A New York supermarket billionaire said he wants to buy CNN and that he just wants $1 per year for it
By Nidhi Pandurangi,2023-06-09
- New York supermarket billionaire John Catsimatidis said he wants to buy CNN, per the New York Post.
- "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.
- Catsimatidis — an outspoken Trump supporter — has a net worth of $4.1 billion, per Forbes.
Just two days after embattled CNN CEO Chris Licht stepped down from his role in the aftermath of a brutal profile of his leadership, a New York supermarket billionaire said he wants to buy CNN from its parent Warner Bros. Discovery .
"I'd go run the place tomorrow morning, and all I'd want is $1 per year and a piece of the upside," John Catsimatidis, the owner of New York City supermarket chain Gristedes Foods , told the New York Post in an interview Thursday.
Catsimatidis did not share details of his potential offer, only saying that financing wouldn't be a problem.
"It's up to the investment bankers to come up with the numbers," he told the outlet.
"We could always bring partners in, but I want to run the place," he added. "We are capable of putting down a substantial amount of money."
Catsimatidis first talked about his potential CNN bid during a Thursday morning appearance on radio station 77 WABC , where he said: "You heard it first here. I'm going to make an offer to buy back CNN."
"Is that true, seriously?" asked host Sid Rosenberg, to which Catsimatidis shot back: "Seriously."
In 2019, Catsimatidis bought 77 WABC, a conservative radio station, for $12.5 million, the Wall Street Journal reported .
Catsimatidis — who is the 702nd-wealthiest person in the world with a net worth of $4.1 billion, per Forbes — claimed he could double CNN's profits in a short time, according to the Post.
The 74-year-old mogul said Licht's ouster was a bad call given the executive helmed Donald Trump's controversial town hall appearance in May. The town hall irked CNN's core audience, Insider reported .
"They fired the guy at CNN because he had Donald Trump. That is the craziest thing in the world," Catsimatidis — an outspoken Trump supporter — told 77 WABC.
Catsimatidis did not respond to Insider's request for comment sent via Gristedes after regular business hours. Warner Bros. did not immediately respond to a request for comment.Read the original article on Business Insider