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On Thursday evening, as rumors swirled about a shooting at Brown University, the network's Kaitlan Collins took to social media, noting the confusion and pointing viewers to her channel's 9pm newscast.

Although it is by no means a perfect news source, her statement seemed accurate for numerous observers. It is one of the outlets where one can locate fact-based and mostly reliable reporting – especially during breaking news situations such as the one taking place close to a New Hampshire storage facility.

An Uncertain Situation Amid a Corporate Struggle

However the news network, now 45 years old, finds itself in a vulnerable state as two huge media corporations compete for ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the destiny of CNN has been drawn into a major game of business acquisition, not as a question of what benefits the news-consuming public.

“This is yet another example of the profound systemic issues with roots in many years of regulatory actions,” stated Victor Pickard, writer of “Democracy Without Journalism?” and a academic specializing in media policy at the Pennsylvania University.

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

“It is often framed as a corporate drama with key players as the central actors, but there is very little discussion of the public interest,” Pickard said.

The Complicating Layer: The Former President

This situation is complicated by Donald Trump’s views about a network he has long portrayed as perhaps his main “fake news” adversary.

Remember the shouts of “CNN sucks!” at his rallies, his team's disciplinary revocation of reporter Jim Acosta’s press credentials, or his clashes with Collins in official meetings.

Trump now asserts that CNN needs new ownership. This can be interpreted as ownership that will shield him from journalistic oversight. That is one reason why he seems to support Paramount Skydance, which has made a hostile bid.

There is a basis to prefer that company 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 placed the conservative Bari Weiss, known for her “anti-woke” beliefs, as the editor-in-chief of that storied news network.

A Possibility of Continued Instability

Significantly, if Netflix prevails, CNN and other cable outlets would first be carved out into a independent unit. That would be a welcome development to many at the network, but it’s far from a guarantee of stability. That structure could position CNN for another sale. There is no finish line.

If you ask Timothy Wu, a lot of this is illegal, anyway. The well-known analyst of big tech’s dominance wrote recently that anti-trust laws should block both deals.

“Either merger would be harmful to the country, and both should be challenged by the government,” Wu argued.

The Fundamental Challenge and a Path Forward

No matter the outcome in this situation, the bigger problem endures.

“What we have now is a highly system hostile to democracy, but we ought not succumb to learned helplessness,” Pickard said. Government actions – dating back to the 1930s and 1940s – helped to build this hyper-commercialized monster, and revised policy decisions can address it.

Is this likely in an era where the top communications regulator will not confirm that the agency is independent? Overhaul is very unlikely now, but that doesn’t mean it will never happen.

Policies that bolster independent news organizations, aid local journalism, subsidize public media, and prohibit the accumulation of media power in very few hands are within reach – they are essential for a robust democracy.

In the world of media ownership, larger is not superior. And news organizations like CNN cannot be pawns in the newest corporate chess match.