This past Thursday night, as rumors swirled concerning a shooting at Brown University, the network's Kaitlan Collins took to social media, pointing out the conflicting information and pointing viewers to her network’s 9pm newscast.
Although the network is hardly a impeccable news source, her statement rang true to many. It is one of the organizations where there exists grounded and largely trustworthy reporting – notably during fast-moving events such as the one taking place in the vicinity of a New Hampshire storage facility.
An Uncertain Situation During a High-Stakes Tug-of-War
But the news network, now middle-aged, finds itself in a uncertain position as two massive media empires vie for ownership of its corporate owner, Warner Bros Discovery.
Whatever the outcome, the future of CNN has turned into a high-stakes game of mergers and acquisitions, rather than as a question of what serves the news-consuming public.
“Here is one more case of the profound systemic issues with origins in many years of regulatory actions,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the Pennsylvania University.
The conjecture about who will own Warner Bros Discovery – could it be Netflix or Paramount Skydance? – fails to grasp a broader point.
“It is often framed as a financial tale with key players as the main characters, but there is scant discussion of the societal benefit,” Pickard said.
A Further Factor: Political Influence
This situation is made more complex by Donald Trump’s opinions about a network he has consistently labeled as perhaps his main “fake news” antagonist.
Think back to the chants of “CNN sucks!” at Trump's rallies, his administration's retaliatory withdrawal of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in White House briefings.
Trump now claims that CNN needs new ownership. You can read that as ownership that will protect him from journalistic oversight. That is one reason why he appears to favor Paramount Skydance, which has made a hostile bid.
There is a basis to like that bidder 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 placed the conservative Bari Weiss, known for her “anti-woke” beliefs, as the lead editor of that venerable news network.
A Future of Further Turmoil
Significantly, if Netflix wins, CNN and other cable outlets would first be carved out into a separate entity. Such a move could be a relief to many at the network, but it’s hardly a secure position. That setup could set up CNN for another sale. There is no finish line.
If you ask Timothy Wu, a lot of this is a violation of antitrust statutes, anyway. The prominent critic of big tech’s dominance stated that competition laws should block both deals.
“Either merger would be detrimental to the country, and both should be contested by regulators,” Wu argued.
The Fundamental Challenge and a Potential Solution
No matter the outcome regarding CNN, the underlying crisis persists.
“Our current system is a highly structure that undermines democracy, but we shouldn’t give in to the belief that change is impossible,” Pickard noted. Regulatory choices – from the 1930s and 1940s – helped to build this hyper-commercialized monster, and different policy decisions can fix it.
Will that happen in an era where the Federal Communications Commission chair won’t even affirm that the agency is independent? Overhaul is highly improbable now, but that is not to say it will not happen in the future.
Measures that bolster independent news organizations, reinforce local journalism, fund public media, and prohibit the accumulation of media power in very few hands are within reach – they are necessary for a healthy democracy.
In the world of media ownership, size does not equal quality. And news organizations including CNN must not be tools in the newest corporate chess match.
