Netflix has already won the streaming wars, media mogul Barry Diller told CNBC on Friday.
“Netflix won this a few years ago. You are the only ones with the scale and momentum to make this somewhat crazy investment in programming,” said Diller, chairman of the IAC, in an interview with Andrew Ross Sorkin. “You can’t compete with the dynamics, the scale, nobody will ever be able to.”
Legacy media has jumped into the streaming space in recent years to win back customers and strengthen the business. Disney’s Hulu and Disney, Comcast NBCUniversals Peacock, ViacomCBS ‘Paramount +, and AMC Networks’ AMC + have all jumped on board to transform their aging, television-centric businesses.
Most recently, AT&T announced a deal to combine its content unit WarnerMedia with Discovery to create a new media giant. The new media company could be worth well over $ 100 billion, and executives said the two companies already spend $ 20 billion a year together on content, including programming for their linear networks. AT&T said Discovery CEO David Zaslav will lead the new company.
However, Diller didn’t say the new deal will result in a company that can take over the success of Netflix. Still, the deal can be seen as a “great escape” for AT&T, Diller said.
“It’s the power of monopoly,” he added. “”Ma Bell should be dead and buried by now. “
Diller also informed Apple on Friday about the fees charged to companies that have applications in the iPhone maker’s app store.
“The idea that they actually justify it by saying, ‘We’re spending all this money protecting our little app store,'” said Diller. “I mean, it’s criminal. Well, it will be criminal,” said Diller.
Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.