Jeff Bezos Considering CNBC Acquisition
Jeff Bezos, the Amazon billionaire, is reportedly exploring a potential acquisition of CNBC.
At 61, Bezos has been eyeing the cable network’s offerings, which include popular shows like “Squawk Box” and “Mad Money with Jim Cramer.” These programs will be available after NBCUniversal, owned by Comcast, spins them off later this year.
A source familiar with the situation mentioned that CNBC aligns well with Bezos’s media interests. The network could serve as a trustworthy “neutral voice” within his growing portfolio, according to another insider.
Over the past months, Bezos has faced challenges with his other media venture, the Washington Post, which has seen significant losses along with staff layoffs and protests. The paper has been shifting its focus to more central and custody-related themes.
While a representative for Bezos declined to comment, Comcast is set to spin off its cable assets, including CNBC, as part of a restructuring effort. By year’s end, CNBC will become part of a new public company called Versant, managed by a small group of executives led by CEO Mark Lazarus.
A source close to Comcast indicated that Bezos has not made any direct contact with the cable giant, which is overseen by CEO Brian Roberts. Another insider suggested that Versant plans to expand CNBC rather than sell it outright.
Forbes has mentioned that Bezos, currently the world’s fourth richest person with a net worth of $241 billion, has an unspecified interest in acquiring CNBC.
Comcast, while not cutting its investment in cable, recently reported that the soon-to-be-spun-off company generated around $7 billion in revenue the previous year. However, the process of buying CNBC may be complicated; sources indicated that Versant has struggled to sell large assets in recent years without incurring significant tax consequences.
With the spinoff potentially jeopardizing its tax-free status, Comcast has announced plans to retain its NBC broadcast network and other ventures, like the “Real Housewives” franchise, film studios, theme parks, and the streaming service Peacock.
Bezos previously bought the Washington Post from Warren Buffett in 2013 for $250 million, but the publication has since faced a decline in subscribers.
Currently, he is enjoying a vacation in Southern France with his new bride, Lauren Sanchez. Reports state they recently left Le Club 55, near where a well-known mega-yacht had docked.
Bezos’s interest in expanding his media holdings follows recent rumors about his desire to purchase Vogue Magazine for Sanchez or its parent company, Condé Nast.
Over the past year, Will Lewis, CEO of the Post, has been attempting to shift the newspaper’s tone toward a more centrist perspective.
Changes at the Washington Post have resulted in backlash from both staff and readers. Last year witnessed a substantial loss of over 300,000 subscribers amid these shifts in focus.
Notably, Bezos’s decision to withdraw support from columnist Kamala Harris led to a series of staff departures. After ordering a pivot in the opinion section to focus on “personal freedom and the free market,” several high-profile journalists, including opinion editor David Shipley and columnist Ruth Marcus, left the publication. Recently, Pulitzer Prize-winning writer Jonathan Cape Hart announced he would be leaving as well.
