Wolff: What next for CNN?

For almost 20 years, Time Warner has been criticized for its management of CNN. The gummy CNN problem — it makes money, but nobody likes it 

With the BBC and The New York Times, CNN is one of the world's ranking quality news brands — whether it deserves that ranking or not. That brand is what's for sale — along with its formidable cash flow. 

An alternative bidder for CNN, and possible a counter bidder to Murdoch for the whole of Time Warner — one that would not have to shed CNN — is Disney. Disney, the owner of ESPN, might aspire with CNN to that same model of category dominance. To be the worldwide leader in news as well as sports is a kind of media heaven. On the other hand, sports is the strongest content category in media, and news among the weakest.

Perhaps the worst option for CNN is for the Time Warner bidding to falter and for CNN to remain as it is. The argument for continued independence shaping up at Time Warner — the promise it will have to make to stay free — goes something like this: The company has focused its assets over the past few years and is ready to realize new efficiencies that will boost its earnings and hence its share price, preparing itself for an even bigger sale in a few years.

For CNN, the devil you don't know is probably a lot better than the one you do.