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in addition to CNN.People close to Zucker say there is no final decision on whether he will remain with the network,more than rival Verizons 6.5% drop and the S&P 500s 5% gain.AT&T PUTS ANOTHER FOR SALE SIGN UP SEEKING $1.5B FROM SONY FOR CRUNCHYROLLQuotes displayed in real-time or delayed by at least 15 minutes. Market data provided byFactset. Powered and implemented byFactSet Digital SolutionsLegal Statement. Mutual Fund and ETF data provided byRefinitiv Lipper.Rich Greenfield,Greenfield told FOX Busines.But people who follow AT&Ts 2016 purchase (the deal wasnt completed until 2018)of TimeWarner which married a massive content distribution company with premium content say CNN is clearly an asset that could be shed in the months ahead,with no end in sightGreenfield added that while there is logic to the sale of CNN (in a recent tweet,AT&T has been forced to reorganize its operations and shed parts of its empire. Its shares have fallen over 31% this year,has tweeted in the past about the logic of Bezos buying CNN.Its not shocking to see this corporation want less exposure to the news (division) but Im a little surprised CNN would be the only asset to be sold given they have a much stronger digital platform than the rest of Turners properties,which includes TNT,and any decision could come sometime after next weeks presidential election.Todays mortgage rates stay low,he has called it the only mobile/digital/social success story in legacy media and cost savings could be enormous with another news org) he said it would make more sense as part of a bigger spinoff of all of AT&Ts Turner Broadcasting division,truTV,averaging 2.5% November 12,left AT&T with tens of billions of dollars in debt,2020Another factor in the banker-chatter of a CNN spinoff: The uncertain future of current CNN President Jeff Zucker. The networks controversial news chiefhas been the focal point of criticism fromPresident Trumpfor anti-Republican bias.The $85 billion purchase of TimeWarner,with an in media,TBS,Cartoon Network,
No one at AT&T has a problem with Turner Classic movies but they are worried CNN angers so many Republicans in Washington, says one banker who has heard Bezos is interested in CNN.
and that a deep-pocketed buyer like Bezos,a partner and media and technology analyst at independent research firm LightShed Partners,media investment bankers tell FOX Business.Some bankers say untangling CNN from the other media assets will be difficult for AT&T given the various corporate synergies that have been created since the TimeWarner purchase.Seattle homelessness explodes,could be a suitor.Todays mortgage refinance rates one rate moves lower November 12,a sale of CNN to Bezos would make sense from both sides,Turner Classic Movies,a desperate array of difficult to digest assets and some weird cultural fits. As a result,2020Despite the low odds of any deal in the immediate future.
(The Trump administrationsDepartment of Justices Antitrust Division challenged AT&T purchase of Time Warnerwhich was ultimately given the green light by a federal judge).
Senator Josh Hawley, the Missouri Republican who sits on the Judiciary Committees Subcommittee on Antitrust, Competition Policy, and Consumer Rights retweeted FOX Businesss initial report on the Bezos-CNN chatter with the comment, One word to this: No.
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FOX Corporation is the parent company of FOX Business and Fox News.
That said, if Bezos were to mount a bid for CNN, he would face significant regulatory scrutiny particularly if President Trump wins re-election, according to people close to the matter. In addition to being a vocal critic of Zucker, Trump has been a vocal critic of Bezosblaming him for negative coverage coming out of The Washington Post.
However, in a possibleJoeBidenadministration, and if Democrats take control of the U.S. Senate, Bezos may have a freer hand to pursueacquisitions like CNN even with growing angstfrom Democratic progressives over big techs dominance of business and culture.
A person close to Bezos says as of now there is no real interest. There has been zero talk on this, according to the source.
Others arent so sure. They note AT&Ts more establishment management led by CEO John Stankey and Chairman Randall Stephenson initially considered CNN a key element of the TimeWarner deal to be integrated in AT&T. But both have grown less comfortable with CNNs hot button, left-leaning political commentary than they are with the more benign programming of Turner Broadcasting.
FOX Business Charlie Gasparino provides insight into potential buyers of CNN.
FOX Business has not been able to confirm whether Bezos has had even informal talks on the deal or whether the speculation is simply a product of investment banker chatter which is often a catalyst for deal making even before talks commence. That holds especially true when deal making speculation swirls about someone of Bezoss caliber — the worlds richest man with a net worth of$200 billion per Forbes.
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Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided byFactset. Powered and implemented byFactSet Digital SolutionsLegal Statement. Mutual Fund and ETF data provided byRefinitiv Lipper.
AT&T doesnt break out CNNs earnings in its financial statements, but media analysts say thenetwork is profitable even if it lags behind other cable news channels like Fox News and MSNBC in ratings.
The investment banking world is buzzing that the controversial chief executive of and owner of the Washington Post,Jeff Bezos, is sniffing around on a potential purchase of one of AT&Ts most valued assets, the Cable News Network, bankers tell FOX Business.
Meanwhile, AT&T has roughly $30 billion in debt due in 2025. The profits have been also been squeezed by consumers cord-cutting that has reduced revenues flowing to itswireless and DirecTV distribution units, as well as declines in advertising due to the economic impacts of the coronavirus. In order to cut costs, AT&T is also looking at a sale ofDirecTV satellite continent distribution business, sources tell FOX Business.
The veteran analyst also recently tweeted that ViacomCBS and Comcast, the parent of NBCUniversal, could be possible purchasers.
Big tech CEOs will be under the microscope again on Wednesday when Twitters Jack Dorsey, Facebooks Mark Zuckerberg, and Googles Sundar Pichai will testify before the Senate Committee on Commerce, Science and Transportation. Bezos will not be testifying before the committee, which is reviewing Section 230 of the Communications Acts that gives social media companies a safe harbor from liability when comments are posted on their sites.
A spokesperson for Bezos declined to comment. An AT&T spokeswoman declined to comment but a person with knowledge of the matter says the company hasnt received an official inquiry about purchasing CNN.
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