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This past Thursday night, as rumors swirled concerning a shooting at Brown University, CNN’s Kaitlan Collins took to social media, noting the confusion and pointing viewers to her network’s 9pm newscast.

Even though CNN is certainly not a flawless news source, her message resonated for a lot of people. It is one of the broadcasters where one can locate fact-based and mostly trustworthy reporting – particularly during crises like the one unfolding in the vicinity of a New Hampshire storage facility.

A Precarious Position During a High-Stakes Battle

But the news network, now 45 years old, finds itself in a vulnerable position as two massive media conglomerates vie for ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the future of CNN has been drawn into a high-stakes game of business acquisition, instead of as a question of what serves the information-seeking public.

“This is yet another example of the profound systemic issues with roots in decades of governmental choices,” noted Victor Pickard, author of “Democracy Without Journalism?” and a professor of media policy at the Penn.

The debate about which company will control Warner Bros Discovery – could it be Netflix or Paramount Skydance? – overlooks a more important point.

“The narrative is crafted as a business story with influential figures as the protagonists, but there is very little discussion of the public interest,” Pickard explained.

The Additional Layer: Political Influence

The network's predicament is made more complex by Donald Trump’s opinions about a network he has consistently labeled as perhaps his main “fake news” antagonist.

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

Trump now asserts that the network requires new ownership. This can be interpreted as ownership that will protect him from criticism and scrutiny. That is a factor in why he seems to favor Paramount Skydance, which has made a hostile bid.

He has grounds to favor that company more. For one thing, it is led by David Ellison, son of the pro-Trump Larry Ellison, one of the world’s richest people.

The company, owner of CBS News, also recently installed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the editor-in-chief of that historic news network.

An Outcome of More Instability

Notably, if Netflix is successful, CNN and other cable outlets would first be separated into a standalone company. That would be a relief to many at the network, but it’s hardly a safe harbor. That setup could position CNN for a future sale. There is no finish line.

In the view of Timothy Wu, much of this is illegal, anyway. The prominent critic of big tech’s dominance wrote recently that anti-trust laws should disallow both deals.

“Each proposed deal would be harmful to the country, and both should be contested by regulators,” Wu argued.

The Core Issue and a Way Ahead

Regardless of the resolution with this particular battle, the larger issue endures.

“Our current system is a profoundly system hostile to democracy, but we ought not succumb to learned helplessness,” Pickard noted. Policy decisions – originating in the 1930s and 1940s – helped to create this hyper-commercialized monster, and revised policy decisions can tackle it.

Is this likely in an era where the top communications regulator won’t even affirm that the agency is independent? Reform is very unlikely now, but that doesn’t mean it will never happen.

Initiatives that strengthen independent news organizations, aid local journalism, subsidize public media, and outlaw the consolidation of media power in a handful of hands are not only possible – they are essential for a functioning democracy.

Regarding media ownership, bigger isn’t better. And news organizations like CNN shouldn’t be pawns in the newest corporate chess match.