Korean American investment businessman Soo Kim, 50, founder and chairman of Standard General, has reportedly received proposals to acquire or invest in the cable television assets of Warner Bros. Discovery (WBD), including CNN.
Kim is known for opening the Chicago-area’s first casino, Bally’s, in 2023, and recently winning the right to a new casino project in New York.
The Financial Times (FT) reported on December 18 that Kim is holding discussions over whether to acquire or invest in WBD’s television networks. According to FT, Kim received at least one proposal related to an investment in WBD from a major shareholder. The identity of the WBD shareholder who contacted Kim was not confirmed.
On December 17, WBD said multiple potential buyers had expressed interest in its television assets but did not disclose a list of interested parties. Kim and WBD did not respond to requests for comment from FT.
Previously, in 2022, Kim jointly completed an agreement with Apollo to acquire Tegna, a broadcast media company headquartered in Virginia. Tegna was acquired through a consortium with Apollo.
At the time of the acquisition, Tegna—which was spun off from newspaper publisher Gannett in 2015—operated 64 television stations and two radio stations across 54 regions nationwide. Of the $8.7 billion acquisition price, approximately $8 billion was reported to have been financed by Kim.
Kim is also known as a specialist in distressed debt. FT reported that he previously acquired stakes in struggling companies such as RadioShack and American Apparel.
The current discussions reportedly took place after WBD told shareholders on December 17 that it had rejected a $108 billion hostile takeover proposal from media company Paramount and decided to support a transaction involving Netflix.
Kim, who studied public policy at Stuyvesant High School in Manhattan and at Princeton University, later found success through hedge fund investments and casino operations. He currently owns around 10 casinos.
BY KYEONGJUN KIM [kim.kyeongjun1@koreadaily.com]
