The owner of casino operator Bally’s might get involved in one of the biggest media changes in recent years. People are curious about what will happen to CNN and other cable TV networks that Warner Bros. Discovery controls.
Soo Kim Drawn Into CNN Talks as Warner Bros. Faces Takeover Fight
Soo Kim started a New York hedge fund called Standard General and leads Bally’s as chairman. At least one big shareholder of Warner Bros. Discovery has talked to him about maybe buying or investing in its cable business, say people who know about this. They are discussing selling CNN, TNT, Discovery Channel, and Animal Planet, according to the Financial Times.
Though no deal has been struck, Kim’s involvement has drawn interest due to his expanding presence in high-profile businesses that serve consumers. Bally’s runs 15 casinos in 10 US states and won one of three permits to build a casino in New York City, a project set for the Ferry Point location in the Bronx. This victory has pushed both Bally’s and Kim into a brighter national spotlight.
The timing stands out. Warner Bros. Discovery plans to sell its studio and streaming units to Netflix for about $72 billion, while spinning off its regular TV networks as a separate company. At the same time, the media group fights off a hostile takeover attempt from Paramount Skydance, which wants to buy the whole company.
Kim’s Connection to Bally’s Underscores Unconventional Media Bid
A big investor like Standard General could help fund the cable networks as they deal with fewer viewers and lots of debt. Warner Bros. Discovery bosses say many groups want to buy the TV assets, but they would not name names.
Kim’s achievements go beyond the gaming industry. In 2010, Standard General bought Young Broadcasting when it was bankrupt. Later, it merged it with other station groups and sold the bigger company to Nexstar. Not long ago, Kim tried to buy Tegna for $9 billion with help from private equity. This deal fell through because of worries about regulations.
Yet, Kim’s ownership of Bally’s makes this story stand out. A deal that joins a big casino company with one of the world’s best-known news brands would be a surprise. It shows how investors from different fields are now looking at old media companies. As of now, Kim has not said anything, and Warner Bros. Discovery has not answered questions. However, just the attention shows how CNN’s future – and the wider cable TV industry – is more and more linked to investors who are known for gambling and troubled assets rather than news operations.