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Late Thursday, as rumors swirled regarding the Brown University gunman, CNN’s Kaitlan Collins posted on social media, noting the confusion and guiding the public to her channel's 9pm newscast.

Even though it is by no means a flawless news source, her statement seemed accurate for a lot of people. It is one of the outlets where there exists fact-based and largely reliable reporting – particularly during breaking news situations such as the one taking place near a New Hampshire storage facility.

A Precarious Position Amid a Corporate Battle

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

Whatever the outcome, the destiny of CNN has been drawn into a high-risk game of business acquisition, instead of as a question of what benefits the information-seeking public.

“Here is one more case of the fundamental flaws with roots in many years of governmental choices,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the Pennsylvania University.

The conjecture about who will own Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – overlooks a more important point.

“It gets presented as a financial tale with powerful individuals as the central actors, but there is hardly any discussion of the societal benefit,” Pickard said.

A Further Factor: Donald Trump

The CNN scenario is made more complex by Donald Trump’s opinions about a network he has consistently labeled as perhaps his primary “fake news” adversary.

Remember the cries of “CNN sucks!” at Trump's rallies, his administration's retaliatory suspension of reporter Jim Acosta’s press credentials, or his clashes with Collins in official meetings.

Trump now says that CNN needs new ownership. Many see this as a desire for ownership that will shield him from negative coverage and examination. That is part of why he seems to come down on the side of Paramount Skydance, which has made a unsolicited offer.

He has grounds to like that bidder more. For one thing, it is run by David Ellison, son of the ally of Trump Larry Ellison, one of the world’s richest people.

The company, owner of CBS News, also recently appointed the right-leaning Bari Weiss, famous for her “anti-woke” beliefs, as the lead editor of that venerable news network.

A Possibility of More Turmoil

Notably, if Netflix is successful, CNN and other cable outlets would first be carved out into a separate entity. This might be a welcome development to many at the network, but it’s not exactly a guarantee of stability. That arrangement could pave the way for CNN for yet another acquisition. The cycle continues.

If you ask Timothy Wu, a lot of this is a violation of antitrust statutes, anyway. The prominent critic of big tech’s dominance recently argued that competition laws should block both deals.

“Both acquisition attempts would be bad for the country, and both should be contested by the government,” Wu argued.

The Bigger Issue and a Way Ahead

Whatever happens regarding CNN, the bigger problem endures.

“What we have now is a highly system hostile to democracy, but we must resist a sense of powerlessness,” Pickard noted. Regulatory choices – originating in the 1930s and 1940s – helped to build this profit-obsessed monster, and revised policy decisions can tackle it.

Is this likely in an era where the head of the FCC won’t even affirm that the agency is independent? Change is very unlikely now, but that is not to say it will never happen.

Policies that support independent news organizations, bolster local journalism, subsidize public media, and outlaw the consolidation of media power in a handful of hands are within reach – they are necessary for a functioning democracy.

Regarding media ownership, size does not equal quality. And news organizations including CNN must not be tools in the most recent acquisition battle.