Is CNN for sale? Trump's major rival wants the network at any cost

The Wall Street Journal reported that Diller approached Warner Bros. Discovery (WBD) last year regarding a potential acquisition.

Two people, who spoke on the condition of anonymity to speak freely, confirmed that Diller contacted WBD multiple times and continues to show interest in CNN, CNN reported.

Other billionaires and media investors have also explored potential acquisitions of CNN in recent years.

However, there are numerous reasons why WBD has been unwilling to part with the network, the report said.

Primarily, CNN is a key pillar of the company’s lucrative contracts with cable and satellite distributors, which also include channels like TNT and Food Network.

WBD is currently in the process of splitting into two publicly traded entities: Warner Bros., which will include the eponymous film studio and HBO, and Discovery Global, which will encompass CNN and other channels.

“CNN is an extremely important part of Discovery Global’s future after the Warner Bros. separation. CNN is not and is not for sale,” a WBD spokesperson said in response to the Journal’s report.

Nevertheless, potential buyers have continued to express interest. As one participant in the matter said: “It’s nothing new for people to show interest in a leading global news network, but there is no good reason to sell CNN.”

Diller’s interest, however, could be relevant to ongoing Wall Street debate over Discovery Global’s future value.

When the WBD split takes effect this summer, Netflix has agreed to acquire Warner Bros. at $27.75 per share. Discovery Global will trade separately.

Paramount had offered $30 per share for the entirety of WBD, including CNN and other channels. The WBD board rejected Paramount’s hostile bid, stating that the Netflix deal was superior. Among the reasons: Netflix’s offer allows shareholders “to realize the value of Discovery Global’s iconic brands and global reach.”

Paramount argued that Discovery Global had almost no equity value. WBD countered, noting that Discovery Global could be worth up to $6.86 per share in an acquisition scenario.

WBD’s recent financial report showed that CNN is expected to generate $1.8 billion in revenue and $600 million in profit this year.

The Journal did not specify how much Diller offered for the network. However, the report on his interest could intensify discussions about Discovery Global’s overall value.

Diller, the 83-year-old chairman of IAC, a media holding company controlling People, The Daily Beast, and dozens of other brands, did not approach WBD’s board directly last year regarding CNN, one source said.

That source also noted that a potential sale could carry unwanted tax consequences for WBD.

There may also be practical political reasons. Diller is a long-time critic of President Donald Trump and a prominent donor to the Democratic Party, precisely the kind of person Trump would not want owning CNN.

In December, shortly after Netflix signed its deal for Warner Bros., Trump said: “I think the people running CNN in recent years are a disgrace. I think it’s imperative that CNN is sold.”

His comments at the time implied support for Paramount’s hostile bid, although he later criticized Paramount later that month.

One media executive said that any attempt by Diller to acquire CNN would fail because “everyone understands that M&A is currently being handled through the Oval Office.”

Diller did not respond to a request for comment on Wednesday evening, and an IAC spokesperson declined to comment.

In an interview last year regarding the publication of his memoir Who Knew, Diller expressed confidence in CNN’s future as a business.

“What is the future of television?” host Fareed Zakaria asked. “Will CNN survive?”

“If idiots don’t actually take it over, of course it will,” Diller joked.

“I think it’s absolutely the only institutional news brand in the world that I think really has a future, because of video. Now it just needs to find its digital footprint for video,” Diller said.

At the end of last year, CNN launched the streaming subscription All Access, aimed at users cutting the cord from cable TV and those who follow news primarily on phones.

CNN stated in a press release this week that it has exceeded “subscription goals for 2025 and has started 2026 strongly.”