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This past Thursday night, as rumors swirled concerning the Brown University gunman, CNN’s Kaitlan Collins posted on social media, pointing out the conflicting information and guiding the public to her network’s 9pm newscast.

Even though the network is hardly a flawless news source, her statement rang true to many. It remains one of the outlets where one can locate grounded and mostly reliable reporting – particularly during breaking news situations like the one developing close to a New Hampshire storage facility.

An Uncertain State During a High-Stakes Battle

But the news network, now four and a half decades old, finds itself in a precarious state as two huge media empires compete for ownership of its parent company, Warner Bros Discovery.

No matter the result, the fate of CNN has turned into a high-stakes game of business acquisition, not as a question of what benefits the information-seeking public.

“Here is one more case of the deep structural problems with roots in decades of regulatory actions,” said Victor Pickard, writer of “Democracy Without Journalism?” and a academic specializing in media policy at the University of Pennsylvania.

The speculation about who will own Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – fails to grasp a broader point.

“It gets presented as a financial tale with influential figures as the main characters, but there is scant discussion of the societal benefit,” Pickard added.

A Further Factor: Donald Trump

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

Remember the shouts of “CNN sucks!” at his rallies, his administration’s punitive withdrawal of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in White House briefings.

Trump now says that the network requires new ownership. Many see this as a desire for ownership that will shield him from journalistic oversight. That is a factor in why he appears to favor Paramount Skydance, which has made a aggressive takeover attempt.

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, parent of CBS News, also recently placed the right-leaning Bari Weiss, famous for her “anti-woke” beliefs, as the lead editor of that storied news network.

A Future of Further Uncertainty

It is important to note, if Netflix is successful, CNN and other cable outlets would first be spun off into a independent unit. That would be a relief to many at the network, but it’s not exactly a guarantee of stability. That structure 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 wrote recently that competition laws should prohibit both deals.

“Both acquisition attempts would be detrimental to the country, and both should be contested by regulators,” Wu stated.

The Bigger Problem and a Way Ahead

No matter the outcome regarding CNN, the bigger problem remains.

“Our current system is a very system hostile to democracy, but we shouldn’t give in to learned helplessness,” Pickard noted. Government actions – originating in the 1930s and 1940s – helped to foster this profit-obsessed monster, and different policy decisions can address it.

Can reform occur in an era where the top communications regulator won’t even affirm that the agency is independent? Change is highly improbable now, but that doesn’t mean it will be impossible forever.

Policies that bolster independent news organizations, reinforce local journalism, finance public media, and prohibit the concentration of media power in a handful of hands are achievable – they are vital for a robust democracy.

When it comes to media ownership, bigger isn’t better. And news organizations like CNN must not be pawns in the latest corporate chess match.