Why CBS Corporation (CBS)’s CEO Leslie Moonves Is Interested In Acquiring CNN?

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.

CBS Corporation (NYSE:CBS)

“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).


Disclosure: none

Biotech Insider Alert - $6 Stock To Hit $40

$200 Million Dollar Healthcare Hedge Fund's #1 Best Idea Right Now

The best healthcare hedge fund out there right now is one of the largest shareholders in this biotech stock. The fund returned more than 20% in each of the last 2 years with a virtually fully hedged portfolio, and it's sending out a BUY signal on this biotech stock. Get your FREE REPORT today (retail value of $300)

This is a FREE report from Insider Monkey. Credit Card is NOT required.
Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The Most Wanted Drug Lords

The Oldest Money Managers

The Greatest Directors in the World

Largest Animals in the World

World’s Most Expensive Desserts

Best Selling Comic Books of All Time

A-list Actors who Sabotaged Their Career

Rappers With a College Degree

The Best Jazz Albums of all Time

The Most Influential Jazz Musicians

The World’s Most Famous Photographers

The Best Oscar-Winning Songs

Most Influential Choreographers Ever

Most Expensive Department Stores in the World

The Most Expensive Stolen Paintings in the World

The World’s Most Expensive Teas

Top Oscar Record Holders

The Most Expensive Flowers in the World

Countries With a Booming Film Industry

Most Expensive Cupcakes in the World

Uncommon European Escapes

The Most Stolen Artists in History

Best Travel Destinations in Australia

World’s Most Expensive Musical Instruments

World’s Most Famous Animals

Most Expensive Cakes in the World

Most Expensive Kosher Champagne in the World

Most Expensive Kosher Wine in the World

The Most Surprisingly Dark Fairy Tales

Most Popular Travel Destinations in Asia

The 10 Most Expensive Dresses Ever Worn to the Oscars

World’s Most Visited Art Museums

Best Countries for Photographers to Work in

Best Paid Jobs in the Film Industry

The Most Renowned Recovered Paintings Ever

Child Stars That Turned out Just Fine

Books That Were Banned in the Past Century

World’s Richest Dancers

Best Remedies against Bad Breath

Foods That Improve Your Skin Texture

Best-Selling Children’s Books of all Time

Foods That Boost Your Libido

Best-Selling Books of all Time

The Most Expensive Academy Awards Jewelry in History

Most Expensive Japanese Restaurant In New York City

The Best B-Boy Movies

Most Awesome Hip Hop Documentaries

Foods That Stain Your Teeth

Richest Doctors in the World

The Best Movie Sountracks Ever

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 129% in 2.5 years!! Wondering How?

Download a complete edition of our newsletter for free!