Add Barry Diller to the Scramble to Buy CNN

Billionaire Barry Diller quietly floated an idea last year that would have reshaped cable news: buying CNN from Warner Bros. Discovery. According to people familiar with the matter, Diller approached Warner executives in 2025 to signal interest in acquiring the news network, per the Wall Street Journal. The outreach, not previously reported, never advanced to formal talks or reached the company's board. A Warner spokesperson said CNN "was not and is not for sale" and remains a core part of its planned cable spinoff, Discovery Global.

The approach came before Warner disclosed plans to split itself in two, sell its movie and TV studios plus HBO Max to Netflix, and spin off cable networks such as CNN into a separate company. At the same time, Paramount is pressing a roughly $77.9 billion tender offer to buy all of Warner Discovery, including those cable assets. Diller, a major Democratic donor, "remains interested" in buying CNN, according to the Journal. His potential bid is said to be in a personal capacity, separate from his role as chairman of IAC, whose brands include the Daily Beast and People.

CNN, facing sliding ratings and ad revenue amid cord-cutting and programming challenges, is projected by Warner to bring in $1.8 billion in revenue this year, with $600 million in profit, per the outlet. Analysts estimate the network could fetch $4 billion or more, though Warner executives believe its value is higher. The company has reportedly resisted carving out CNN, partly because of its leverage in cable carriage deals and possible tax consequences. Even if Diller's interest was palatable to Warner, it would not be to President Trump, who's said he wants CNN under new ownership more aligned with Republicans. Paramount's David and Larry Ellison, who have ties to Trump's orbit, have indicated they would pursue a major overhaul of CNN if they gain control, similar to their efforts at CBS News.