Catsimatidis capitalized on the timing to express his interest in acquiring the media company. In a radio interview on 77 WABC, he revealed, “You heard it first here. I’m going to make an offer to buy back CNN.”
The 74-year-old billionaire, currently ranked as the 702nd-wealthiest person globally with a net worth of $4.1 billion according to Forbes, confidently claims he could quickly increase CNN’s profitability.
He criticized the decision to remove Licht, highlighting the executive’s role in organizing Donald Trump’s controversial town hall appearance in May. The town hall garnered lots of attention. And also stirred reactions from CNN’s core audience.
His track record as a successful businessman, including his acquisition of 77 WABC in 2019, proves he’s more than capable of undertaking such a venture.
If the deal materializes, Catsimatidis’ ownership of CNN could bring about significant changes in the media landscape. He plans to leverage his resources and expertise to revitalize the faltering news outlet.
