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Late Thursday, while unconfirmed reports spread regarding a shooting at Brown University, the network's Kaitlan Collins posted on social media, noting the confusion and guiding the public to her channel's 9pm newscast.

Although CNN is certainly not a impeccable news source, her statement rang true for a lot of people. It stands as one of the outlets where there exists reality-based and mostly trustworthy reporting – notably during fast-moving events such as the one unfolding close to a New Hampshire storage facility.

A Vulnerable Situation During a Business Struggle

Yet the news network, now four and a half decades old, finds itself in a precarious state as two huge media empires battle over ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the future of CNN has turned into a high-stakes game of corporate ownership, rather than as a question of what helps the information-seeking public.

“This is yet another example of the fundamental flaws with origins in many years of governmental choices,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the Pennsylvania University.

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

“It is often framed as a corporate drama with key players as the main characters, but there is scant discussion of the societal benefit,” Pickard said.

The Complicating Element: Political Influence

The CNN scenario is further muddied by Donald Trump’s longstanding stance about a network he has consistently labeled as perhaps his main “fake news” antagonist.

Think back to the shouts of “CNN sucks!” at his rallies, his administration's retaliatory withdrawal of reporter Jim Acosta’s press credentials, or his clashes with Collins in official meetings.

Trump now asserts that CNN needs new ownership. This can be interpreted as ownership that will insulate him from negative coverage and examination. That is part of why he appears to come down on the side of Paramount Skydance, which has made a hostile bid.

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

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

A Future of More Uncertainty

It is important to note, if Netflix wins, CNN and other cable outlets would first be carved out into a standalone company. Such a move could be a welcome development to many at the network, but it’s hardly a safe harbor. That setup could set up CNN for a future sale. The cycle continues.

According to Timothy Wu, a lot of this is illegal, anyway. The well-known analyst of big tech’s dominance wrote recently that anti-trust laws should disallow both deals.

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

The Core Problem and a Potential Solution

Regardless of the resolution in this situation, the bigger problem remains.

“Our current system is a very anti-democratic system, but we ought not succumb to the belief that change is impossible,” Pickard noted. Regulatory choices – dating back to the 1930s and 1940s – helped to foster this overly commercial monster, and revised policy decisions can fix it.

Will that happen in an era where the Federal Communications Commission chair will not confirm that the agency is independent? Reform is very unlikely now, but that is not to say it will never happen.

Initiatives that support independent news organizations, reinforce local journalism, finance public media, and outlaw the concentration of media power in a handful of hands are achievable – they are vital for a functioning democracy.

When it comes to media ownership, larger is not superior. And news organizations like CNN shouldn’t be pieces in the latest acquisition battle.