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This past Thursday night, as rumors swirled regarding a shooting at Brown University, CNN’s Kaitlan Collins took to social media, pointing out the conflicting information and pointing viewers to her network’s 9pm newscast.

Even though CNN is certainly not a flawless news source, her statement rang true for numerous observers. It stands as one of the outlets where there exists fact-based and generally reliable reporting – especially during fast-moving events such as the one developing in the vicinity of a New Hampshire storage facility.

A Vulnerable State Amid a Business Tug-of-War

However the news network, now middle-aged, finds itself in a uncertain situation as two massive media corporations vie for ownership of its parent company, Warner Bros Discovery.

Regardless of who wins, the destiny of CNN has been drawn into a high-stakes game of business acquisition, not as a question of what serves the information-seeking public.

“This represents another instance of the fundamental flaws with origins in many years of regulatory actions,” stated Victor Pickard, author of “Democracy Without Journalism?” and a professor of media policy at the Penn.

The speculation about which company will control Warner Bros Discovery – will it be Netflix or Paramount Skydance? – fails to grasp a more important point.

“The narrative is crafted as a corporate drama with powerful individuals as the central actors, but there is scant discussion of the societal benefit,” Pickard added.

The Complicating Layer: Political Influence

This situation is complicated by Donald Trump’s views about a network he has long portrayed as perhaps his chief “fake news” antagonist.

Recall the shouts of “CNN sucks!” at Trump's rallies, his team's disciplinary suspension of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in official meetings.

Trump now claims that the network requires new ownership. Many see this as a desire for ownership that will protect 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 unsolicited offer.

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

Paramount, parent of CBS News, also recently installed the conservative Bari Weiss, famous for her “anti-woke” beliefs, as the editor-in-chief of that historic news network.

An Outcome of More Turmoil

Significantly, if Netflix is successful, CNN and other cable outlets would first be carved out into a independent unit. Such a move could be a welcome development to many at the network, but it’s far from a safe harbor. That structure could position CNN for a future sale. The cycle continues.

In the view of Timothy Wu, a lot of this is against the law, anyway. The prominent critic of big tech’s dominance wrote recently that competition laws should disallow both deals.

“Either merger would be harmful to the country, and both should be contested by the government,” Wu recently wrote.

The Fundamental Challenge and a Way Ahead

Whatever happens in this situation, the underlying crisis persists.

“What we have now is a highly structure that undermines democracy, but we must resist learned helplessness,” Pickard said. Government actions – from the 1930s and 1940s – helped to create this hyper-commercialized monster, and new policy decisions can tackle it.

Can reform occur in an era where the Federal Communications Commission chair refuses to acknowledge that the agency is independent? Overhaul is very unlikely now, but that is not to say it will never happen.

Measures that strengthen independent news organizations, reinforce local journalism, finance public media, and prevent the accumulation of media power in a handful of hands are achievable – they are essential for a healthy democracy.

When it comes to media ownership, larger is not superior. And news organizations such as CNN must not be pieces in the newest corporate chess match.