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On Thursday evening, while unconfirmed reports spread regarding a shooting at Brown University, the network's Kaitlan Collins used social media, pointing out the conflicting information and directing people to her network’s 9pm newscast.

While CNN is certainly not a perfect news source, her statement seemed accurate for a lot of people. It is one of the organizations where there exists reality-based and generally dependable reporting – particularly during breaking news situations like the one taking place close to a New Hampshire storage facility.

A Precarious Position Amid a Business Struggle

Yet CNN, now middle-aged, finds itself in a uncertain position as two giant media empires battle over ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the fate of CNN has been drawn into a major game of business acquisition, not as a question of what serves the information-seeking public.

“This is yet another example of the fundamental flaws with roots in many years of regulatory actions,” stated Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the Penn.

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

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

The Complicating Factor: The Former President

The network's predicament is complicated by Donald Trump’s longstanding stance 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 team's disciplinary revocation of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in press briefings.

Trump now asserts that CNN needs new ownership. You can read that as ownership that will insulate him from criticism and scrutiny. That is one reason why he seems to favor Paramount Skydance, which has made a aggressive takeover attempt.

Trump has reason to like that bidder more. For one thing, it is controlled by David Ellison, son of the pro-Trump Larry Ellison, one of the world’s richest people.

The company, parent of CBS News, also recently appointed the right-leaning Bari Weiss, known for her “anti-woke” beliefs, as the top editor of that storied news network.

An Outcome of Continued Turmoil

It is important to note, if Netflix prevails, CNN and other cable outlets would first be spun off into a separate entity. This might be a relief to many at the network, but it’s not exactly a safe harbor. That arrangement could pave the way for CNN for a future sale. It never ends.

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

“Either merger would be detrimental to the country, and both should be opposed by regulators,” Wu argued.

The Core Problem and a Path Forward

Whatever happens in this situation, the bigger problem persists.

“Our current system is a highly anti-democratic system, but we shouldn’t give in to learned helplessness,” Pickard noted. Policy decisions – originating in the 1930s and 1940s – helped to create this overly commercial monster, and new policy decisions can address it.

Can reform occur in an era where the top communications regulator refuses to acknowledge that the agency is independent? Reform is highly improbable now, but that is not to say it will not happen in the future.

Policies that bolster independent news organizations, aid local journalism, finance public media, and outlaw the consolidation of media power in a handful of hands are not only possible – they are necessary for a functioning democracy.

In the world of media ownership, size does not equal quality. And news organizations such as CNN must not be pawns in the most recent corporate chess match.