Amid growing speculation that Warner Bros. Discovery may sell CNN in the coming year, sources told the New York Post 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 Post.
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.
“Jeff is likely going to make a bid this fall to purchase,” a source with knowledge told the New York Post. Zucker sees an opportunity to take the helm of CNN ahead of the 2024 presidential election.
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.”
If Zucker bought and ran the network again, that would be his “ultimate revenge” after he was ousted from the network, according to a source.
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, per the New York Times.
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.
“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.
However, other sources are less certain Warner Bros. Discovery is willing to part ways with CNN.
“I talked to bankers in the last six months and Warner Bros. Discovery is not selling. Nothing is going to happen in the short term,” one media investor told the Post.
The New York Post noted that one possible scenario involves a merger between Comcast and Paramount, who had reportedly been in talks to merge two years ago.
As the Post reported:
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.
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A source close to the company said it remains “dedicated” to CNN.
“All the speculation is Jeff putting himself in the news cycle,” one source said of Zucker. “A big company would need to find synergies and savings.”
Jordan Dixon-Hamilton is a reporter for Breitbart News. Write to him at jdixonhamilton@breitbart.com or follow him on Twitter.
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