CBS Corporation (NYSE:CBS)’s CEO, Leslie Moonves, is reported to be highly interested on buying Time Warner Inc (NYSE:TWX)’s, Cable News Network (CNN) if it is put up for sale according to Bloomberg. Speaking at the Television Critics Association event in Beverly Hills, the CEO said he had discussed in the past about the possibility of doing business with CNN.
“If CNN goes on the blocks CBS could be interested in buying that is according to CBS CEO Leslie Moonves. Twenty-First Century Fox would be willing to sell CNN as part of its plan to buy Time Warner” reported Bloomberg’s, Stephanie Ruhle.
The Move according to the CEO will not only be beneficial financially to CBS Corporation (NYSE:CBS) but would also result in the sharing of resources, as well as saving on operation costs. Moonves has also reiterated that he wouldn’t be interested in teaming up with Time Warner Inc (NYSE:TWX) in any form of a broader transaction. Moonves has also emphasized that any form of consolidation won’t pressure CBS in a bid of getting bigger to compete with other networks.
Some sources report that Murdock would be willing to offload CNN as he seeks to acquire Time Warner Inc (NYSE:TWX). Time warner shares were a buzz of activities last week in the market after reports emerged that FOXA had tabled a $75 billion takeover bid. CBS Corporation (NYSE:CBS)’s shares have also surged in the market on expectation of a potential CNN deal that would essentially results in consolidation of the entire industry.
CBS Corporation (NYSE:CBS) currently owns Showtime on cable having spun off its billboard business; the sale essentially means the company has enough cash to foresee the purchase of CNN if it is up for sale. CBS Corporation (NYSE:CBS)’s CEO has already highlighted the advantageous position that the company is, in terms of its cash balance. Murdoch is reportedly considering the sale of CNN to avoid a challenge from antitrust regulators as he seeks to buy Time Warner Inc (NYSE:TWX).