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Late Thursday, as rumors swirled concerning a shooting at Brown University, the network's Kaitlan Collins took to social media, pointing out the conflicting information and pointing viewers to her channel's 9pm newscast.

Although it is by no means a impeccable news source, her message resonated to many. It stands as one of the broadcasters where one can locate reality-based and mostly trustworthy reporting – notably during crises such as the one taking place close to a New Hampshire storage facility.

A Precarious State Amid a Business Struggle

However CNN, now four and a half decades old, finds itself in a precarious situation as two giant media empires vie for ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the fate of CNN has been drawn into a high-stakes game of corporate ownership, not as a question of what serves the information-seeking public.

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

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

“The narrative is crafted as a business story with powerful individuals as the protagonists, but there is very little discussion of the societal benefit,” Pickard explained.

The Additional Factor: The Former President

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

Recall the cries of “CNN sucks!” at Trump's 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. This can be interpreted as ownership that will shield him from criticism and scrutiny. That is part of why he seems 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.

The company, owner of CBS News, also recently placed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the editor-in-chief of that historic news network.

A Future of More Uncertainty

It is important to note, if Netflix prevails, CNN and other cable outlets would first be carved out into a independent unit. That would be a relief to many at the network, but it’s far from a safe harbor. That setup could pave the way for CNN for another sale. There is no finish line.

According to Timothy Wu, much of this is a violation of antitrust statutes, anyway. The prominent critic of big tech’s dominance stated that anti-trust laws should disallow both deals.

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

The Bigger Problem and a Potential Solution

Regardless of the resolution regarding CNN, the bigger problem endures.

“Our current system is a highly anti-democratic system, but we shouldn’t give in to a sense of powerlessness,” Pickard noted. Regulatory choices – dating back to the 1930s and 1940s – helped to build this overly commercial monster, and revised policy decisions can address it.

Will that happen in an era where the head of the FCC will not confirm that the agency is independent? Change is very unlikely now, but that should not imply it will never happen.

Measures that support independent news organizations, aid local journalism, fund public media, and outlaw the concentration of media power in a handful of 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 pawns in the most recent acquisition battle.