This past Thursday night, as rumors swirled about the Brown University gunman, CNN’s Kaitlan Collins posted on social media, pointing out the conflicting information and guiding the public to her network’s 9pm newscast.
Although the network is hardly a flawless news source, her message rang true for numerous observers. It is one of the broadcasters where there exists fact-based and largely dependable reporting – especially during breaking news situations such as the one developing near a New Hampshire storage facility.
A Precarious State During a Business Struggle
But the news network, now four and a half decades old, finds itself in a vulnerable position as two huge media corporations vie for ownership of its corporate owner, Warner Bros Discovery.
Whatever the outcome, the fate of CNN has turned into a high-stakes game of corporate ownership, not as a question of what benefits the information-seeking public.
“This represents another instance of the deep structural problems with origins in many years of regulatory actions,” said Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the Penn.
The speculation about the future owner of Warner Bros Discovery – will it be Netflix or Paramount Skydance? – misses a larger point.
“The narrative is crafted as a corporate drama with influential figures as the protagonists, but there is very little discussion of the societal benefit,” Pickard added.
The Additional Layer: Donald Trump
The network's predicament is further muddied by Donald Trump’s opinions about a network he has long portrayed as perhaps his main “fake news” adversary.
Remember the chants of “CNN sucks!” at Trump's rallies, his team's disciplinary withdrawal of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in White House briefings.
Trump now says that CNN needs new ownership. Many see this as a desire for ownership that will shield him from negative coverage and examination. That is part of why he seems to favor Paramount Skydance, which has made a hostile bid.
Trump has reason to prefer that company more. For one thing, it is run by David Ellison, son of the pro-Trump Larry Ellison, one of the world’s richest people.
The company, parent of CBS News, also recently appointed the conservative Bari Weiss, famous for her “anti-woke” beliefs, as the editor-in-chief of that historic news network.
An Outcome of More Instability
Notably, if Netflix prevails, CNN and other cable outlets would first be separated into a standalone company. Such a move could be a relief to many at the network, but it’s not exactly a guarantee of stability. That structure could position CNN for another sale. It never ends.
If you ask Timothy Wu, much of this is illegal, anyway. The well-known analyst of big tech’s dominance recently argued that competition laws should prohibit both deals.
“Each proposed deal would be bad for the country, and both should be challenged by regulators,” Wu stated.
The Core Problem and a Potential Solution
Regardless of the resolution in this situation, the underlying crisis remains.
“The present media landscape is a profoundly system hostile to democracy, but we ought not succumb to the belief that change is impossible,” Pickard emphasized. Policy decisions – from the 1930s and 1940s – helped to build this profit-obsessed monster, and new policy decisions can address it.
Will that happen in an era where the head of the FCC refuses to acknowledge that the agency is independent? Overhaul is highly improbable now, but that should not imply it will be impossible forever.
Initiatives that support independent news organizations, reinforce local journalism, fund public media, and prohibit the consolidation of media power in very few hands are not only possible – they are essential for a functioning democracy.
When it comes to media ownership, larger is not superior. And news organizations like CNN cannot be pieces in the latest acquisition battle.
