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On Thursday evening, while unconfirmed reports spread about the Brown University gunman, CNN’s Kaitlan Collins used social media, pointing out the conflicting information and guiding the public to her channel's 9pm newscast.

Even though the network is hardly a perfect news source, her statement resonated for a lot of people. It remains one of the organizations where you can find fact-based and generally dependable reporting – notably during crises like the one developing near a New Hampshire storage facility.

A Precarious Position During a Business Struggle

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

Regardless of who wins, the destiny of CNN has become part of a high-risk game of business acquisition, rather than as a question of what serves the information-seeking public.

“This is yet another example of the fundamental flaws with roots in decades of policy decisions,” noted Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the Penn.

The speculation about the future owner of Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – fails to grasp a broader point.

“It is often framed as a corporate drama with key players as the protagonists, but there is hardly any discussion of the public interest,” Pickard explained.

The Complicating Layer: The Former President

This situation is made more complex by Donald Trump’s opinions about a network he has frequently denounced as perhaps his main “fake news” antagonist.

Think back to the chants of “CNN sucks!” at Trump's rallies, his administration's retaliatory suspension of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in press briefings.

Trump now asserts that the network requires new ownership. This can be interpreted as ownership that will protect him from criticism and scrutiny. That is a factor in why he seems to favor Paramount Skydance, which has made a hostile bid.

There is a basis to prefer that bidder more. For one thing, it is led by David Ellison, son of the ally of 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 lead editor of that storied news network.

A Future of Continued Instability

Notably, if Netflix wins, CNN and other cable outlets would first be separated into a independent unit. This might be a welcome development to many at the network, but it’s hardly a guarantee of stability. That setup could pave the way for CNN for another sale. There is no finish line.

According to Timothy Wu, a lot of this is a violation of antitrust statutes, anyway. The influential voice of big tech’s dominance wrote recently that anti-trust laws should block both deals.

“Either merger would be bad for the country, and both should be opposed by anti-trust authorities,” Wu argued.

The Core Issue and a Path Forward

Regardless of the resolution regarding CNN, the larger issue remains.

“Our current system is a highly anti-democratic system, but we shouldn’t give in to a sense of powerlessness,” Pickard said. Regulatory choices – from the 1930s and 1940s – helped to foster this profit-obsessed monster, and different policy decisions can address it.

Can reform occur in an era where the Federal Communications Commission chair refuses to acknowledge that the agency is independent? Reform is highly improbable now, but that is not to say it will never happen.

Policies that support independent news organizations, reinforce local journalism, fund public media, and outlaw the consolidation of media power in a handful of hands are achievable – they are vital for a functioning democracy.

When it comes to media ownership, size does not equal quality. And news organizations such as CNN shouldn’t be pawns in the most recent corporate chess match.