Media mogul and billionaire investor Barry Diller approached Warner Bros. Discovery last year expressing interest in buying CNN, and he remains interested in pursuing a deal in his personal capacity, according to the Wall Street Journal citing people familiar with the matter.
Warner Bros. Discovery has repeatedly stated that CNN "was not and is not for sale" and remains a key part of its planned Discovery Global cable networks spinoff.
No serious negotiations occurred, and the inquiry never reached the company's board.
The previously unreported overture adds a layer to the ongoing media industry consolidation drama, coming before Warner's June 2025 announcement of its plan to split into two companies—one focused on streaming/studios (including HBO Max and Warner Bros.) led by CEO David Zaslav, and the other on cable networks (including CNN) dubbed Discovery Global, expected by mid-2026.Warner is separately advancing a sale of its movie/TV studios and HBO Max to Netflix, while facing a roughly $77.9 billion tender offer from Paramount for the entire company, which would include the cable networks.
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| Barry Diller |
Analysts estimate its standalone value at around $4 billion or higher based on comparable multiples, though Warner executives believe it is worth significantly more.
Details on how Diller might fund any potential bid or whether he has lined up partners remain unknown.
Diller, 83, is a longtime media and internet executive who previously ran Paramount Pictures during hits like "Raiders of the Lost Ark" and "Cheers," helped launch Fox with shows including "The Simpsons," and now chairs IAC, which owns brands like The Daily Beast and People.