New York Greek Supermarket Billionaire Wants to buy CNN
America ı By Jackie Allen
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John Catsimatidis, the prominent supermarket billionaire who owns New York City's Gristedes Foods supermarket chain, claims his intention is to purchase CNN from its parent company, Warner Bros. Discovery.
Catsimatidis, a known former President Donald Trump supporter, expressed his desire to take charge of the media giant.
"I'd go run the place tomorrow morning, and all I'd want is $1 per year and a piece of the upside," he said in an interview with the New York Post.
The Greek billionaire did not disclose specific details regarding his offer. But he is confident that financing would not be an issue. And said he would leave it to the investment bankers to determine the numbers.
"We could always bring partners in, but I want to run the place. We are capable of putting down a substantial amount of money," he added.
Supermarket billionaire has a plan
This announcement comes two days after CNN's CEO, Chris Licht, stepped down amidst criticism following a scathing report assessing his leadership at the network.
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.
His unique perspective and past experiences as a businessman and political supporter might shape the network's future direction. It could potentially impact its editorial stance and audience appeal.
And in today’s political environment, it will definitely be controversial. The potential acquisition of CNN has generated intrigue and speculation within the media industry.
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