Media mogul Barry Diller said he would "absolutely" buy CNN immediately if given the chance, arguing the network is at risk of decline without urgent changes.

Speaking at The Wall Street Journal Future of Everything Festival on Tuesday, Diller said: “Absolutely, I would do it tonight and tomorrow night. Before they ruin it any further. Hopefully before it's extinct.”

Diller Sees CNN As ‘Ripe’ For Reinvention

Diller said CNN has failed to meaningfully innovate over the past decade despite some investment in digital products.

He argued the network's on-air business now needs far more attention as traditional television news grapples with shrinking audiences and changing consumer habits.

"CNN is so ripe for innovation that I don't think it's seen in almost 10 years," Diller said during the appearance.

CNN did not immediately respond to Benzinga's request for comment.

His remarks come amid heightened speculation over the future structure of major U.S. media assets following Warner Bros. Discovery's (NASDAQ:WBD) pending merger with Paramount Skydance (NASDAQ:PSKY) in a deal backed by David Ellison.

‘Savage Process' Ahead For Media Merger

Diller warned the combined company faces painful restructuring as executives attempt to deliver billions of dollars in promised cost cuts.

"So how they do that and navigate also running the surviving businesses…I don't know," he said, describing the integration process as "savage."

He added that he expects CNN could eventually be merged with CBS News as consolidation pressures intensify across legacy media.

Reports earlier this year indicated Diller had previously explored a potential deal for CNN with Warner executives.

Diller Also Explored Vox Media Deal

The veteran executive also revealed he had looked "very deeply" at acquiring Vox Media, which owns assets including New York Magazine and the Vox Media Podcast Network.

His comments came as reports surfaced that James Murdoch is in talks to acquire New York magazine and Vox's podcasting business.

Print Media Faces ‘Doomed' Economics Without Scale

In the newspaper industry, Diller delivered a bleak outlook for regional publications struggling to grow digital subscriptions beyond local audiences.

He said major papers such as The Washington Post are "doomed" unless they can build national-scale subscription businesses.

Asked whether he would consider buying the publication, Diller responded bluntly: "No."

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