Last summer, John Malone and Rupert Murdoch reportedly explored a high-stakes merger between Warner Bros Discovery and Fox Corporation. The deal, discussed during the Sun Valley conference, would have brought together two of the biggest names in legacy media. According to Malone, the merger fell apart over an irreconcilable issue: how to house Fox News and CNN under the same corporate roof.
“The deal probably would have happened if we thought that Fox News and CNN could live under one umbrella,” Malone told the Financial Times in a recent profile promoting his memoir Born to Be Wired. Despite the failure, Malone maintained that the strategic rationale was sound. A combined company would have paired Fox’s broadcast network and sports rights with Warner Bros Discovery’s studios and streaming operations, creating a formidable force in both live TV and on-demand content.
The merger would have filled key gaps on both sides. Fox would gain access to WBD’s premium cable and scripted assets, while WBD would benefit from Fox’s live sports portfolio and broadcast distribution. Sports, in particular, were a key driver behind the idea. Malone acknowledged the value of Fox’s U.S. sports rights and its ability to strengthen Warner’s domestic sports presence.
While the deal collapsed, Malone’s interest emphasized his continued influence and appetite for media mergers and acquisitions. At 84, he remains active through Liberty Media, which owns assets including Formula 1 and holds a stake in Warner Bros Discovery. He has also been a driving force behind WBD’s planned split, which would separate the studio and streaming business from its cable networks under the Discovery Global brand.
Both Warner and Fox have charted independent courses since the failed talks. Fox has pushed deeper into free ad-supported streaming, launching Fox One and investing in Tubi. Warner is preparing for a structural split after shedding billions in shareholder value since the WarnerMedia and Discovery merger.
Malone also floated broader industry predictions. He sees a new wave of consolidation as legacy players seek the scale needed to compete with tech giants for sports rights. He named Disney, Paramount, NBCUniversal and Warner as likely candidates for future combinations.
Separately, Malone has remained a behind-the-scenes advisor to Warner Bros Discovery CEO David Zaslav, helping shape executive compensation tied more closely to stock performance. He also reportedly advised Zaslav not to overspend on renewing NBA rights, a deal WBD ultimately lost.
Between merger speculation, WBD’s looming restructuring, and growing pressure on legacy players to compete with tech platforms, Malone’s vision of the future is clear: consolidation is coming. But combining Fox News and CNN still appears to be a nonstarter.
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