On May 20, 2025, Barry Diller appeared at the 92nd Street Y in New York for a conversation with Anderson Cooper. Author: Brian Stelter Following news reports that media mogul Barry Diller is interested in acquiring CNN from Warner Bros. Discovery, the company reiterated on Wednesday that it has no plans to sell the news network. The Wall Street Journal reported that Diller approached Warner Bros. Discovery last year regarding a potential acquisition. Two sources, who requested anonymity to speak freely, confirmed that Diller has made multiple approaches to Warner Bros. Discovery and remains interested in acquiring CNN. In recent years, other billionaires and media investors have also explored potential avenues for acquiring CNN. However, Warner Bros. Discovery has refrained from divesting the news network for several key reasons. Primarily, CNN serves as a crucial pillar for the parent company's highly profitable carriage agreements with cable and satellite TV operators, which also cover other channels like TNT and the Food Network. Warner Bros. Discovery is currently advancing a plan to split into two separate publicly traded companies: one housing the Warner Bros. film studio and HBO, and the other, Discovery Global, encompassing CNN and a portfolio of other channels. In response to the Wall Street Journal report, a Warner Bros. Discovery spokesperson stated, "Once separated from Warner Bros., CNN will be a vital component of Discovery Global's future growth. CNN has never been, and is not currently, for sale." This has not deterred potential suitors. One informed source noted, "As a premier global news network, there is always interest, but the company currently sees no compelling reason to sell CNN." Nevertheless, Diller's interest may be closely tied to the ongoing Wall Street debate concerning the future valuation of Discovery Global. Following the official spin-off of Warner Bros. Discovery this summer, Netflix has agreed to acquire Warner Bros. for $27.75 per share, leaving Discovery Global to trade independently. Paramount Global has made an offer to acquire all of Warner Bros. Discovery's assets, including CNN and the other channels, for $30 per share. The Warner Bros. Discovery board has rejected Paramount's hostile bid, favoring the Netflix deal, partly because it allows shareholders to "fully realize the value of Discovery Global's iconic brands and global reach." Paramount has argued that the equity value of Discovery Global is minimal, possibly even zero. Warner Bros. Discovery has refuted this, stating that Discovery Global could be valued at up to $6.86 per share in an acquisition. Recent financial filings from Warner Bros. Discovery project CNN to generate $1.8 billion in revenue and $600 million in profit this year. The Wall Street Journal did not disclose a specific offer price from Diller for CNN, but the revelation of his interest is likely to intensify the market debate over Discovery Global's overall valuation. Diller, 83, is the Chairman of IAC, a media holding company that owns People magazine, The Daily Beast, and dozens of other brands. One source revealed that Diller's expression of interest in CNN last year did not reach the Warner Bros. Discovery board for formal consideration. The source also noted that a sale of CNN would result in unfavorable tax consequences for Warner Bros. Discovery. Furthermore, such a transaction could involve significant political considerations. Diller is a long-time critic of former President Donald Trump and a notable donor to the Democratic Party—precisely the type of buyer Trump would oppose for CNN. Shortly after Netflix and Warner Bros. finalized their deal in December, Trump stated, "I think the people who have been running CNN for a long time are a disgrace, and it is essential that CNN be sold." At the time, Trump's comments appeared to signal support for Paramount's hostile bid, though he also criticized Paramount later that same month. A media industry executive suggested that a Diller-led bid for CNN is unlikely to succeed because "everyone understands that major mergers now require a nod from the White House." Diller did not respond to a request for comment on Wednesday evening, and a spokesperson for IAC declined to comment. Last year, with the publication of his memoir "Who Knew?", Diller expressed confidence in CNN's business prospects during a related interview. When host Fareed Zakaria asked, "What is the future of television? Does CNN have a future?" Diller quipped in response, "Of course it does, unless it's run by a bunch of idiots." He elaborated, "I believe CNN is the only institutional news brand with a genuine global future, primarily because it is deeply rooted in video content. Now, it simply needs to build the right digital framework for that content." Late last year, CNN launched a streaming subscription service named "CNN All Access," targeting cord-cutters and audiences who primarily consume news on their phones. A press release from CNN this week stated that the streaming service has "exceeded its 2025 subscription targets and is off to a strong start in 2026."
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