US TV
Media giant Viacom, parent company of the CBS broadcast network, is interested in buying cable news channel CNN from AOL Time Warner, according to press reports.
Viacom's President and COO, Mel Karmazin, told Electronic Media: "I can't tell you what the price would be, but it certainly would be an asset we would be interested in if it were available." In an interview with CNN's financial news channel, CNNfn, on Friday, Leslie Moonves - President and CEO of the CBS unit of Viacom, added: "Mel is an acquirer. Mel looks for a good deal and this is something we'd be interested in if the price is right."
The cost savings that could be reaped by integrating CNN into the Viacom fold - bearing in mind Viacom has the CBS News operation in the CBS unit - are estimated to be in the region of $400m, analysts told Electronic Media. That figure is roughly twice the savings that may have been achieved if CNN had merged with ABC News.
AOL Time Warner is continuing to say publicly that CNN is not for sale - it being a core asset of the Turner Broadcasting unit. However, analysts point out that the fact AOL was considering spinning off CNN into a joint-venture with ABC News is indicative that in fact, CNN may well be considered a non-core asset in the upper echelons of the company. Having said that, the recent changes at the top of AOLTW, seeing Time Warner's Richard Parsons installed at the top, could see a shift away from that position.
Viacom's President and COO, Mel Karmazin, told Electronic Media: "I can't tell you what the price would be, but it certainly would be an asset we would be interested in if it were available." In an interview with CNN's financial news channel, CNNfn, on Friday, Leslie Moonves - President and CEO of the CBS unit of Viacom, added: "Mel is an acquirer. Mel looks for a good deal and this is something we'd be interested in if the price is right."
The cost savings that could be reaped by integrating CNN into the Viacom fold - bearing in mind Viacom has the CBS News operation in the CBS unit - are estimated to be in the region of $400m, analysts told Electronic Media. That figure is roughly twice the savings that may have been achieved if CNN had merged with ABC News.
AOL Time Warner is continuing to say publicly that CNN is not for sale - it being a core asset of the Turner Broadcasting unit. However, analysts point out that the fact AOL was considering spinning off CNN into a joint-venture with ABC News is indicative that in fact, CNN may well be considered a non-core asset in the upper echelons of the company. Having said that, the recent changes at the top of AOLTW, seeing Time Warner's Richard Parsons installed at the top, could see a shift away from that position.
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