Reports indicate that Amazon founder and billionaire Jeff Bezos is exploring a potential acquisition of CNBC, the prominent business news cable network.
The 61-year-old e-commerce giant has reportedly expressed interest to close associates in acquiring the network, known for shows like “Squawk Box” and “Mad Money with Jim Cramer,” once it separates from NBCUniversal parent company Comcast later this year. Sources familiar with Bezos’s perspective suggest that CNBC’s focus on business journalism would align seamlessly with his portfolio. Furthermore, the potential to establish CNBC as a “neutral voice” in his burgeoning media ventures is seen as a significant advantage, particularly in light of recent challenges at The Washington Post, which he owns.
Bezos’s ownership of the venerable Washington Post has been marked by significant turbulence, including financial losses, staff layoffs, and internal protests. These issues largely stem from his efforts to steer the paper’s editorial direction towards a more centrist and pro-capitalist stance.
Meanwhile, Comcast is moving forward with its plan to spin off several of its cable assets, including MSNBC, USA Network, and E!, by year-end. CNBC is slated to become part of a new publicly-traded entity named Versant, which will be overseen by NBCUniversal executives, with Mark Lazarus at the helm as CEO.
However, sources within Comcast indicate that Jeff Bezos has not yet formally approached the cable conglomerate led by CEO Brian Roberts regarding an acquisition. Additionally, insiders suggest that Versant’s strategy is to cultivate and expand CNBC, rather than pursue a sale.
The potential valuation and acquisition cost for CNBC remain undisclosed, though Bezos’s immense net worth, estimated at $241 billion by Forbes, positions him as the world’s fourth-richest individual. While Comcast doesn’t detail individual cable asset financials, the new Versant entity reportedly generated approximately $7 billion in revenue last year. Any immediate acquisition of CNBC by Bezos could face significant hurdles due to a two-year post-spinoff period. During this time, selling major assets like CNBC, or even the entire Versant company, would trigger substantial tax implications, which sources close to the situation indicate Versant is unlikely to risk.
Comcast’s strategic decision, announced late last year, involves retaining NBCUniversal’s core assets, including the NBC broadcast network, Bravo, its film and television studios, theme parks, and the Peacock streaming service, while divesting other cable properties.
Bezos acquired The Washington Post in 2013 for $250 million, but the renowned publication has struggled with substantial financial losses and declining subscriber numbers since his purchase.
Over the last year, both Bezos and Washington Post CEO Will Lewis have actively worked to shift the paper’s editorial focus towards a more centrist stance, a move that has met with considerable internal resistance and staff resignations. This strategic redirection included controversial decisions, such as rescinding the newspaper’s endorsement of Kamala Harris ahead of the November election, which reportedly contributed to over 300,000 reader cancellations. Further internal dissent arose when Bezos directed the opinion section to concentrate on themes of “personal liberties and free markets,” aiming for a more neutral approach rather than traditional political commentary.
These editorial directives have prompted several high-profile departures from the newspaper, including Opinion Editor David Shipley, long-time columnist Ruth Marcus, and most recently, Pulitzer Prize-winning opinion writer Jonathan Capehart, who accepted a buyout.
Bezos’s interest in expanding his media footprint isn’t new; recent reports have also linked him to potential acquisitions of Vogue magazine for his wife, Lauren Sanchez, or even its parent company, Condé Nast, further highlighting his broader media ambitions.
Amid these strategic business moves, the Amazon founder has been seen vacationing with his wife, Lauren Sanchez, in the South of France, recently spotted at exclusive locations near his mega-yacht.