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Shark Tank investor Mark Cuban expressed his interest in acquiring Fox News in his interview with Wired in September 2024. Along with that, the billionaire investor also discussed the potential of buying X (formerly Twitter.) However, Mark mentioned he didn't have enough capital; otherwise, he'd have acquired both.
While discussing various things, Mark Cuban referred to the Baby Boomer generation as the "Fox New generation." The reality TV mentor discussed how much it would cost and the estimated amount to acquire Fox News. He also reflected on not having that kind of cash "sitting around" with him.
"I don’t have $15 or $20 billion in cash sitting around."
Shark Tank mentor Mark Cuban discusses the potential of purchasing Fox News and X (formerly Twitter)
In his September 19, 2024 interview, billionaire investor Mark Cuban shared his thoughts on possibly acquiring Fox News. Referring to the potential of such a thing happening, the entrepreneur mentioned that if he had the required amount, he would have already acquired it in a "heartbeat."
"If I had enough money to do it, which I don’t, I’d buy it in a heartbeat," stated the Shark Tank investor.
During the same interview with Wired, the Shark Tank mentor also shared the reason behind his interest. He talked about the "Fox News generation," aka, Baby Boomers.
At the time, as he mentioned, the market capitalization of Fox Corporation was around $15.6 billion. However, since then, the estimated value of the corporation has increased by a whopping 30%.
Regarding the potential acquisition, Mark stated that to do so would require the network to pay a 50% premium. Adding that, the price would go as high as $22 billion. Not only that, there was more. Shark Tank investor mentioned that it would also require some "changes" to the network, which roughly adds about $2 billion.
"You've got to pay at least 50 per cent premium. So now it’s $22 billion. And then you've got to make all the changes, so that's another $2 billion. You can sell some things off. So maybe it's $15 billion, $20 billion net."
Apart from that, some things could potentially be "sold off." After all those things, the estimated net cost would reach around $15 to $20 billion. However, he mentioned not having such cash "sitting around."
During the interview's "Ask Me Anything" session, Mark Cuban criticized Elon Musk for his changes to X (formerly Twitter) after he acquired it. Mark Cuban, who also co-owns the Dallas Mavericks (NBA Team), faced an interesting question. It was about acquiring the platform, X. Responding to that, he counter-questioned about whether Elon would sell it.
In another interview with The New York Times, the Shark Tank investor discussed the said generation as being known for:
"S*x, drugs, and rock and roll."
He also shared his views on moments, including Black Lives Matter, and how renowned networks, such as Fox News, influence the same. He mentioned that the "Fox News generation" was heavily influenced by the Network, which was one of the reasons behind his interest.
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