Iraqi war squeezes CNN earnings, despite black ink. (Cable News Network)
Multichannel News, February, 1991
Iraqi War Squeezes CNN Earnings, Despite Black Ink ATLANTA - Even before war broke out, Saddam Hussein helped deflate Cable News Network's earnings, with Turner Broadcasting System Inc.'s news division's operating income declining during the fourth quarter of 1990 despite a sharp revenue increase.
But even the Iraqi dictator couldn't keep TBS from posting year-end black ink for the first time since 1985. The company squeezed $4.6 million net income out of $1.4 billion in revenue. For the three months ended December, the news division's operating income dipped 2 percent to $39.1 million, even though revenue climbed 14 percent to $113.6 million. For the full year, earnings declined 1 percent to $134.4 million while revenue jumped 16 percent...
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