Mark Cuban expresses interest in acquiring Fox News and X

The Shark Tank billionaire critiques his generation's media consumption habits.

Billionaire entrepreneur Mark Cuban has revealed his interest in purchasing both Fox News and Elon Musk’s social media platform X, but he admits he lacks the financial resources to make such acquisitions.

In a recent interview with Wired, the "Shark Tank" star discussed the challenges of reaching what he describes as the "Fox News generation."

Mark stated, "If I had enough money to do it, which I don’t, I’d buy [Fox News] in a heartbeat." He explained that despite his substantial wealth—estimated at $5.7 billion by Forbes—he cannot afford to buy Rupert Murdoch’s network.

Mark estimated it would require between $15 billion and $20 billion to turn Fox News around. "You’ve got to pay at least 50 percent premium. So now it’s $22 billion. And then you’ve got to make all the changes, so that’s another $2 billion," he said, adding, "I don’t have $15 or $20 billion in cash sitting around."

Mark first coined the term "Fox News generation" in a previous interview with The New York Times, where he lamented the shift in attitudes among his peers. He noted, "It’s so upsetting to me. You have no idea."

While Mark expressed a hypothetical interest in acquiring X, he acknowledged that Elon Musk has "no reason" to sell the platform. The two billionaires have had public disagreements, particularly regarding X’s algorithms, which Cuban believes favour right-leaning politics. Elon responded, claiming that the platform's algorithm is "open source" and reflects user interactions.

Mark reiterated his concerns during the Wired interview: "He who controls the algorithm controls the platform - controls that world, that community. And Elon has built, X has built, a very strong right-leaning community."

The duo has also clashed over workplace diversity and inclusion initiatives, with Elon taking a vocal anti-DEI stance. Mark countered, stating, "You can’t hire less qualified people, because that’s business suicide. But you can go out and find the really, really smart people who aren’t being discovered."

In addition to his media ambitions, Cuban recently announced that the upcoming season of "Shark Tank" on ABC would be his last after 16 series, signalling a potential shift in focus for the seasoned investor.