It seems the ultimate (but unspoken) aim is to sell off the linear networks, possibly bringing them under the same umbrella as Comcast’s linear networks. CNN in particular is thought to be up for grabs.
As for the future of the cable networks, the most obvious outcome may be the most likely: Each of these mediacos will spin their channels into the wilderness (without debt in NBC’s case, with debt in WBD’s case), where they’ll eventually be rebundled, merge with each other, or be monetized by private equity, perhaps ending up a part of some grim mega-colossus akin to Barry Diller’s Dotdash Meredith, but for cable. But that’s still a few years down the road. Right now, everyone is preserving their beloved “optionality.”
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Several media executives have told me they anticipate [CNN] will be sold off by the end of next year. In a recent note, LightShed media analysts Rich Greenfield and Brandon Ross said they expect WBD “to be opportunistic selling non-core assets, such as CNN or Food Network, neither of which is driving the Max story.” If so, CNN could join MSNBC in the wilderness, cut loose from the growth-oriented streaming business. Of course, no one is quite sure who would buy the asset, though Jeff Zucker’s name reliably, and unsurprisingly, comes up any time one broaches the topic.