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Late Thursday, amid swirling speculation about a shooting at Brown University, CNN’s Kaitlan Collins posted on social media, noting the confusion and guiding the public to her network’s 9pm newscast.

Even though CNN is certainly not a flawless news source, her message seemed accurate for numerous observers. It stands as one of the broadcasters where there exists fact-based and generally trustworthy reporting – particularly during fast-moving events like the one taking place in the vicinity of a New Hampshire storage facility.

A Precarious Situation During a Business Battle

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

Whatever the outcome, the destiny of CNN has become part of 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 fundamental flaws with roots in many years of governmental choices,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the University of Pennsylvania.

The conjecture about who will own Warner Bros Discovery – will it be Netflix or Paramount Skydance? – fails to grasp a more important point.

“The narrative is crafted as a financial tale with key players as the protagonists, but there is very little discussion of the societal benefit,” Pickard explained.

A Further Factor: The Former President

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

Remember the shouts 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 official meetings.

Trump now claims that the network requires new ownership. This can be interpreted as ownership that will protect him from criticism and scrutiny. That is part of why he appears to support Paramount Skydance, which has made a hostile bid.

There is a basis 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 lead editor of that historic news network.

An Outcome of Continued Uncertainty

It is important to note, if Netflix is successful, CNN and other cable outlets would first be carved out into a independent unit. This might be a welcome development to many at the network, but it’s not exactly a secure position. That structure could position CNN for yet another acquisition. There is no finish line.

According to Timothy Wu, a great deal of this is illegal, anyway. The well-known analyst of big tech’s dominance stated that competition laws should block both deals.

“Both acquisition attempts would be harmful to the country, and both should be challenged by anti-trust authorities,” Wu argued.

The Core Issue and a Path Forward

Regardless of the resolution with this particular battle, the bigger problem endures.

“The present media landscape is a profoundly anti-democratic system, but we must resist a sense of powerlessness,” Pickard emphasized. Regulatory choices – from the 1930s and 1940s – helped to create this hyper-commercialized monster, and revised policy decisions can address it.

Is this likely in an era where the head of the FCC won’t even affirm that the agency is independent? Reform is a distant prospect now, but that should not imply it will be impossible forever.

Initiatives that bolster independent news organizations, reinforce local journalism, subsidize public media, and prohibit the consolidation of media power in very few hands are not only possible – they are vital for a robust democracy.

When it comes to media ownership, bigger isn’t better. And news organizations like CNN shouldn’t be tools in the newest acquisition battle.