Elon Musk has called MSNBC “the utter scum of the Earth.” He has said the channel “peddles puerile propaganda.” Just a few days ago he said, “MSNBC is going down.” And now he is posting memes about buying the channel.
Conventional wisdom holds that Musk — the world’s richest man and key Donald Trump ally — and his friends are just joking. But Musk’s posts are adding to the anxiety that MSNBC staffers are feeling about the reelection of Donald Trump and the recently announced spinoff of Comcast’s cable channels.
I spent Sunday on the phone with sources to gauge what might be going on. I learned that more than one benevolent billionaire with liberal bonafides has already reached out to acquaintances at MSNBC to express interest in buying the cable channel. The inbound interest was reassuring, one of the sources said, since it showed that oppositional figures like Musk (who famously bought Twitter to blow it up) would not be the only potential suitors.
But contrary to claims that Trump’s allies are posting on X, Comcast has not put a “for sale” sign on MSNBC’s door. If Comcast chief Brian Roberts really wanted to sell the liberal cable news channel, he could have done that already. Instead, he is moving MSNBC and a half dozen other cable channels into “SpinCo,” a pure-play cable programming company. The hope is that spinning off the pressured-but-profitable channels will boost shares of both Comcast and “SpinCo.”
Comcast says the transaction will take about a year. At that point, could someone swoop in with a bid for MSNBC? It’s complicated. “SpinCo” is structured as a tax-free spinoff, and immediately divesting an asset would have tax implications that could forestall any such sale.
“Typically, we would expect a two-year waiting period before any potential further strategic action by the SpinCo to preserve the tax-free nature of the spin although we believe there are scenarios where industry consolidation including SpinCo could happen earlier,” analyst Benjamin Swinburne of Morgan Stanley wrote in a note to investors last week. (Morgan Stanley is a financial advisor to Comcast.)
Plus, “SpinCo” executives may well conclude that offloading MSNBC is not in the best interest of shareholders, since the channel’s loyal audience is a form of leverage in negotiations with cable distributors. Executives involved with the spinoff say they intend to be predators, not prey – buying new channels, not selling off old ones bit by bit.
According to Stelter, a lot of people at MSNBC are excited about the possibilities which comes as a relief to me because whatever your thoughts about it are, they are one of the only bulwarks against the onslaught of right wing television dominance.
He also reports on the right’s trolling about this including dumbro Joe Rogan saying he’d like Rachel Maddows job: “I will wear the same outfit and glasses, and I will tell the same lies.” Jackass… And Trump Jr is all in on this as well, of course.
Stelter talks about the bigger problem of media capture:
While Musk and his friends trade memes and crack each other up, there’s a serious undercurrent here. It’s known as “media capture.” This happened in Hungary when far-right prime minister Viktor Orbán’s “close allies also purchased private television and radio outlets to convert them into pro-government outlets,” CNN reported earlier this month.
“Media capture” is a subset of what Protect Democracy executive director Ian Bassin calls “autocratic capture,” where “the government uses its power to enforce loyalty from the private sector.” On a recent episode of Vanity Fair’s “Inside the Hive,” Bassin said “I think we are in danger of seeing that happen across the American marketplace in all sorts of sectors.”
Gábor Scheiring, a former member of the Hungarian parliament, wrote in a new essay for Politico Magazine that Orbán “consolidated media control through centralized propaganda, market pressure and loyal billionaires.” In the US, he wrote, “liberal-minded billionaires should not sit idly by as they did in Hungary, watching the right take over the media.”
Stelter spoke with Mark Cuban about that who said he doesn’t think it’s a good investment. Thanks a lot.
The truth is that we’ve already seen that happen in radio and terrestrial TV (Premiere, iHeart, Sinclair…) Newspapers are dying and from the looks of it the ones that are hanging on have decided to play ball. So I don’t know where any of this is going. My hope is that the new media and the internet, including streaming, will provide some counterbalance. In the meantime, we realy can’t afford to lose MSNBC. It’s all we’ve got in that part of the media ecosystem and abandoning it would be a very big mistake.