Bally’s Owner Emerges as a Potential Buyer of CNN and Warner Bros. Discovery Cable Assets
Possible Acquisition Interest from Bally’s Owner in CNN and Cable Networks
The owner of Bally’s, a prominent casino operator, is rumored to be exploring opportunities to acquire parts of CNN and other cable TV assets currently owned by Warner Bros. Discovery. This development has attracted widespread attention as the media giant considers restructuring its portfolio.
Soo Kim’s Role and Warner Bros. Discovery’s Asset Divestment
Soo Kim, chairman of Bally’s and founder of the hedge fund Standard General, is reportedly in discussions with large shareholders of Warner Bros. Discovery regarding a potential investment or purchase of the company’s cable networks, including CNN, TNT, Discovery Channel, and Animal Planet. While no formal agreements have been made, Kim’s expanding influence in consumer-focused businesses has made his involvement notable.
Bally’s operates 15 casinos across 10 U.S. states and recently secured one of three licenses to develop a casino at Ferry Point in the Bronx, New York City. This achievement has significantly elevated both Bally’s and Kim’s prominence on a national level.
These talks coincide with Warner Bros. Discovery’s plans to sell its studio and streaming divisions for approximately $72 billion and spin off its traditional TV networks into a separate company. Meanwhile, the company is also defending against a hostile takeover bid from Paramount Skydance, which aims to acquire the entire firm.
Kim’s Unique Position and the Potential Impact on Media Ownership
Standard General, led by Kim, might provide financial support to help the cable networks navigate challenges such as declining viewership and high debt levels. Warner Bros. Discovery confirms multiple interested buyers for its TV assets but has not disclosed specific names.
Kim’s background extends beyond gaming. In 2010, his firm acquired the bankrupt Young Broadcasting, later merging it with other station groups and ultimately selling the consolidated company to Nexstar. More recently, he attempted to purchase Tegna for $9 billion with private equity backing, though the deal was canceled due to regulatory concerns.
The potential union of a major casino enterprise with a globally recognized news brand would be an unexpected development. It highlights a trend where investors from diverse sectors are increasingly interested in traditional media companies. Although neither Kim nor Warner Bros. Discovery has commented publicly, the speculation underlines how the future of CNN and the cable television industry more broadly may become intertwined with stakeholders experienced in gambling and distressed assets, rather than conventional news operations.
