Over at CNN the "hunt is on for new revenue" as the news network's "ratings plummet" and "profits slump" below nearly $1 billion.

On Tuesday, the New York Times reported that CNN's yearly profitability is expected to decline to $956.8 according to projections from S&P Global Market Intelligence.

CNN viewership is about 639,000 in the prime time hours slot, which is down 27 percent from last year. More people on average watch MSNBC, whose viewership is down 23 percent, and Fox wins over both networks and is up about a percentage point in overall viewers.