CNN is worth about $US10 billion, according to analyst Benjamin Swinburne at Morgan Stanley.
Swinburne’s estimate comes after today’s media mega-deal chatter.
According to The New York Times’ Andrew Ross Sorkin and Michael De La Merced, 21st Century Fox’ offer for Time Warner included an indication that it would spin off CNN to avoid potential antitrust concerns regarding the networks competition with Fox News in the cable news space.
According to a recent report from Mediaite, CNN ranked second in total daytime viewers among the four major cable news networks: Fox, CNN, MSNBC, and Headline News.
That ranking, however, comes with two caveats.
MSNBC still outpaces the network in prime time, and the network still averages about one-third the number of viewers that Fox News gets.
Mediaite noted that Fox News has been the most watched cable news network for the last 50 quarters (!), and so aside from the antitrust angle, Fox doesn’t necessarily need to add to its cable news portfolio.
Fox’s statement following Sorkin’s initial report of the deal said, however, that the two sides are currently not in talks.
It remains to be seen if this deal gets done, or if another bidder emerges for Time Warner.
Market reaction to the news, which has sent Time Warner shares as much as 16%, seems to indicate that investors think a deal will get done one way or another.
But either way, now we’ve heard from at least one analyst what CNN might be worth.
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