Summer 2024 witnessed intriguing, yet ultimately unsuccessful, merger discussions between media giants John Malone and Rupert Murdoch. Malone, chair emeritus of Warner Bros. Discovery, confirmed “serious discussions” with Murdoch about merging Fox Corporation and WBDiscovery to the Financial Times. While Malone’s “urge to merge” is well-known, this potential union held significant weight, promising a media behemoth encompassing Warner’s entertainment assets (HBO, CNN) and Fox’s broadcasting and sports power.
Warner CEO David Zaslav and News Corp chair Lachlan Murdoch were reportedly involved. A successful merger would have created unparalleled reach across news, sports, and entertainment. However, philosophical and operational obstacles proved insurmountable. Malone acknowledged that the deal’s failure stemmed from the incompatibility of Fox News and CNN: “the merger “probably would have happened if we thought that Fox News and CNN could live under one umbrella”.
The fundamental clash between the networks’ editorial identities presented a significant hurdle. The risk of alienating viewers, employees, and regulators was deemed too high. Beyond the news divisions, potential synergies existed in sports broadcasting, with Fox’s strength potentially bolstering Warner’s portfolio. Fox Broadcasting, independent of its news arm, was also viewed as a valuable asset. The discussions also reflected the legacies of Malone and Murdoch, both nearing the end of their careers, with Malone's planned philanthropic endeavors. Ultimately, the cultural divide proved insurmountable, leaving the merger as a compelling “what if” scenario. While the strategy held merit, the deep-seated cultural differences ultimately prevented the deal from fruition.