This past Thursday night, amid swirling speculation concerning a shooting at Brown University, the network's Kaitlan Collins posted on social media, pointing out the conflicting information and guiding the public to her network’s 9pm newscast.
Even though it is by no means a perfect news source, her statement resonated for a lot of people. It is one of the broadcasters where you can find grounded and mostly reliable reporting – notably during fast-moving events such as the one developing near a New Hampshire storage facility.
A Precarious State During a High-Stakes Battle
Yet the news network, now 45 years old, finds itself in a precarious position as two massive media conglomerates vie for ownership of its parent company, Warner Bros Discovery.
Regardless of who wins, the fate of CNN has turned into a high-risk game of mergers and acquisitions, instead of as a question of what benefits the information-seeking public.
“This represents another instance of the deep structural problems with origins in decades of governmental choices,” said Victor Pickard, writer of “Democracy Without Journalism?” and a academic specializing in media policy at the Penn.
The conjecture about who will own Warner Bros Discovery – will it be Netflix or Paramount Skydance? – overlooks a broader point.
“It gets presented as a financial tale with influential figures as the central actors, but there is very little discussion of the public interest,” Pickard explained.
The Additional Layer: Political Influence
The network's predicament is complicated by Donald Trump’s views about a network he has consistently labeled as perhaps his main “fake news” antagonist.
Think back to the shouts of “CNN sucks!” at his rallies, his administration’s punitive withdrawal of reporter Jim Acosta’s press credentials, or his clashes with Collins in press briefings.
Trump now says that CNN needs new ownership. This can be interpreted as ownership that will insulate him from criticism and scrutiny. That is part of why he seems to favor Paramount Skydance, which has made a unsolicited offer.
There is a basis to like that bidder more. For one thing, it is controlled by David Ellison, son of the pro-Trump Larry Ellison, one of the world’s richest people.
Paramount, owner of CBS News, also recently appointed the right-leaning Bari Weiss, known for her “anti-woke” beliefs, as the editor-in-chief of that venerable news network.
An Outcome of Continued Instability
It is important to note, if Netflix prevails, CNN and other cable outlets would first be spun off into a standalone company. That would be a welcome development to many at the network, but it’s not exactly a secure position. That arrangement could position CNN for yet another acquisition. The cycle continues.
According to Timothy Wu, a lot of this is against the law, anyway. The prominent critic of big tech’s dominance stated that anti-trust laws should block both deals.
“Each proposed deal would be bad for the country, and both should be contested by anti-trust authorities,” Wu stated.
The Fundamental Problem and a Potential Solution
Whatever happens with this particular battle, the bigger problem persists.
“Our current system is a highly anti-democratic system, but we must resist learned helplessness,” Pickard noted. Regulatory choices – dating back to the 1930s and 1940s – helped to build this profit-obsessed monster, and revised policy decisions can address it.
Will that happen in an era where the head of the FCC will not confirm that the agency is independent? Overhaul is highly improbable now, but that is not to say it will not happen in the future.
Policies that support independent news organizations, reinforce local journalism, fund public media, and prevent the accumulation of media power in too few hands are achievable – they are vital for a healthy democracy.
Regarding media ownership, larger is not superior. And news organizations like CNN shouldn’t be pawns in the newest corporate chess match.
