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Stock Markets January 29, 2026

Barry Diller Raised Interest in Acquiring CNN, Sources Say

Informal inquiry came before Warner Bros. Discovery’s corporate split plans and formal sale process

By Jordan Park WBD NFLX
Barry Diller Raised Interest in Acquiring CNN, Sources Say
WBD NFLX

Billionaire investor Barry Diller made an approach to Warner Bros. Discovery indicating interest in purchasing CNN, people familiar with the matter said. The contact occurred prior to Warner Bros. Discovery's June announcement about splitting the company and before the firm formally entered a sales process last fall. Company insiders said the inquiry did not progress to serious negotiations and was not shown to the board. Warner is proceeding with plans to sell certain studios and HBO Max to Netflix and to spin its cable networks, including CNN, into a new entity called Discovery Global, while Paramount continues to pursue a roughly $77.9 billion tender offer for the entire company.

Key Points

  • Barry Diller contacted Warner Bros. Discovery to register interest in acquiring CNN, according to people familiar with the matter.
  • The approach occurred before Warner’s June announcement about plans to split the company and before it formally entered a sale process last fall; the inquiry did not advance to substantive negotiations or a board presentation.
  • Warner Bros. Discovery is selling its studios and HBO Max to Netflix and plans to spin cable networks, including CNN, into a new company called Discovery Global, while Paramount pursues an approximately $77.9 billion tender offer for the entire company.

Billionaire investor Barry Diller approached Warner Bros. Discovery to express interest in acquiring the CNN news network, according to people familiar with the matter.

Those people said the outreach occurred ahead of Warner Bros. Discovery's June announcement that it would split the company into two parts and before the company formally put itself up for sale last fall. Insiders characterized the inquiry as limited in scope - no substantive steps were taken to advance a purchase and the matter was not escalated to Warner Bros. Discovery's board of directors.

Warner Bros. Discovery is in the midst of reshaping its assets. The company is selling its movie and television studios along with the HBO Max streaming platform to Netflix, and it intends to spin its cable networks, including CNN, into a new publicly listed company that will operate under the name Discovery Global.

At the same time, Paramount remains an active bidder. The company is pursuing an approximately $77.9 billion tender offer for all shares of Warner Bros. Discovery - a bid that would include the cable networks as part of the package. Paramount's effort positions it in competition with Netflix for control of certain Warner assets.

A Warner Bros. Discovery spokesman said explicitly that CNN "was not and is not for sale," and that the network would remain a key component of the planned Discovery Global company.

Context and timeline

The contact from Diller took place prior to two corporate milestones for Warner Bros. Discovery: the public announcement in June about splitting the company and the initiation of a formal sale process last fall. People familiar with the situation described Diller's inquiry as limited and not pursued to a formal bid or transaction stage. The company is continuing with already announced transactions and defending its stated plans for CNN’s role in the forthcoming Discovery Global unit.

Why it matters

  • Any credible bid for CNN would intersect with ongoing corporate moves at Warner Bros. Discovery, including the sale of studios and HBO Max and the spin-out of cable networks into Discovery Global.
  • Competing strategies among Netflix and Paramount for Warner assets complicate the potential for third-party purchases of individual units such as CNN.
  • Warner’s statement that CNN is not for sale underscores the company’s current strategic commitment to include the network in its planned corporate structure.

Sources and limits

The account of the approach comes from people familiar with the matter. Those sources indicated there was no referral to the board and that the inquiry did not develop into formal talks. The reporting on the outreach does not describe any negotiations, offers, or additional follow-up actions beyond the initial expression of interest.

Risks

  • The limited nature of Diller’s inquiry and the lack of formal action mean there is uncertainty about any future effort to acquire CNN - this affects media and M&A market participants.
  • Ongoing transactions involving Netflix and Paramount’s competing tender offer introduce competitive and strategic uncertainty for ownership of Warner Bros. Discovery assets, impacting the media and streaming sectors.
  • Warner Bros. Discovery’s explicit position that CNN "was not and is not for sale" creates uncertainty for third parties considering acquisitions of individual network assets.

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