The cable-news industry that Americans know today is a cautionary tale in what happens when democracy collides with consumerism. For years, CNN, MSNBC, and Fox News raked in profits while amplifying partisan rancor in varying ways. Starting in 2015, CNN pumped its ratings by playing up Donald Trump, whose presidency then buoyed all three cable-news giants. But now CNN is in turmoil after a recent change of ownership and the departure of its president, Chris Licht, after 15 months. After the 2020 election, Fox News amplified false claims about voting irregularities rather than offend its disproportionately pro-Trump audience—and subsequently settled a defamation suit by Dominion Voting Systems for more than $700 million. These cable-news networks have long relied on receiving fees from cable companies for each basic-cable subscriber. Now the networks need to replace that income with subscription dollars as more and more Americans cut the cord, and the scramble for money does not bode well for investment in deep, factual reporting about the United States and the rest of the world. Cable news, in …