Late Thursday, while unconfirmed reports spread about a shooting at Brown University, CNN’s Kaitlan Collins used social media, noting the confusion and guiding the public to her channel's 9pm newscast.
Even though it is by no means a perfect news source, her words seemed accurate for a lot of people. It remains one of the organizations where there exists grounded and generally trustworthy reporting – particularly during crises such as the one taking place close to a New Hampshire storage facility.
A Precarious State During a Business Battle
But CNN, now 45 years old, finds itself in a precarious position as two giant media corporations vie for ownership of its corporate owner, Warner Bros Discovery.
Regardless of who wins, the future of CNN has been drawn into a major game of business acquisition, rather than as a question of what serves the news-consuming public.
“This represents another instance of the profound systemic issues with origins in decades of regulatory actions,” said Victor Pickard, author of “Democracy Without Journalism?” and a media policy professor at the Penn.
The conjecture about who will own Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – overlooks a more important point.
“The narrative is crafted as a corporate drama with key players as the central actors, but there is hardly any discussion of the common good,” Pickard explained.
A Further Element: Donald Trump
This situation is complicated by Donald Trump’s longstanding stance about a network he has long portrayed as perhaps his primary “fake news” antagonist.
Recall the cries of “CNN sucks!” at the president’s rallies, his administration's retaliatory withdrawal of reporter Jim Acosta’s press credentials, or his sparring with Collins in official meetings.
Trump now asserts that CNN needs new ownership. Many see this as a desire for ownership that will shield him from criticism and scrutiny. That is one reason why he seems to support Paramount Skydance, which has made a unsolicited offer.
There is a basis to favor that bidder more. For one thing, it is led by David Ellison, son of the ally of Trump Larry Ellison, one of the world’s richest people.
Paramount, owner of CBS News, also recently appointed the right-leaning Bari Weiss, famous for her “anti-woke” beliefs, as the lead editor of that historic news network.
A Possibility of Further Instability
It is important to note, if Netflix is successful, CNN and other cable outlets would first be carved out into a independent unit. Such a move could be a relief to many at the network, but it’s hardly a safe harbor. That setup could position CNN for yet another acquisition. It never ends.
According to Timothy Wu, much of this is illegal, anyway. The prominent critic of big tech’s dominance recently argued that competition laws should prohibit both deals.
“Both acquisition attempts would be bad for the country, and both should be contested by anti-trust authorities,” Wu argued.
The Core Challenge and a Path Forward
Whatever happens regarding CNN, the bigger problem persists.
“What we have now is a very structure that undermines democracy, but we must resist the belief that change is impossible,” Pickard noted. Regulatory choices – from the 1930s and 1940s – helped to foster this overly commercial monster, and different policy decisions can tackle it.
Is this likely in an era where the head of the FCC won’t even affirm that the agency is independent? Overhaul is very unlikely now, but that is not to say it will not happen in the future.
Initiatives that support independent news organizations, bolster local journalism, fund public media, and prevent the concentration of media power in too few hands are not only possible – they are essential for a functioning democracy.
Regarding media ownership, size does not equal quality. And news organizations such as CNN cannot be pieces in the newest corporate chess match.
