Industry News

Red Apple Media CEO John Catsimatidis Wants to Buy CNN

The owner of New York City’s legendary news/talk outlet WABC says he’s interested in buying cable news/talk channel CNN, telling the New York Post that “CNN deserves to be #1 in the world right now.” Red Apple Media CEO John Catsimatidis mused about acquiring the embattledim cable channel while speaking on WABC’s “Sid & Friends in the Morning” program. When asked by the Post about details of a bid for CNN, including how much he’d pay, he said, “It’s up to the investment bankers to come up with the numbers… We could always bring partners in, but I want to run the place. We are capable of putting down a substantial amount of money.” Catsimatidis added, “I’d go run the place tomorrow morning, and all I’d want is $1 per year and a piece of the upside,” saying he could “double the profits” in a brief period of time. Read the Post story here.