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This past Thursday night, as rumors swirled concerning a shooting at Brown University, CNN’s Kaitlan Collins posted on social media, noting the confusion and guiding the public to her channel's 9pm newscast.

Even though CNN is certainly not a flawless news source, her message rang true for a lot of people. It stands as one of the broadcasters where there exists fact-based and generally trustworthy reporting – especially during fast-moving events such as the one unfolding in the vicinity of a New Hampshire storage facility.

A Precarious State Amid a Corporate Battle

Yet CNN, now middle-aged, finds itself in a vulnerable situation as two huge media empires vie for ownership of its parent company, Warner Bros Discovery.

No matter the result, the fate of CNN has turned into a major game of corporate ownership, instead of as a question of what benefits the news-consuming public.

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

The conjecture about which company will control Warner Bros Discovery – will it be Netflix or Paramount Skydance? – misses a more important point.

“It gets presented as a financial tale with key players as the main characters, but there is hardly any discussion of the societal benefit,” Pickard said.

The Additional Layer: Political Influence

This situation is made more complex by Donald Trump’s views about a network he has consistently labeled as perhaps his chief “fake news” antagonist.

Think back to the shouts of “CNN sucks!” at his rallies, his administration’s punitive revocation of reporter Jim Acosta’s press credentials, or his sparring with Collins in official meetings.

Trump now asserts that CNN needs new ownership. Many see this as a desire for ownership that will shield him from journalistic oversight. That is part of why he appears to favor Paramount Skydance, which has made a hostile bid.

There is a basis to like that suitor more. For one thing, it is controlled 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 installed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the top editor of that historic news network.

A Possibility of Continued Uncertainty

Notably, 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 safe harbor. That structure could position CNN for yet another acquisition. It never ends.

According to Timothy Wu, a great deal of this is against the law, anyway. The prominent critic of big tech’s dominance stated that competition laws should prohibit both deals.

“Each proposed deal would be harmful to the country, and both should be opposed by anti-trust authorities,” Wu stated.

The Bigger Challenge and a Path Forward

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

“Our current system is a highly anti-democratic system, but we must resist a sense of powerlessness,” Pickard said. Regulatory choices – dating back to the 1930s and 1940s – helped to create this overly commercial monster, and different policy decisions can fix it.

Is this likely in an era where the Federal Communications Commission chair won’t even affirm that the agency is independent? Change is highly improbable now, but that should not imply it will be impossible forever.

Measures that bolster independent news organizations, reinforce local journalism, subsidize public media, and prohibit the concentration of media power in a handful of hands are within reach – they are vital for a functioning democracy.

Regarding media ownership, bigger isn’t better. And news organizations such as CNN shouldn’t be pieces in the latest corporate chess match.