The Corporate Battle For CNN Shows How Broken US Journalism Has Become.
Late Thursday, amid swirling speculation about a shooting at Brown University, the network's Kaitlan Collins took to social media, pointing out the conflicting information and directing people to her network’s 9pm newscast.
Even though it is by no means a perfect news source, her words rang true for numerous observers. It remains one of the broadcasters where one can locate reality-based and generally dependable reporting – notably during fast-moving events such as the one taking place close to a New Hampshire storage facility.
A Precarious State During a High-Stakes Tug-of-War
But the news network, now middle-aged, finds itself in a precarious position as two huge media corporations compete for ownership of its parent company, Warner Bros Discovery.
Whatever the outcome, the destiny of CNN has turned into a high-stakes game of mergers and acquisitions, instead of as a question of what serves the news-consuming public.
“Here is one more case of the fundamental flaws with origins in decades of regulatory actions,” said Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the Penn.
The debate about which company will control Warner Bros Discovery – could it be Netflix or Paramount Skydance? – misses a more important point.
“It is often framed as a financial tale with key players as the protagonists, but there is very little discussion of the common good,” Pickard said.
The Complicating Element: The Former President
This situation is further muddied by Donald Trump’s views about a network he has frequently denounced as perhaps his chief “fake news” foe.
Recall the cries of “CNN sucks!” at the president’s rallies, his administration’s punitive withdrawal of reporter Jim Acosta’s press credentials, or his clashes with Collins in White House briefings.
Trump now says that CNN needs new ownership. Many see this as a desire for ownership that will insulate him from negative coverage and examination. That is one reason why he appears to come down on the side of Paramount Skydance, which has made a unsolicited offer.
He has grounds to favor 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.
Paramount, owner of CBS News, also recently placed the right-leaning Bari Weiss, noted for her “anti-woke” beliefs, as the editor-in-chief of that venerable news network.
A Possibility of Further Uncertainty
Significantly, if Netflix wins, CNN and other cable outlets would first be carved out into a standalone company. That would be a relief to many at the network, but it’s hardly a safe harbor. That setup could set up CNN for a future sale. There is no finish line.
According to Timothy Wu, much of this is against the law, anyway. The influential voice of big tech’s dominance recently argued that competition laws should prohibit both deals.
“Both acquisition attempts would be harmful to the country, and both should be opposed by the government,” Wu recently wrote.
The Core Problem and a Potential Solution
Whatever happens with this particular battle, the underlying crisis remains.
“What we have now is a very system hostile to democracy, but we must resist learned helplessness,” Pickard said. Regulatory choices – dating back to the 1930s and 1940s – helped to build this overly commercial monster, and new policy decisions can tackle it.
Is this likely in an era where the Federal Communications Commission chair won’t even affirm that the agency is independent? Change is a distant prospect now, but that is not to say it will never happen.
Initiatives that bolster independent news organizations, aid local journalism, fund public media, and outlaw the concentration of media power in very few hands are achievable – they are necessary for a functioning democracy.
When it comes to media ownership, bigger isn’t better. And news organizations such as CNN cannot be pawns in the newest acquisition battle.