Founder of hedge fund Standard General, Soo Kim, is reportedly in discussions to potentially acquire or invest in Warner Bros. Discovery’s (WBD) television networks, according to the Financial Times.

Sources familiar with the matter indicate that Kim was approached by a significant WBD shareholder to take over all or a portion of the media giant’s cable TV holdings, which include the globally recognized news network, CNN.

The identity of the shareholder initiating contact with Kim remains undisclosed as of now. This development comes amidst competing bids for WBD from streaming giant Netflix and Paramount Skydance.

WBD’s board has advised its shareholders to dismiss Paramount’s unsolicited offer, asserting that Netflix’s proposal is more advantageous. While Netflix is primarily interested in WBD’s studio and streaming assets, Paramount’s bid encompasses the entire company, including CNN.

Notably, former US President Donald Trump, a vocal critic of CNN’s coverage, publicly stated last week that a sale of the network and a change in leadership were essential.

Further fueling the speculation, Paramount CEO David Ellison reportedly gave assurances to officials from the Trump administration that substantial changes would be implemented at CNN should his company’s acquisition of WBD prove successful, as reported by The Wall Street Journal.

The future of CNN remains a key point of contention in these ongoing negotiations, with significant implications for the media landscape.

Image Source: MYJOYONLINE