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Late Thursday, as rumors swirled concerning a shooting at Brown University, the network's Kaitlan Collins took to social media, noting the confusion and guiding the public to her network’s 9pm newscast.

Even though CNN is certainly not a impeccable news source, her words seemed accurate for numerous observers. It is one of the outlets where one can locate grounded and generally trustworthy reporting – notably during crises such as the one taking place close to a New Hampshire storage facility.

A Vulnerable Position Amid a Business Struggle

Yet the news network, now four and a half decades old, finds itself in a uncertain state as two giant media empires vie 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 corporate ownership, not as a question of what benefits the news-consuming public.

“This is yet another example of the fundamental flaws with origins in decades of policy decisions,” said Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the University of Pennsylvania.

The speculation about the future owner of Warner Bros Discovery – will it be Netflix or Paramount Skydance? – fails to grasp a more important point.

“It gets presented as a financial tale with key players as the main characters, but there is very little discussion of the public interest,” Pickard added.

A Further Element: The Former President

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

Remember the cries of “CNN sucks!” at Trump's rallies, his team's disciplinary revocation of reporter Jim Acosta’s press credentials, or his sparring with Collins in White House briefings.

Trump now claims that the network requires new ownership. You can read that as ownership that will insulate him from criticism and scrutiny. That is a factor in why he appears to favor Paramount Skydance, which has made a unsolicited offer.

There is a basis to like that suitor more. For one thing, it is run 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 placed the conservative Bari Weiss, known for her “anti-woke” beliefs, as the lead editor of that storied news network.

A Future of Continued Turmoil

Notably, if Netflix prevails, CNN and other cable outlets would first be separated into a standalone company. That would be a welcome development to many at the network, but it’s far from a safe harbor. That arrangement could pave the way for CNN for another sale. There is no finish line.

According to Timothy Wu, a great deal of this is against the law, anyway. The well-known analyst of big tech’s dominance stated that anti-trust laws should disallow both deals.

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

The Bigger Issue and a Path Forward

Regardless of the resolution regarding CNN, the bigger problem persists.

“What we have now is a very anti-democratic system, but we must resist a sense of powerlessness,” Pickard emphasized. Policy decisions – originating in the 1930s and 1940s – helped to foster this profit-obsessed monster, and different policy decisions can address it.

Is this likely in an era where the top communications regulator won’t even affirm that the agency is independent? Reform is highly improbable now, but that should not imply it will be impossible forever.

Initiatives that strengthen independent news organizations, bolster local journalism, subsidize public media, and prevent the accumulation of media power in very few hands are not only possible – they are necessary for a healthy democracy.

Regarding media ownership, bigger isn’t better. And news organizations such as CNN must not be pieces in the newest corporate chess match.