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On Thursday evening, while unconfirmed reports spread about the Brown University gunman, CNN’s Kaitlan Collins posted on social media, pointing out the conflicting information and guiding the public to her network’s 9pm newscast.

Even though it is by no means a perfect news source, her statement seemed accurate for numerous observers. It remains one of the outlets where you can find reality-based and mostly trustworthy reporting – notably during fast-moving events like the one unfolding near a New Hampshire storage facility.

A Precarious Situation Amid a High-Stakes Tug-of-War

But the news network, now four and a half decades old, finds itself in a uncertain position as two huge media corporations battle over ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the future of CNN has turned into a major game of business acquisition, not as a question of what benefits the information-seeking public.

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

The debate about who will own Warner Bros Discovery – could it be Netflix or Paramount Skydance? – overlooks a broader point.

“It is often framed as a financial tale with powerful individuals as the protagonists, but there is scant discussion of the societal benefit,” Pickard explained.

The Additional Element: Donald Trump

The CNN scenario is complicated by Donald Trump’s views about a network he has long portrayed as perhaps his chief “fake news” adversary.

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

Trump now says that CNN needs new ownership. You can read that as ownership that will protect him from journalistic oversight. That is one reason why he appears to come down on the side of Paramount Skydance, which has made a hostile bid.

He has grounds to like that bidder 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, famous for her “anti-woke” beliefs, as the editor-in-chief of that storied news network.

A Possibility of Further Turmoil

Notably, if Netflix wins, CNN and other cable outlets would first be separated into a independent unit. This might be a welcome development to many at the network, but it’s far from a guarantee of stability. That arrangement could set up CNN for a future sale. The cycle continues.

If you ask Timothy Wu, much of this is a violation of antitrust statutes, anyway. The well-known analyst of big tech’s dominance wrote recently that competition laws should prohibit both deals.

“Each proposed deal would be bad for the country, and both should be challenged by regulators,” Wu stated.

The Bigger Problem and a Potential Solution

Regardless of the resolution regarding CNN, the larger issue remains.

“What we have now is a very system hostile to democracy, but we shouldn’t give in to a sense of powerlessness,” Pickard noted. Government actions – dating back to the 1930s and 1940s – helped to create this overly commercial monster, and revised policy decisions can fix it.

Will that happen in an era where the head of the FCC refuses to acknowledge that the agency is independent? Reform is very unlikely now, but that is not to say it will not happen in the future.

Policies that strengthen independent news organizations, aid local journalism, finance public media, and prevent the consolidation of media power in a handful of hands are achievable – they are essential for a functioning democracy.

Regarding media ownership, larger is not superior. And news organizations such as CNN shouldn’t be pieces in the most recent acquisition battle.