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This past Thursday night, amid swirling speculation about a shooting at Brown University, CNN’s Kaitlan Collins posted on social media, noting the confusion and pointing viewers to her network’s 9pm newscast.

Although CNN is certainly not a perfect news source, her message rang true to many. It stands as one of the organizations where there exists reality-based and mostly trustworthy reporting – particularly during fast-moving events such as the one developing in the vicinity of a New Hampshire storage facility.

An Uncertain Position During a Corporate Battle

But the news network, now 45 years old, finds itself in a vulnerable state as two giant media conglomerates compete for ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the fate of CNN has been drawn into a high-risk game of business acquisition, rather than as a question of what helps the information-seeking public.

“This is yet another example of the fundamental flaws with roots in many years of governmental choices,” said Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the Penn.

The conjecture about who will own Warner Bros Discovery – will it be Netflix or Paramount Skydance? – misses a larger point.

“It is often framed as a corporate drama with influential figures as the central actors, but there is hardly any discussion of the societal benefit,” Pickard explained.

The Complicating Element: The Former President

The network's predicament is made more complex by Donald Trump’s longstanding stance about a network he has consistently labeled as perhaps his primary “fake news” foe.

Recall the chants of “CNN sucks!” at the president’s rallies, his administration's retaliatory revocation of reporter Jim Acosta’s press credentials, or his sparring with Collins in press briefings.

Trump now claims that the network requires new ownership. You can read that as ownership that will shield him from journalistic oversight. That is one reason why he appears to support Paramount Skydance, which has made a unsolicited offer.

There is a basis to favor that bidder more. For one thing, it is controlled 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 placed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the lead editor of that historic news network.

A Possibility of Continued Turmoil

Significantly, if Netflix wins, CNN and other cable outlets would first be spun off into a separate entity. That would be a welcome development to many at the network, but it’s not exactly a safe harbor. That structure could position CNN for another sale. The cycle continues.

According to Timothy Wu, much of this is against the law, anyway. The influential voice of big tech’s dominance stated that anti-trust laws should prohibit both deals.

“Either merger would be harmful to the country, and both should be contested by anti-trust authorities,” Wu argued.

The Bigger Problem and a Path Forward

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

“The present media landscape is a highly structure that undermines democracy, but we must resist a sense of powerlessness,” Pickard said. Government actions – from the 1930s and 1940s – helped to foster this overly commercial monster, and new policy decisions can tackle it.

Can reform occur in an era where the Federal Communications Commission chair won’t even affirm that the agency is independent? Reform is highly improbable now, but that doesn’t mean it will be impossible forever.

Initiatives that strengthen independent news organizations, reinforce local journalism, subsidize 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 like CNN cannot be pawns in the latest corporate chess match.