This past Thursday night, as rumors swirled concerning a shooting at Brown University, CNN’s Kaitlan Collins used social media, pointing out the conflicting information and pointing viewers to her network’s 9pm newscast.
While the network is hardly a flawless news source, her statement seemed accurate to many. It is one of the broadcasters where one can locate reality-based and largely reliable reporting – especially during fast-moving events such as the one taking place near a New Hampshire storage facility.
An Uncertain State Amid a Corporate Battle
But the news network, now four and a half decades old, finds itself in a precarious situation as two massive media corporations compete for ownership of its parent company, Warner Bros Discovery.
No matter the result, the destiny of CNN has been drawn into a high-risk game of mergers and acquisitions, instead of as a question of what benefits the news-consuming public.
“Here is one more case of the profound systemic issues with roots in decades of regulatory actions,” said Victor Pickard, writer of “Democracy Without Journalism?” and a academic specializing in media policy at the Pennsylvania University.
The conjecture about who will own Warner Bros Discovery – will it be Netflix or Paramount Skydance? – overlooks a broader point.
“The narrative is crafted as a business story with key players as the central actors, but there is scant discussion of the societal benefit,” Pickard said.
The Additional Element: The Former President
This situation is complicated by Donald Trump’s opinions about a network he has consistently labeled as perhaps his primary “fake news” adversary.
Remember the cries of “CNN sucks!” at his rallies, his team's disciplinary revocation of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in official meetings.
Trump now claims that the network requires new ownership. Many see this as a desire for ownership that will protect him from journalistic oversight. That is part of why he seems to favor Paramount Skydance, which has made a aggressive takeover attempt.
There is a basis to like that bidder more. For one thing, it is run by David Ellison, son of the ally of Trump Larry Ellison, one of the world’s richest people.
Paramount, parent of CBS News, also recently placed the right-leaning Bari Weiss, noted for her “anti-woke” beliefs, as the editor-in-chief of that historic news network.
An Outcome of Further Instability
It is important to note, if Netflix prevails, CNN and other cable outlets would first be spun off into a standalone company. Such a move could be a relief to many at the network, but it’s far from a secure position. That setup could pave the way for CNN for another sale. The cycle continues.
If you ask Timothy Wu, much of this is a violation of antitrust statutes, anyway. The influential voice of big tech’s dominance wrote recently that anti-trust laws should block both deals.
“Both acquisition attempts would be harmful to the country, and both should be opposed by the government,” Wu stated.
The Bigger Challenge and a Way Ahead
Whatever happens in this situation, the underlying crisis endures.
“Our current system is a highly system hostile to democracy, but we ought not succumb to the belief that change is impossible,” Pickard said. Government actions – dating back to the 1930s and 1940s – helped to create this hyper-commercialized monster, and revised policy decisions can fix it.
Will that happen in an era where the head of the FCC refuses to acknowledge that the agency is independent? Reform is highly improbable now, but that doesn’t mean it will never happen.
Initiatives that support independent news organizations, bolster local journalism, subsidize public media, and prohibit the consolidation of media power in too few hands are achievable – they are vital for a functioning democracy.
When it comes to media ownership, larger is not superior. And news organizations including CNN must not be pieces in the latest corporate chess match.
