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Late Thursday, as rumors swirled concerning the Brown University gunman, the network's Kaitlan Collins posted on social media, highlighting the uncertainty and guiding the public to her network’s 9pm newscast.

Although it is by no means a flawless news source, her words resonated for numerous observers. It is one of the organizations where one can locate fact-based and generally trustworthy reporting – particularly during breaking news situations such as the one developing near a New Hampshire storage facility.

A Vulnerable Situation During a Business Tug-of-War

But the news network, now middle-aged, finds itself in a uncertain situation as two giant media corporations compete for ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the fate of CNN has turned into a high-risk game of business acquisition, instead of as a question of what serves the news-consuming public.

“Here is one more case of the deep structural problems with origins in many years of regulatory actions,” noted Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the Pennsylvania University.

The debate about which company will control 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 scant discussion of the societal benefit,” Pickard added.

A Further Element: Political Influence

The network's predicament is further muddied by Donald Trump’s views about a network he has consistently labeled as perhaps his chief “fake news” foe.

Recall the cries of “CNN sucks!” at the president’s rallies, his administration's retaliatory revocation of reporter Jim Acosta’s press credentials, or his sparring with Collins in White House briefings.

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

Trump has reason to like that suitor more. For one thing, it is led 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 installed the conservative Bari Weiss, known for her “anti-woke” beliefs, as the editor-in-chief of that venerable news network.

A Possibility of Further Turmoil

It is important to note, 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 hardly a safe harbor. That arrangement could set up CNN for yet another acquisition. It never ends.

In the view of Timothy Wu, a great deal of this is against the law, anyway. The well-known analyst of big tech’s dominance recently argued that anti-trust laws should prohibit both deals.

“Either merger would be bad for the country, and both should be challenged by anti-trust authorities,” Wu stated.

The Fundamental Issue and a Potential Solution

Whatever happens with this particular battle, the underlying crisis persists.

“The present media landscape is a very system hostile to democracy, but we must resist the belief that change is impossible,” Pickard emphasized. Regulatory choices – originating in the 1930s and 1940s – helped to build this profit-obsessed monster, and different policy decisions can address it.

Can reform occur in an era where the Federal Communications Commission chair won’t even affirm that the agency is independent? Reform is very unlikely now, but that doesn’t mean it will not happen in the future.

Initiatives that support independent news organizations, bolster local journalism, fund public media, and prevent the accumulation of media power in too few hands are achievable – they are vital for a healthy democracy.

In the world of media ownership, size does not equal quality. And news organizations including CNN must not be pieces in the newest corporate chess match.