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Late Thursday, as rumors swirled concerning an incident at Brown University, CNN’s Kaitlan Collins used social media, highlighting the uncertainty and directing people to her network’s 9pm newscast.

While the network is hardly a flawless news source, her message seemed accurate for a lot of people. It remains one of the organizations where one can locate fact-based and mostly reliable reporting – especially during breaking news situations like the one developing near a New Hampshire storage facility.

A Vulnerable Situation Amid a High-Stakes Struggle

Yet the news network, now 45 years old, finds itself in a precarious position as two massive media empires compete for ownership of its parent company, Warner Bros Discovery.

Regardless of who wins, the fate of CNN has turned into a high-stakes game of business acquisition, not as a question of what serves the news-consuming public.

“This is yet another example of the profound systemic issues with origins in many years of governmental choices,” said Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the University of Pennsylvania.

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

“It gets presented as a financial tale with powerful individuals as the protagonists, but there is scant discussion of the common good,” Pickard explained.

A Further Factor: Political Influence

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

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

Trump now claims that CNN needs new ownership. Many see this as a desire for ownership that will insulate him from negative coverage and examination. That is a factor in why he seems to favor Paramount Skydance, which has made a hostile bid.

Trump has reason to like that company more. For one thing, it is controlled by David Ellison, son of the pro-Trump Larry Ellison, one of the world’s richest people.

Paramount, parent of CBS News, also recently appointed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the lead editor of that venerable news network.

A Future of Further Instability

It is important to note, if Netflix wins, CNN and other cable outlets would first be spun off into a standalone company. Such a move could be a welcome development to many at the network, but it’s far from a guarantee of stability. That setup could set up CNN for a future sale. There is no finish line.

In the view of Timothy Wu, much of this is against the law, anyway. The prominent critic of big tech’s dominance recently argued that anti-trust laws should prohibit both deals.

“Both acquisition attempts would be harmful to the country, and both should be contested by the government,” Wu argued.

The Fundamental Problem and a Potential Solution

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

“The present media landscape is a highly structure that undermines democracy, but we shouldn’t give in to the belief that change is impossible,” Pickard noted. Regulatory choices – from the 1930s and 1940s – helped to foster this profit-obsessed monster, and different policy decisions can address it.

Will that happen in an era where the Federal Communications Commission chair will not confirm that the agency is independent? Overhaul is a distant prospect now, but that doesn’t mean it will not happen in the future.

Policies that strengthen independent news organizations, bolster local journalism, fund public media, and prevent the consolidation of media power in very few hands are within reach – they are necessary for a robust democracy.

Regarding media ownership, larger is not superior. And news organizations including CNN shouldn’t be tools in the most recent corporate chess match.