Mark Cuban Said If He Had Enough Money To Buy Fox News, He’d ‘Buy It In A Heartbeat’ – Estimates It Could Turn Around For $15B-$20B
Billionaire entrepreneur Mark Cuban has expressed passing interest in purchasing Fox News, stating that if he had money to buy the network, he would do so “in a heartbeat.” While discussing the baby boomer generation with Wired, Cuban explained that owning the network would be a key way to reach what he refers to as the “Fox News generation.”
In the interview, Cuban broke down the financial realities of such a purchase. The market capitalization of Fox Corporation (NASDAQ:FOX, FOXA)) at the time of the interview (in September) sat around $15.6 billion–the corporation’s value has increased by over 30% since then.
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At the time, Cuban estimated that acquiring the network would require paying at least a 50% premium, bringing the price up to around $22 billion. He also said that changes would need to be made to the network, and that might require another $2 billion. While he said some things could be sold off, he estimated that the total net cost could range between $15 billion and $20 billion.
“I don’t have $15 or $20 billion in cash sitting around,” Cuban admitted, emphasizing that even with his substantial fortune, such an acquisition is out of reach for him. Cuban’s current networth is estimated at $5.7 billion.
Cuban has previously used the term “Fox News generation” to describe how his own generation—baby boomers—have shifted in their views over time. In an earlier interview with The New York Times, he stated how the generation known for “sex, drugs, and rock and roll” had become one that, in his view, condemns movements like Black Lives Matter and is heavily influenced by Fox News.
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During his interview with Wired, he said the boomer generation is a disappointment. When asked if there was an ‘antidote’ to counterbalance the negative views Cuban perceives from this generation, he was blunt: “You buy Fox News.”
In addition to discussing Fox News, Cuban also entertained the idea of buying X, the social-media platform formerly known as Twitter. When asked whether he would consider purchasing the company from current owner Elon Musk, Cuban responded positively but noted that Musk is unlikely to sell.
