Published on: December 18, 2025, at 07:11h.
Updated on: December 18, 2025, at 07:11h.
- Reports indicate a Warner Bros. Discovery investor contacted Soo Kim regarding the potential acquisition of the company’s cable channels, including CNN.
- Kim is the founder of Standard General, the hedge fund that owns Bally’s.
- This financial manager possesses significant media industry expertise.
In an intriguing turn of events, Bally’s and CNN might ultimately share the same owner—Soo Kim’s Standard General.
A report from the Financial Times revealed that an undisclosed investor in Warner Bros. Discovery (NASDAQ: WBD) reached out to Kim about the potential acquisition of several cable networks, including CNN, Animal Planet, Discovery Channel, and TNT. Warner Bros. has agreed to a $72 billion buyout from Netflix (NASDAQ: NFLX) concerning its streaming and studio operations.
The seller is currently trying to fend off a hostile takeover offer from Paramount Skydance (NASDAQ: PSKY), which is interested in acquiring all of Warner Bros. Notably, the rumors regarding Standard General coincided with another report of an unidentified firm making a $25 billion bid for certain Warner Bros. assets, alongside speculation that Warner Bros. is urging Larry Ellison—father to Paramount Skydance CEO, David Ellison—to guarantee the company’s takeover offer personally.
So far, Kim’s Standard General has not issued any comments regarding its possible involvement with the owner of CNN.
Standard General’s Media Expertise
In the gaming sector, Standard General has made a name for itself as the owner of Bally’s, a regional casino entity comprising 15 gaming locations across 10 states. However, Kim’s firm also boasts considerable experience in the media landscape.
Back in 2010, the hedge fund acquired Young Broadcasting, a regional broadcaster that had made headlines due to bankruptcy. Standard General successfully turned around the company through multiple acquisitions, ultimately selling it for a substantial profit to Nexstar Broadcasting. Three years ago, in collaboration with Apollo Global Management, Standard General aimed for a $9 billion acquisition of Tegna, but the deal was abandoned amid regulatory hurdles.
This positions the hedge fund as a viable candidate for acquiring Warner Bros.’ cable networks, including CNN, although the outcome of such negotiations remains uncertain.
As for Bally’s, the casino operator has recently been awarded a gaming license in New York City and is finalizing its acquisition of Star Entertainment in Australia, where Kim has assumed the role of chairman. Additionally, Bally’s is working on a casino project in Chicago and assessing its operational opportunities at the former Tropicana site on the Las Vegas Strip.
Interesting Connections to Trump
If Standard General does take ownership of CNN, it would create another fascinating link between the hedge fund and the Trump family. Former President Trump has often criticized the cable news outlet. Recently, CNN forged a partnership with prediction market operator Kalshi, which is advised by Trump’s son, Don Jr.
The Trump family may view Kim and Standard General in a favorable light, regardless of their association with CNN, especially following Bally’s acquisition of casino construction rights at Ferry Point in the Bronx, which involved a payment of $115 million to the Trump Organization. Previously, the Trump group held the lease rights for that golf course before selling those rights to Bally’s for $60 million.