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This past Thursday night, as rumors swirled regarding a shooting at Brown University, the network's Kaitlan Collins took to social media, noting the confusion and guiding the public to her channel's 9pm newscast.

While it is by no means a flawless news source, her statement rang true for a lot of people. It remains one of the broadcasters where there exists reality-based and largely dependable reporting – particularly during crises like the one taking place in the vicinity of a New Hampshire storage facility.

A Precarious Situation During a Corporate Struggle

However CNN, now middle-aged, finds itself in a uncertain position as two massive media conglomerates battle over ownership of its parent company, Warner Bros Discovery.

No matter the result, the fate of CNN has become part of a high-risk game of corporate ownership, rather than as a question of what helps the information-seeking public.

“This represents another instance of the deep structural problems with roots in decades of governmental choices,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the Pennsylvania University.

The conjecture about who will own Warner Bros Discovery – will it be Netflix or Paramount Skydance? – misses a larger point.

“The narrative is crafted as a financial tale with influential figures as the main characters, but there is hardly any discussion of the common good,” Pickard explained.

The Additional Element: The Former President

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

Think back to the chants of “CNN sucks!” at his rallies, his administration's retaliatory suspension of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in press briefings.

Trump now says that the network requires new ownership. Many see this as a desire for ownership that will protect him from negative coverage and examination. That is a factor in why he appears to come down on the side of Paramount Skydance, which has made a hostile bid.

He has grounds 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 conservative Bari Weiss, noted for her “anti-woke” beliefs, as the top editor of that storied news network.

A Future of Continued Instability

Significantly, if Netflix prevails, CNN and other cable outlets would first be separated into a separate entity. That would be a welcome development to many at the network, but it’s hardly a guarantee of stability. That setup could pave the way for CNN for a future sale. The cycle continues.

In the view of Timothy Wu, a great deal of this is illegal, anyway. The well-known analyst of big tech’s dominance recently argued that competition laws should prohibit both deals.

“Both acquisition attempts would be bad for the country, and both should be opposed by the government,” Wu recently wrote.

The Core Problem and a Potential Solution

No matter the outcome with this particular battle, the larger issue persists.

“The present media landscape is a very anti-democratic system, but we ought not succumb to learned helplessness,” Pickard noted. Regulatory choices – dating back to the 1930s and 1940s – helped to build this hyper-commercialized monster, and different policy decisions can address it.

Can reform occur in an era where the Federal Communications Commission chair refuses to acknowledge that the agency is independent? Reform is very unlikely now, but that is not to say it will not happen in the future.

Policies that strengthen independent news organizations, bolster local journalism, finance public media, and outlaw the concentration of media power in a handful of hands are within reach – they are essential for a functioning democracy.

When it comes to media ownership, larger is not superior. And news organizations like CNN must not be pawns in the most recent acquisition battle.