Anindita Chatterjee
Updated on: October 12, 2024 6:48 am GMT
Mark Cuban, the billionaire entrepreneur and owner of the Dallas Mavericks, recently made headlines with his bold declarations about the media landscape and his own ventures. While at 66 years old he insists that he is not experiencing a midlife crisis, Cuban revealed that he has his eyes set on acquiring major media outlets, including Fox News and the platform known as X, formerly Twitter.
Cuban describes his current phase not as a crisis but as an exciting new chapter. In an interview with Wired’s Lauren Goode, he shared insights into his evolving business pursuits, which now prominently feature the pharmaceutical industry. Cuban’s wealth, estimated at $7.66 billion, provides him with the opportunity to dream big in both arenas.
Shifting Focus: From Sports to Pharmaceuticals
Although Cuban is leaving his role as a star investor on “Shark Tank” in 2025, he is channeling his energy into Cost Plus Drugs, a company he acquired after initially investing $250,000 in 2018. His mission? To eliminate the middleman in the pharmaceutical space, a sector known for its exorbitant prices.
Cuban’s business approach is straightforward: he sells medicines at the base price plus a flat markup and minimal service fees. This model directly contrasts with the practices of typical pharmacy benefit managers, aiming to reduce the out-of-pocket expenses of consumers.
Cost Plus Drugs Business Model:
- Base Price of the medication
- 15% Markup
- $5 Pharmacy Service Fee
- $5 Shipping Fee
Today, the company makes around 2,500 different drugs available to customers, addressing various health issues, from diabetes to epilepsy and even providing birth control options.
While Cuban mentions that profit isn’t his primary motive, he finds joy in receiving thank-you letters from grateful customers, including one who saved $15,000 a year on cancer medication thanks to his initiative.
Amidst New Ventures, A Media Ambition
In addition to his pharmaceutical aspirations, Cuban discussed his ambitions in the media realm. He expressed a desire to purchase Fox News, arguing that he would tackle the challenges he sees in the current media environment.
“I’d buy it in a heartbeat,” Cuban said, although he acknowledged that the financials do not currently align. As of now, Fox News has an estimated market cap of $17.6 billion, and to buy it, Cuban would need to raise significantly more due to acquisition costs and subsequent changes. These complexities make the prospect of acquiring the network unlikely.
Cuban’s Financial Considerations:
- Current Market Cap of Fox News: ~$17.6 billion
- Acquisition Premium Needed: ~50%
- Estimated Total Required: ~$22 billion
Cuban added that even if he could muster the funds, he might also need to consider selling off parts of the organization to facilitate changes he envisions.
When asked about acquiring X, currently owned by Elon Musk, he remarked, “He wouldn’t sell it,” expressing a level of resignation about the likelihood of taking over such a high-profile platform.
Mark Cuban has been actively redefining his ventures beyond traditional business roles.
No Midlife Crisis, Just Disruption
Cuban’s commentary shifts perceptions of midlife crises, often caricatured as impulsive decisions or radical transformations. Instead, he highlights a commitment to innovation, stating, “I like to disrupt things. I like to play the game.”
He believes that his newfound focus on pharmaceuticals represents a climax of his professional journey, where he can challenge the status quo and provide real benefits to consumers. Cuban insists that rather than change for its own sake, he aims to foster significant industry disruptions, which he finds both fulfilling and entertaining.
Cuban’s ambitious undertakings shed light on an evolving perspective on age and career transitions, suggesting that reinvention can lead to impactful outcomes.
Looking Ahead
As Cuban steps away from familiar territories and launches into new ventures, his future appears bright. His aspirations in the pharmaceutical sector combined with his potential interest in media ownership highlight an entrepreneur unafraid to engage with complex and high-stakes marketplaces.
Despite the obstacles inherent in his media ambitions, Cuban’s attitude towards continuous experimentation remains a hallmark of his character. He acknowledges the hurdles of acquiring large media outlets but clearly enjoys the speculation and possibilities of stepping into new roles.
Ultimately, Cuban’s journey serves as a reminder that career evolution can take many forms, and significant contributions to society come in innovative and unexpected packages. Whether disrupting the pharmaceutical industry or imagining a future where he owns major media outlets, Cuban continues to exemplify a relentless pursuit of growth and influence.
Everyone is excited to see what Mark Cuban will do next. He is always coming up with new ideas, and people are eager to find out where he will go from here!
