An insider familiar with the matter tells TheWrap no serious action was taken on Diller’s inquiry, nor was it brought to Warner Bros. Discovery’s board of directors
IAC chairman and billionaire media and tech investor Barry Diller expressed interest in buying CNN last year, TheWrap has learned.
As first reported by The Wall Street Journal, Diller expressed interest prior to the announcement of Warner Bros. Discovery’s review of strategic alternatives in June.
An insider familiar with the matter tells TheWrap that Diller met with a few executives from management, but that no serious action was taken nor was it brought to the company’s board of directors.The individual added that CNN is very important to the company’s distribution agreements and that selling off the network separately would result in a large tax bill.
WBD has since entered into an $83 billion deal to sell its streaming and studio assets to Netflix, which is expected to close within 12 to 18 months. Shareholders are expected to vote on the deal by April. Meanwhile, CNN, Discovery+ and other Warner cable networks are set to be spun out into a standalone company, Discovery Global, in the next six to nine months.
“CNN is an incredibly important part of the future of Discovery Global once it separates from Warner Bros,” a WBD spokesperson told TheWrap. “While interest in the premier global news network is not at all new, CNN was not and is not for sale.”
Representatives for IAC and Diller declined to comment.
Per a recent financial disclosure, CNN is projected hit $1.8 billion in revenue and $600 million in adjusted profit for 2026.
Revenue is expected to rise to $1.9 billion in 2027, $2 billion in 2028 and $2.2 billion by 2030. Meanwhile, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) is expected to fall to $500 million in 2027 and remain flat at $600 million through 2030.
