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On Thursday evening, while unconfirmed reports spread concerning the Brown University gunman, the network's Kaitlan Collins used social media, highlighting the uncertainty and pointing viewers to her channel's 9pm newscast.

While CNN is certainly not a flawless news source, her message seemed accurate for numerous observers. It is one of the organizations where you can find grounded and mostly trustworthy reporting – particularly during breaking news situations like the one unfolding in the vicinity of a New Hampshire storage facility.

A Precarious Situation Amid a Corporate Struggle

But the news network, now 45 years old, finds itself in a vulnerable position as two giant media corporations battle over ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the fate of CNN has turned into a high-risk game of corporate ownership, not as a question of what helps the news-consuming public.

“This represents another instance of the profound systemic issues with roots in decades of policy decisions,” stated 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 – is it going to be Netflix or Paramount Skydance? – overlooks a more important point.

“It gets presented as a financial tale with key players as the main characters, but there is hardly any discussion of the societal benefit,” Pickard explained.

The Additional Layer: Donald Trump

This situation is complicated by Donald Trump’s opinions about a network he has frequently denounced as perhaps his main “fake news” adversary.

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

Trump now says that CNN needs new ownership. This can be interpreted as ownership that will insulate him from negative coverage and examination. That is one reason why he appears to support Paramount Skydance, which has made a unsolicited offer.

He has grounds to favor that company 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 installed the right-leaning Bari Weiss, known for her “anti-woke” beliefs, as the top editor of that storied news network.

An Outcome of More Turmoil

Significantly, if Netflix prevails, CNN and other cable outlets would first be carved out into a independent unit. Such a move could be a relief to many at the network, but it’s far from a safe harbor. That structure could pave the way for CNN for yet another acquisition. The cycle continues.

According to Timothy Wu, much of this is illegal, anyway. The prominent critic of big tech’s dominance stated that competition laws should block both deals.

“Both acquisition attempts would be bad for the country, and both should be contested by regulators,” Wu argued.

The Fundamental Problem and a Potential Solution

Whatever happens regarding CNN, the underlying crisis remains.

“Our current system is a highly anti-democratic system, but we ought not succumb to learned helplessness,” Pickard emphasized. Regulatory choices – dating back to the 1930s and 1940s – helped to build this hyper-commercialized monster, and revised policy decisions can address it.

Will that happen in an era where the top communications regulator won’t even affirm that the agency is independent? Change is a distant prospect now, but that should not imply it will be impossible forever.

Policies that strengthen independent news organizations, aid local journalism, subsidize public media, and outlaw the consolidation of media power in too few hands are within reach – they are vital for a functioning democracy.

In the world of media ownership, larger is not superior. And news organizations like CNN must not be pawns in the most recent corporate chess match.