Rupert Murdoch, center, with sons James Murdoch, (R) and Lachlan Murdoch.
Last week CNBC reported, citing sources, that 21st Century Fox has been holding talks to sell most of the company to Disney, leaving only an entity focused on news and sports.
Wolff called Rupert Murdoch “the man that made the modern media business” and said for the last 30 years media companies have been trailing Murdoch.
“It’s hard to find the logic here,” he said in an interview with “Fast Money.“
While Rupert Murdoch’s roots are in news, entertainment has been a larger part of the company, said Wolff. And for the past several years, the news business has been a “not very good business.”
Wolff said Murdoch wants to take his company private and merge with News Corp, which split from 21st Century Fox in 2013.
“He wants his original business back together.”
Verizon Communications is also interested in acquiring parts of Fox, Dow Jones reported after the bell Thursday.
— CNBC’s Evelyn Cheng and Jeffrey McCracken contributed to this report.
Disclosure: Comcast owns CNBC parent NBCUniversal.