Media mogul Barry Diller has expressed a strong interest in acquiring CNN, a news brand he believes is ripe for innovation. In a recent interview, Diller stated that he would buy CNN "tonight and tomorrow night" if given the opportunity, emphasizing his concern about the network's current state and the potential for further deterioration. This sentiment comes as CNN is set to change hands as part of Paramount's $111 billion mega-deal for Warner Bros. Discovery.
Diller's interest in CNN is not new. He has previously reached out to Warner Bros. Discovery (WBD) about acquiring the TV news outlet, founded by Ted Turner and saved by John Malone, a mentor of Diller's. Diller believes CNN has the potential for significant innovation, stating, "I don't think it's seen in almost 10 years." However, he acknowledges the challenges ahead, as CNN is likely to be cut in the cost-reduction efforts of the new parent company.
In the same interview, Diller also discussed his recent decision to step down as CEO of IAC and rebrand it as People Incorporated. He also explored a potential deal for Vox Media, which appears to be heading to James Murdoch's Lupa Systems. Diller's comments reflect his ongoing concern about the state of media and entertainment, a topic he has been vocal about in the past.
In a previous interview tied to his memoir, Diller predicted the future of Hollywood, stating that while the studios won't go out of existence, they will become much smaller operations. He believes that Hollywood's days of dominating media are over, and the industry is now under the control of technology companies. This perspective highlights Diller's critical view of the changing media landscape.
Diller's comments about CNN and the broader media industry are significant, given his status as a media mogul and his history of outspoken opinions. His willingness to step in and potentially save a struggling news brand underscores his commitment to innovation and his belief in the importance of quality journalism in an increasingly competitive media environment.
