CNN may be too big to fail. As in, I don't think it would ever go "bankrupt" per-se in the traditional sense. New York Times is on the much more shaky ground and still, puts up the front and veneer of profitability even though it bleeds away money each year. NYT still chugs along even as it wheezes along on its final breaths.
What Time Warner has consistently done is a spin-off or sell poor and declining assets (think AOL, they were still able to find a sucker to buy that trash Corp). What we can hope to accomplish is that CNN gets battered so hard that by its next Quarter big changes happen in its leadership with Execs being thrown overboard (this will likely result in power vacuum and send CNN into disarray, unless, (((they))) just put in another one of their homie and things continue along as programmed). Then the eventual financial bleeding if CNN becomes toxic that Advertisers run away to more green pastures. Then, eventually, the restructuring will come with employees being laid off en masse and the company being shaped and modelled for eventual sale to some dumb investor like a Jeff Bezos.
These Cable Corps are sticky as they have muscled their way into basic tiered packages that are forced onto consumers to subscribe. This forced audience results in a constant stream of revenues into the bank account of these Cable Corps. Though, once the subscriptions start to decline, it is a fast, and swift, fall into the abyss. As we see with ESPN, once the subscriptions start to fall, it is hard to stop the bleeding as you can no longer go to Advertisers and shake them down.
Though, I hope I am wrong on the CNN assessment, would be great to see a headline in big bold letters that they are ceasing operations.
I still hold my bet that a major MSM media outlet will go belly up. I still expect that it will likely be a Print news outlet like a TIME Magazine or NYT before a Cable News outlet, but I may be wrong on this. Though, I still stand by the bet, that one major outlet will die out very soon.