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Late Thursday, as rumors swirled regarding a shooting at Brown University, the network's Kaitlan Collins posted on social media, noting the confusion and pointing viewers to her network’s 9pm newscast.

Although the network is hardly a impeccable news source, her statement rang true for numerous observers. It is one of the organizations where there exists grounded and mostly dependable reporting – notably during fast-moving events like the one taking place in the vicinity of a New Hampshire storage facility.

An Uncertain Situation Amid a High-Stakes Tug-of-War

However the news network, now 45 years old, finds itself in a uncertain position as two huge media empires battle over ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the destiny of CNN has become part of a high-risk game of corporate ownership, instead of as a question of what helps the information-seeking public.

“This represents another instance of the fundamental flaws with origins in decades of regulatory actions,” said Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the University of Pennsylvania.

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

“The narrative is crafted as a corporate drama with powerful individuals as the protagonists, but there is scant discussion of the common good,” Pickard said.

The Complicating Layer: Political Influence

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

Think back to the chants of “CNN sucks!” at the president’s rallies, his administration’s punitive 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 insulate him from journalistic oversight. That is one reason why he appears to come down on the side of Paramount Skydance, which has made a unsolicited offer.

Trump has reason to prefer 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.

Paramount, owner of CBS News, also recently installed the conservative Bari Weiss, famous for her “anti-woke” beliefs, as the top editor of that storied news network.

An Outcome of Continued Instability

Significantly, if Netflix is successful, CNN and other cable outlets would first be separated into a independent unit. This might be a relief to many at the network, but it’s far from a secure position. That setup could set up CNN for yet another acquisition. There is no finish line.

According to Timothy Wu, a lot of this is illegal, anyway. The influential voice of big tech’s dominance stated that competition laws should disallow both deals.

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

The Core Problem and a Path Forward

Whatever happens with this particular battle, the larger issue endures.

“The present media landscape is a profoundly system hostile to democracy, but we ought not succumb to a sense of powerlessness,” Pickard emphasized. Policy decisions – from the 1930s and 1940s – helped to foster this overly commercial monster, and revised policy decisions can fix it.

Will that happen in an era where the top communications regulator refuses to acknowledge that the agency is independent? Change is a distant prospect now, but that is not to say it will be impossible forever.

Initiatives that strengthen independent news organizations, bolster local journalism, subsidize public media, and outlaw the consolidation of media power in too few hands are within reach – they are vital for a functioning democracy.

In the world of media ownership, larger is not superior. And news organizations such as CNN cannot be pieces in the latest corporate chess match.