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This past Thursday night, while unconfirmed reports spread about the Brown University gunman, the network's Kaitlan Collins took to social media, pointing out the conflicting information and pointing viewers to her network’s 9pm newscast.

While it is by no means a perfect news source, her statement rang true for numerous observers. It remains one of the broadcasters where you can find reality-based and largely reliable reporting – notably during fast-moving events like the one taking place in the vicinity of a New Hampshire storage facility.

A Vulnerable State During a High-Stakes Battle

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

Whatever the outcome, the future of CNN has become part of a high-stakes game of corporate ownership, instead of as a question of what helps the news-consuming public.

“This is yet another example of the fundamental flaws with origins in decades of governmental choices,” 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 – could it be Netflix or Paramount Skydance? – misses a broader point.

“It gets presented as a corporate drama with influential figures as the central actors, but there is hardly any discussion of the common good,” Pickard added.

The Complicating Element: The Former President

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

Remember the shouts of “CNN sucks!” at Trump's rallies, his administration’s punitive revocation of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in White House briefings.

Trump now says that the network requires new ownership. Many see this as a desire for ownership that will protect him from journalistic oversight. That is part of why he appears to come down on the side of Paramount Skydance, which has made a hostile bid.

There is a basis to like that suitor more. For one thing, it is run by David Ellison, son of the Trump-friendly Larry Ellison, one of the world’s richest people.

Paramount, parent of CBS News, also recently installed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the lead editor of that venerable news network.

An Outcome of Further Instability

Notably, if Netflix is successful, CNN and other cable outlets would first be separated into a standalone company. This might be a relief to many at the network, but it’s hardly a secure position. That setup could pave the way for CNN for another sale. The cycle continues.

According to Timothy Wu, a lot of this is a violation of antitrust statutes, anyway. The well-known analyst of big tech’s dominance recently argued that competition laws should block both deals.

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

The Fundamental Issue and a Potential Solution

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

“The present media landscape is a very anti-democratic system, but we must resist a sense of powerlessness,” Pickard said. Policy decisions – originating in the 1930s and 1940s – helped to build this hyper-commercialized monster, and new policy decisions can address it.

Will that happen in an era where the top communications regulator won’t even affirm that the agency is independent? Change is very unlikely now, but that doesn’t mean it will be impossible forever.

Measures that support independent news organizations, reinforce local journalism, fund public media, and prevent the consolidation of media power in too few hands are not only possible – they are necessary for a robust democracy.

Regarding media ownership, size does not equal quality. And news organizations including CNN must not be pawns in the latest corporate chess match.