Rumors are circulating CNN could be under new ownership within a year, with the ratings-challenged network’s former CEO, Jeff Zucker, being a possible suitor..The New York Post says it learned from sources Zucker “sees a big opportunity at CNN ahead of the 2024 presidential election after ex-CEO Chris Licht’s strategy to revamp the network’s programming to appeal to a more centrist audience flopped, sending ratings and ad revenue tumbling.”.“Jeff is likely going to make a bid this fall to purchase.”.People who know Zucker add buying and running CNN again would be the exec’s “ultimate revenge” after his untimely exit from the network early last year, when he was accused of overly cozy ties with disgraced former New York Gov. Andrew Cuomo, reports The Post..“I wouldn’t count Zucker out,” said a friend of the exec, noting the seasoned TV mogul “holds a grudge” and will find a way to “be back on top.”.Market observers say a couple of scenarios could play out, depending on the thinking of David Zaslav, CEO of Warner Bros. Discovery, which owns CNN..One possibility is Zaslav keeps the network, then shops around for other news networks..“One possible deal recently floated in media circles involves a merger between NBCUniversal parent Comcast and Paramount,” reports The Post. “If that merger happens sooner or later, Comcast would likely be forced to get rid of CBS News due to antitrust violations.”.“Warner Bros. Discovery, in turn, might then swoop in and combine CNN with CBS, seeking to reap efficiencies between the two networks under its umbrella, some insiders have speculated.”.However, a source close to Warner Bros. Discovery told The Post the company remains “dedicated” to CNN..Estimates are the network could sell for between US$5 billion and US$6 billion, but needs to be absorbed by a media conglomerate that already owns a swathe of cable channels, one well-placed media investor told The Post..“All the speculation is Jeff putting himself in the news cycle,” the source said of Zucker. “A big company would need to find synergies and savings.”.Zucker currently is CEO of RedBird IMI a joint venture including RedBird Capital Partners and Abu-Dhabi-based International Media Investments..According to The Post, the firm has US$1 billion in capital, but sources with knowledge said Abu Dhabi is willing to put in billions more to fund the right deal..The newspaper’s source said buying CNN is not on Zucker’s agenda, but “he said he’d look at all media assets and the network is not an exception.”.While the network is not officially for sale, Zaslav may be reviewing the situation after Licht’s departure and holding off putting the network on the block, sources with knowledge told The Post..“I talked to bankers in the last six months and Warner Bros. Discovery is not selling,” one media investor said. “Nothing is going to happen in the short term.”.“But an industry insider who works on large media mergers said Zaslav’s quick decision to dismiss the embattled Licht after just over a year of service is a ‘sign it is readying the cable news network for a sale,’” reports The Post, adding, “CNN needs to show stability to attract a buyer.”.According to the New York Times, the network had a profit of roughly US$750 million last year, down from the US$1.25 billion it brought in the previous year. .“I could see a sale next year. They see CNN as a non-core asset,” an industry insider said of Warner Bros. Discovery. “Once Warner reduces its leverage it will be more willing to sell non-core assets including CNN.”.“I don’t know if CNN has to be a core business to Warner Discovery,” Edward Jones analyst David Heger told The Post..“I certainly see at this juncture if they don’t find the right leader for CNN, an alternative might be to sell it to someone else.”
