Soo Kim in talks to buy Warner Bros Discovery TV assets, possible CNN inclusion

Soo Kim, founder of New York hedge fund Standard General, has engaged in talks about potentially investing in or acquiring Warner Bros Discovery’s television networks, possibly including CNN, according to contemporaneous reporting. The approach was reportedly solicited by at least one large Warner Bros Discovery shareholder, whose identity has not been disclosed, and the accounts have not been independently verified.

The discussions come against a backdrop of intense strategic interest in Warner Bros Discovery this month. Warner Bros Discovery accepted an offer from streaming giant Netflix earlier in December 2025, while its board rejected a separate hostile proposal from a Paramount Skydance consortium valued at $108.4 billion the week before. Standard General’s potential role has been described as either an investor or buyer, and the scope has been characterized as potentially covering all or part of the company’s cable television assets.

Neither Standard General nor Warner Bros Discovery had provided immediate comment outside regular business hours. Market observers emphasize that the current reports describe talks rather than a signed agreement, and that formal offers, financing plans and regulatory pathways remain unspecified.

If Standard General or another private investor were to acquire cable television assets from a major media conglomerate, the deal would sit at the intersection of several long term trends reshaping the industry. Cable network viewership and subscription revenue have been under pressure for more than a decade as consumers shift to streaming. At the same time, broadcasters and studios have pursued consolidation and portfolio reshuffling to prioritize scalable streaming franchises. Carving off linear networks can unlock near term cash but often leaves buyers facing secular revenue decline and higher dependence on advertising markets.

Strategic and regulatory challenges would be immediate. A transaction involving a major news outlet such as CNN would draw heightened political scrutiny. President Donald Trump has previously urged that CNN be sold as part of any Warner Bros Discovery deal or separately, a public comment that elevates the political dimension of any potential sale. Antitrust and national security reviews are also a practical consideration for large media deals, especially when they involve cross border financing or major changes to news distribution.

From a valuation perspective, investors will parse whether a carve out or minority investment better aligns incentives. Private equity or hedge fund buyers often pay lower multiples for declining cash flow businesses than strategic buyers seeking scale. That pricing differential helps explain why some sellers have pursued streaming deals that fold cable networks into larger content ecosystems, while others explore asset sales to financial investors seeking to extract value through cost cuts, retransmission fee negotiations, and targeted restructuring.

For Warner Bros Discovery shareholders the key issues are clarity and execution. Identifying the large shareholder reported to have initiated the approach will be central to determining momentum. Observers say forthcoming developments to watch include whether Standard General files any activist or ownership disclosures, whether formal bids are lodged, and how Netflix’s accepted deal threads through any subsequent asset transfers or carve outs.

Reporters will seek on the record responses from all parties and will monitor filings and regulatory signals to clarify whether talks evolve into a binding transaction.