‘All I’d want is $1 per year': An NYC grocery billionaire just said he wants to...
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An NYC grocery billionaire just said he wants to buy CNN — offers to run the embattled network for pennies. Who is this mogul and why is he interested?
Another billionaire has added a media company to his wishlist: John Catsimatidis, the chairman and CEO of grocery chains Gristedes Foods and D'Agostino Supermarkets. He’s telling news outlets he’d be willing to purchase CNN from 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,” the grocery mogul, told the New York Post.
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Catsimatidis’ comments follow a difficult year for the media outlet, which has faced declining viewership and turnover in the C-suite. Chief executive Chris Licht was let go after a brief one-year stint as head of the company and a disastrous town hall with Donald Trump that the network’s most lauded reporters roundly criticized. David Zaslav, the chief executive of parent company Warner Bros. Discovery and cited as Licht’s strongest backer, is now looking for a replacement to turn the struggling company around.
And given the opportunity, Catsimatidis says he could run CNN better.
Catsimatidis has big plans for CNN
In an interview with Fox Business’ Maria Bartiromo, the grocery CEO said he believed he could quadruple viewership rapidly.
“CNN only has, what, 400,000 viewers every night,” he said. “I told them … I’ll have it up to 2 million in one year.”
Catsimatidis also indicated that he’d be willing to consider joint ventures to finance the deal and that he could “double the profits” relatively quickly if given control.
His strategy would include making the content more bipartisan in an effort to broaden viewership — though his lack of televised media experience and highly partisan views raise inevitable doubts.
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