Cuban estimated that buying Fox Corporation, which was valued at around $15.6 billion (and has increased 30% in value since September), would require paying at least a 50% premium, bringing the price up to about $22 billion, reported Benzinga.
He also said that changes would need to be made to the network, and that might require another $2 billion, as per the report. While Cuban said some things could be sold off, he estimated that the total net cost could range between $15 billion and $20 billion.
Cuban admitted “I don’t have $15 or $20 billion in cash sitting around,” reported Benzinga. According to the report, Cuban’s current net worth is estimated at $5.7 billion.
He also discussed the influence Fox News has on baby boomers, a generation he’s often criticized for shifting views, especially on social issues like Black Lives Matter. When asked if there was any way to counteract the views he associated with this generation, Cuban jokingly responded, “You buy Fox News.”Cuban also said he would be interested in buying social media platform X from Elon Musk. But he noted that Musk has no reason to sell. As of now, Fox News remains under the control of Rupert Murdoch’s media empire and Musk continues to hold ownership of X.
Cuban’s comments about buying Fox News and X show his interest in media’s influence, especially in shaping opinions among older audiences. However, without the required capital, Cuban’s dream of media influence is out of reach for the time being.
FAQs
Who is Mark Cuban?
Mark Cuban is a billionaire entrepreneur, investor, and the owner of the Dallas Mavericks basketball team. He’s best known for his role as a “shark” on the TV show Shark Tank, where he invests in startups.
Why does Mark Cuban want to buy Fox News?
Cuban wants to purchase Fox News to connect with the “Fox News generation,” referring to baby boomers who are heavily influenced by the network.
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