"Hopefully Before It's Extinct"
Deadline • • business
Key Points:
- Barry Diller expressed interest in purchasing CNN, emphasizing urgency to act before the network's condition worsens or it becomes extinct.
- Diller believes CNN is ripe for innovation and needs greater investment in its on-air programming despite efforts to become a digital property.
- CNN is currently owned by Warner Bros. Discovery, with a pending $81 billion merger with Paramount that Diller warns will involve severe cuts.
- Diller is experienced in corporate restructuring, as seen in his Interactive Corp. (IAC) transition to People Inc., which includes significant layoffs to reduce overhead by $40 million annually.
- He plans to remain actively involved in his companies as an advisor and overseer, including continuing oversight of the MGM investment.
