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

Even though CNN is certainly not a impeccable news source, her message seemed accurate for numerous observers. It is one of the outlets where there exists reality-based and largely reliable reporting – notably during breaking news situations such as the one developing near a New Hampshire storage facility.

A Precarious State Amid a High-Stakes Battle

However CNN, now four and a half decades old, finds itself in a precarious state as two giant media corporations battle over ownership of its corporate owner, Warner Bros Discovery.

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

“Here is one more case of the deep structural problems with origins in many years of regulatory actions,” stated Victor Pickard, author of “Democracy Without Journalism?” and a media policy professor at the Pennsylvania University.

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

“The narrative is crafted as a financial tale with key players as the main characters, but there is scant discussion of the societal benefit,” Pickard explained.

A Further Layer: Donald Trump

The network's predicament is further muddied by Donald Trump’s views about a network he has consistently labeled as perhaps his primary “fake news” antagonist.

Recall the chants of “CNN sucks!” at his rallies, his administration’s punitive withdrawal of reporter Jim Acosta’s press credentials, or his clashes with Collins in press briefings.

Trump now claims that the network requires new ownership. This can be interpreted as ownership that will insulate him from criticism and scrutiny. That is one reason why he appears to favor Paramount Skydance, which has made a unsolicited offer.

He has grounds to favor that suitor more. For one thing, it is led by David Ellison, son of the pro-Trump Larry Ellison, one of the world’s richest people.

Paramount, parent of CBS News, also recently appointed the conservative Bari Weiss, known for her “anti-woke” beliefs, as the editor-in-chief of that storied news network.

A Future of Further Turmoil

It is important to note, if Netflix prevails, CNN and other cable outlets would first be spun off into a independent unit. This might be a relief to many at the network, but it’s hardly a secure position. That structure could set up CNN for another sale. The cycle continues.

In the view of Timothy Wu, much of this is illegal, anyway. The well-known analyst of big tech’s dominance stated that competition laws should prohibit both deals.

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

The Core Problem and a Potential Solution

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

“What we have now is a very system hostile to democracy, but we shouldn’t give in to a sense of powerlessness,” Pickard noted. Regulatory choices – originating in the 1930s and 1940s – helped to build this overly commercial monster, and different policy decisions can address it.

Can reform occur 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 not happen in the future.

Measures that strengthen independent news organizations, aid local journalism, finance public media, and prohibit the concentration of media power in a handful of hands are within reach – they are vital for a functioning democracy.

When it comes to media ownership, larger is not superior. And news organizations such as CNN cannot be pawns in the most recent acquisition battle.