If Fox Buys Time Warner, CBS Would Eye CNN

CBS might consider buying CNN -- should it be available as a result of a possible sale of Time Warner to 21st Century Fox.

"It's something I'm sure we'll look at if it becomes available," said Les Moonves, president/chief executive officer of CBS, speaking to reporters at the Television Critics Association on Thursday.

Moonves added: "We've always talked about doing things with CNN in the past," referring to possible joint venture operations of the CNN and CBS News division, which have been rumored in the past.

How about Time Warner itself? Not likely. Moonves says Time Warner in terms of market capitalization is much larger than CBS -- making it harder to make a deal.

On Wednesday, news broke that 21st Century Fox had made an $80 billion cash and stock offer for Time Warner. Fox would need to divest CNN to avoid antitrust concerns. The New York Times first broke the news of the Fox move on Time Warner.

Analysts believe the two companies make for a more compatible TV/movie/digital entertainment media company -- as both have recently separated from their respective print media operations.

Moonves believes that amassing more TV sports properties is one major reason for 21st Century Fox to move toward Time Warner, which would add NBA, among other sports to its roster.

CBS, along with Time Warner and a number of media companies, witnessed higher-spiking stock prices on the news of 21st Century Fox’s buying intentions of Time Warner.
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