the next six to nine months. This rare look into CNN’s books also comes as President Donald Trump has called for the network to be sold as part of any Warner Bros. Discovery deal.
CNN is a critical component to Discovery Global’s ultimate value, which WBD believes is worth as much as $6.96 a share if it is acquired, which is major part of Netflix’s argument that its now all-cash offer for the studio and streaming assets is superior. Paramount believes those assets are essentially worthless.
WBD says that it expects “new platform revenue” to account for $600 million of CNN’s revenue by 2030. (CNN launched an ambitious streaming play, All Access, last fall.) It also anticipates core revenue declines at a 4% compound annual growth rate, offset by ongoing savings initiatives to stabilize profits and pivot resources towards growth opportunities.
In addition to CNN, Discovery Global will house TNT Sports in the U.S., Discovery, top free-to-air channels across Europe, and digital products such as the Discovery+ and Bleacher Report.
The remaining U.S. networks are projected to generate $10 billion in revenue and $3.5 billion in EBITDA, while its international networks are projected to generate $4.3 billion in revenue and $1.1 billion in EBITDA. By 2030, the remaining U.S. networks are expected to generate $8.2 billion in revenue and $1.8 billion in profit, while the international networks are expected to generate $4.2 billion in revenue and $900 million in EBITDA.
Discovery+ is projected to generate $800 million in revenue and $200 million in adjusted EBITDA in 2026 and expects those figures to grow to $1 billion and $400 million by 2030, respectively.
Overall, Discovery Global is expected to generate $17 billion in total revenue and $5.4 billion in adjusted EBITDA for 2026, with those expected to fall to $15.6 billion and $3.8 billion, respectively, by 2030.
The company’s equity value is estimated to be between $1.33 and $6.86 per share, according to Warner’s own analysis. That analysis states that the “selected public companies analysis on a whole company basis” implied an equity value of $1.33 to $3.24 per share, while a “selected public companies sum-of-the-parts analysis” implied an equity value of $2.41 to $3.77 per share. However, in the event that Discovery Global is acquired following the separation, the filing states that the implied equity value could be $4.63 to $6.86 per share.
Discovery Global is expected to have $17 billion in debt as of June 30, 2026, which will decrease to $16.1 billion by the end of 2026. The debt being placed on the spinoff was reduced by $260 million due to better-than-expected cash-flow performance of the business last year.
