Bally’s Owner Emerges as Potential Buyer of CNN Assets
Summary
The owner of Bally’s, led by Soo Kim and his hedge fund Standard General, has been approached as a possible buyer or investor in the cable TV assets being carved out by Warner Bros. Discovery. This follows WBD’s planned sale of its studio and streaming businesses to Netflix for about $72 billion and the proposed spin‑off of traditional networks such as CNN, TNT, Discovery Channel and Animal Planet.
Kim’s involvement draws attention because of his growing profile outside gaming: Bally’s operates multiple US casinos and recently won a high‑profile New York City casino permit for Ferry Point in the Bronx. Standard General has prior experience in distressed media deals, and investors see value in the spun‑off TV assets despite declining viewership and heavy debt. No deal is confirmed and neither Kim nor Warner Bros. Discovery have commented, but the talks underline new types of buyers circling legacy media brands.
Key Points
- Soo Kim, chairman of Bally’s and head of Standard General, is reported to be in talks about buying or investing in WBD’s cable TV assets.
- Warner Bros. Discovery plans to sell studios and streaming to Netflix for ~ $72bn and spin off its traditional TV networks into a standalone business.
- Networks potentially on the block include CNN, TNT, Discovery Channel and Animal Planet.
- Standard General has a track record of buying troubled media assets and attempting large acquisitions (eg, Tegna bid).
- Bally’s recent rise — including a major NYC casino win — raises the company and Kim’s national profile, making the bid notable.
- No formal offer has been announced; negotiations and interest remain speculative and unconfirmed.
Context and Relevance
Punchy: this isn’t just business gossip — it signals a shifting buyer pool for legacy media. Investors known for distressed assets and consumer businesses (including gaming) are now eyeing major news and cable brands. That matters for regulation, editorial independence and the strategic future of linear TV as streaming consolidates. For readers in gambling, media or investment circles, the move links two sectors that rarely overlap at this scale.
Why should I read this?
Because it’s properly weird and potentially massive: a casino owner and a hedge fund boss might end up owning one of the world’s best‑known news brands. If you care about who controls media, how legacy TV gets restructured, or how gambling and private equity money are reshaping corporate ownership, this short briefing saves you the legwork — here’s the clutch of facts and why it might matter next week.
Source
Source: https://www.gamblingnews.com/news/ballys-owner-emerges-as-potential-buyer-of-cnn-assets/
