Late Thursday, as rumors swirled about an incident at Brown University, CNN’s Kaitlan Collins took to social media, highlighting the uncertainty and directing people to her network’s 9pm newscast.
Even though the network is hardly a perfect news source, her words resonated to many. It remains one of the broadcasters where there exists grounded and generally reliable reporting – notably during crises such as the one taking place close to a New Hampshire storage facility.
A Precarious Situation During a Business Tug-of-War
But CNN, now four and a half decades old, finds itself in a uncertain position as two massive media conglomerates compete for ownership of its corporate owner, Warner Bros Discovery.
No matter the result, the destiny of CNN has turned into a major game of mergers and acquisitions, instead of as a question of what benefits the information-seeking public.
“This is yet another example of the fundamental flaws with roots in many years of regulatory actions,” said Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the Penn.
The debate about who will own Warner Bros Discovery – could it be Netflix or Paramount Skydance? – misses a broader point.
“It gets presented as a business story with influential figures as the central actors, but there is scant discussion of the societal benefit,” Pickard added.
The Complicating Factor: Political Influence
The network's predicament is complicated by Donald Trump’s longstanding stance about a network he has consistently labeled as perhaps his primary “fake news” antagonist.
Think back to the cries of “CNN sucks!” at his rallies, his team's disciplinary suspension of reporter Jim Acosta’s press credentials, or his clashes with Collins in press briefings.
Trump now claims that CNN needs new ownership. This can be interpreted as ownership that will insulate 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 suitor more. For one thing, it is run by David Ellison, son of the Trump-friendly 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 storied news network.
A Future of Continued Uncertainty
Notably, if Netflix prevails, CNN and other cable outlets would first be separated into a standalone company. Such a move could be a welcome development to many at the network, but it’s not exactly a guarantee of stability. That setup could set up CNN for a future sale. There is no finish line.
In the view of Timothy Wu, much of this is a violation of antitrust statutes, anyway. The well-known analyst of big tech’s dominance stated that anti-trust laws should prohibit both deals.
“Either merger would be bad for the country, and both should be contested by the government,” Wu recently wrote.
The Core Issue and a Path Forward
Regardless of the resolution regarding CNN, the bigger problem endures.
“The present media landscape is a very structure that undermines democracy, but we shouldn’t give in to the belief that change is impossible,” Pickard said. Regulatory choices – dating back to the 1930s and 1940s – helped to create this hyper-commercialized monster, and revised policy decisions can address it.
Can reform occur 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 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 a handful of hands are achievable – they are essential for a healthy democracy.
When it comes to media ownership, larger is not superior. And news organizations including CNN shouldn’t be pieces in the latest corporate chess match.
