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On Thursday evening, as rumors swirled regarding the Brown University gunman, CNN’s Kaitlan Collins took to social media, pointing out the conflicting information and directing people to her channel's 9pm newscast.

Even though CNN is certainly not a perfect news source, her statement seemed accurate for a lot of people. It is one of the organizations where there exists fact-based and largely reliable reporting – particularly during breaking news situations such as the one unfolding near a New Hampshire storage facility.

An Uncertain Position Amid a High-Stakes Struggle

However the news network, now four and a half decades old, finds itself in a precarious state as two giant media corporations vie for ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the fate of CNN has been drawn into a major game of corporate ownership, rather than as a question of what helps the information-seeking public.

“This is yet another example of the profound systemic issues with roots in many years of regulatory actions,” stated Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the University of Pennsylvania.

The conjecture about the future owner of Warner Bros Discovery – could it be Netflix or Paramount Skydance? – misses a more important point.

“The narrative is crafted as a financial tale with powerful individuals as the protagonists, but there is hardly any discussion of the public interest,” Pickard added.

A Further Element: Donald Trump

The network's predicament is complicated by Donald Trump’s longstanding stance about a network he has frequently denounced as perhaps his chief “fake news” foe.

Think back to the cries of “CNN sucks!” at the president’s rallies, his team's disciplinary withdrawal of reporter Jim Acosta’s press credentials, or his sparring with Collins in official meetings.

Trump now claims that CNN needs new ownership. This can be interpreted as ownership that will insulate him from journalistic oversight. That is one reason why he appears to come down on the side of Paramount Skydance, which has made a hostile bid.

Trump has reason to prefer 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.

The company, parent of CBS News, also recently appointed the right-leaning Bari Weiss, noted for her “anti-woke” beliefs, as the top editor of that historic news network.

A Possibility of More Instability

Notably, if Netflix is successful, CNN and other cable outlets would first be spun off into a independent unit. This might be a relief to many at the network, but it’s hardly a secure position. That arrangement could pave the way for CNN for yet another acquisition. The cycle continues.

If you ask Timothy Wu, a lot of this is illegal, anyway. The influential voice of big tech’s dominance recently argued that competition laws should block both deals.

“Either merger would be detrimental to the country, and both should be opposed by the government,” Wu argued.

The Core Issue and a Way Ahead

Regardless of the resolution in this situation, the larger issue remains.

“Our current system is a very system hostile to democracy, but we must resist the belief that change is impossible,” Pickard emphasized. Government actions – originating in the 1930s and 1940s – helped to build this hyper-commercialized monster, and different policy decisions can fix it.

Can reform occur in an era where the top communications regulator refuses to acknowledge that the agency is independent? Change is highly improbable now, but that doesn’t mean it will not happen in the future.

Measures that strengthen independent news organizations, reinforce local journalism, fund public media, and outlaw the concentration of media power in very few hands are within reach – they are necessary for a functioning democracy.

Regarding media ownership, larger is not superior. And news organizations including CNN shouldn’t be pieces in the newest corporate chess match.