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Late Thursday, as rumors swirled regarding the Brown University gunman, CNN’s Kaitlan Collins used social media, pointing out the conflicting information and pointing viewers to her network’s 9pm newscast.

Even though it is by no means a flawless news source, her words rang true for numerous observers. It remains one of the outlets where there exists fact-based and largely trustworthy reporting – especially during breaking news situations like the one developing close to a New Hampshire storage facility.

A Precarious Situation Amid a Corporate Tug-of-War

But the news network, now four and a half decades old, finds itself in a vulnerable state as two huge media empires vie for ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the destiny of CNN has been drawn into a high-risk game of business acquisition, not as a question of what serves the news-consuming public.

“Here is one more case of the profound systemic issues with roots in decades of regulatory actions,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a academic specializing in media policy at the Pennsylvania University.

The conjecture about the future owner of Warner Bros Discovery – could it be Netflix or Paramount Skydance? – overlooks a more important point.

“It gets presented as a corporate drama with influential figures as the central actors, but there is scant discussion of the public interest,” Pickard said.

The Complicating Factor: Donald Trump

This situation is complicated by Donald Trump’s opinions about a network he has frequently denounced as perhaps his chief “fake news” foe.

Think back to 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 asserts that the network requires new ownership. This can be interpreted as ownership that will shield him from criticism and scrutiny. That is part of why he appears to come down on the side of Paramount Skydance, which has made a hostile bid.

He has grounds to like that suitor more. For one thing, it is run 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, known for her “anti-woke” beliefs, as the editor-in-chief of that venerable news network.

A Future of More Uncertainty

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 not exactly a guarantee of stability. That arrangement could pave the way for CNN for another sale. The cycle continues.

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

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

The Fundamental Challenge and a Path Forward

No matter the outcome with this particular battle, the larger issue persists.

“Our current system is a very anti-democratic system, but we must resist a sense of powerlessness,” Pickard said. Policy decisions – from the 1930s and 1940s – helped to create this hyper-commercialized monster, and new policy decisions can fix it.

Can reform occur 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 support independent news organizations, bolster local journalism, finance public media, and prohibit the concentration of media power in very few hands are not only possible – they are essential for a robust democracy.

In the world of media ownership, size does not equal quality. And news organizations such as CNN cannot be pawns in the newest acquisition battle.