Amazon.com Inc. (AMZN) founder Jeff Bezos is reportedly exploring the idea of acquiring CNBC, the business news network known for programs such as “Mad Money” with Jim Cramer. According to a report from the New York Post, Bezos has shown interest in the channel as Comcast Corporation (CMCSA) prepares to spin it off into a new public company called Versant later this year.
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Versant will include several of Comcast’s cable assets, such as MSNBC, USA Network, E!, and digital properties like Rotten Tomatoes and Fandango. The new company is expected to generate around $7 billion in annual revenue. It will be led by NBCUniversal executive Mark Lazarus. Comcast plans to retain other businesses, including NBC, Bravo, and the Peacock streaming platform.
The Washington Post Has Not Helped Bezos’s Reputation
According to reports, Bezos sees CNBC as a good fit for his interests and reputation. The network’s business-first focus could provide a more neutral addition to his media holdings, especially after recent editorial challenges at The Washington Post, which Bezos purchased for $250 million in 2013.
In recent years, The Washington Post has been facing subscriber losses, staff exits, and internal disagreements over shifts in editorial direction. In the past year alone, more than 300,000 subscribers have reportedly canceled their subscriptions. The opinion section has shifted toward themes such as market freedom and individual rights. Several veteran journalists, including Pulitzer Prize winners, have left the publication.
Despite his reported interest, Bezos has not made a formal offer to Comcast or Versant. Even if he does, a deal would face hurdles. Under U.S. tax rules, Versant cannot sell major assets, such as CNBC, for two years after the spin-off without risking the transaction’s tax-free status. That would mean no sale could take place before late 2027.
With a net worth of $241 billion according to Forbes, Bezos has the financial means to pursue another major media asset. Whether he will make a move on CNBC or focus elsewhere remains to be seen, but his strategy suggests continued interest in shaping business and media narratives.
Is AMZN Stock a Buy?
Turning to Bezos’s publicly traded company, Amazon, we see that it boasts a Strong Buy consensus rating. The average AMZN stock price target is $258.15, implying a 13.08% upside.
