CNN May Be Up For Sale; Former CEO Zucker ‘Likely’ to Make a Bid

CNN May Be Up For Sale; Former CEO Zucker ‘Likely’ to Make a Bid

June 30, 2023

Breitbart News reports that Warner Bros. Discovery may sell CNN in the coming year and that former CNN CEO Jeff Zucker is “likely” to make a bid to purchase the network.

Zucker allegedly “holds a grudge,” and wants to find a way to “be back on top” after he was ousted from the network more than one year ago, a source close to Zucker told the New York Post. “Jeff is likely going to make a bid this fall to purchase.”

Zucker resigned from the network in February 2022 after it was revealed he had an inappropriate relationship with one of his subordinates, Allison Gollust, the network’s chief marketing officer. If Zucker bought and ran the network again, that would be his “ultimate revenge.”

Currently, Zucker is the chief executive of RedBird IMI, a venture capital firm that has $1 billion in capital but is “willing to put in billions more to fund the right deal,” sources with knowledge told the Post.

This month, CNN’s CEO, Chris Licht, was fired from his post after he tried to steer the network toward a more centrist position. An industry insider told the Post that Licht’s firing is a “sign” that Warner Bros. Discovery is “readying the cable news network for a sale.”

“I could see a sale next year. They see CNN as a non-core asset. Once Warner reduces its leverage, it will be more willing to sell non-core assets including CNN,” an industry insider told the Post.

Bankers estimate CNN would sell for between $5 and $6 billion, despite bringing in around $500 million less profit last year than the year before.

© Copyright 2024,