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Late Thursday, while unconfirmed reports spread about a shooting at Brown University, CNN’s Kaitlan Collins posted on social media, noting the confusion and pointing viewers to her network’s 9pm newscast.

Although CNN is certainly not a impeccable news source, her statement rang true for numerous observers. It stands as one of the outlets where you can find reality-based and largely dependable reporting – notably during breaking news situations such as the one unfolding in the vicinity of a New Hampshire storage facility.

A Precarious Situation Amid a Business Battle

But the news network, now four and a half decades old, finds itself in a precarious situation as two massive media empires compete for ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the destiny of CNN has been drawn into a high-stakes game of corporate ownership, instead of as a question of what benefits the information-seeking public.

“This is yet another example of the deep structural problems with origins in many years of regulatory actions,” said Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the University of Pennsylvania.

The debate about the future owner of Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – overlooks a broader point.

“The narrative is crafted as a business story with powerful individuals as the main characters, but there is very little discussion of the public interest,” Pickard added.

The Additional Layer: The Former President

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

Recall the chants of “CNN sucks!” at his rallies, his administration’s punitive withdrawal of reporter Jim Acosta’s press credentials, or his clashes with Collins in White House briefings.

Trump now says that CNN needs new ownership. This can be interpreted as ownership that will protect him from journalistic oversight. That is one reason why he seems to favor Paramount Skydance, which has made a unsolicited offer.

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

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

A Possibility of More Uncertainty

Notably, if Netflix is successful, 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 not exactly a safe harbor. That structure could position CNN for another sale. There is no finish line.

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

“Either merger would be detrimental to the country, and both should be challenged by anti-trust authorities,” Wu argued.

The Fundamental Challenge and a Way Ahead

Regardless of the resolution with this particular battle, the underlying crisis persists.

“Our current system is a profoundly anti-democratic system, but we must resist the belief that change is impossible,” Pickard said. Policy decisions – originating in the 1930s and 1940s – helped to foster this overly commercial monster, and revised policy decisions can tackle it.

Is this likely in an era where the head of the FCC refuses to acknowledge that the agency is independent? Change is highly improbable now, but that should not imply it will not happen in the future.

Policies that bolster independent news organizations, aid local journalism, fund public media, and prohibit the consolidation of media power in a handful of hands are achievable – they are necessary for a robust democracy.

Regarding media ownership, bigger isn’t better. And news organizations including CNN cannot be pieces in the latest merger game.