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Late Thursday, while unconfirmed reports spread concerning the Brown University gunman, the network's Kaitlan Collins posted on social media, pointing out the conflicting information and directing people to her network’s 9pm newscast.

Even though it is by no means a flawless news source, her message resonated for numerous observers. It stands as one of the outlets where there exists reality-based and generally reliable reporting – particularly during fast-moving events like the one taking place close to a New Hampshire storage facility.

A Vulnerable Situation During a High-Stakes Struggle

Yet CNN, now middle-aged, finds itself in a vulnerable state as two huge media empires battle over ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the destiny of CNN has become part of a high-stakes game of business acquisition, instead of as a question of what serves the news-consuming public.

“Here is one more case of the profound systemic issues with origins in decades of policy decisions,” said Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the University of Pennsylvania.

The speculation about who will own Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – fails to grasp a broader point.

“It gets presented as a corporate drama with powerful individuals as the main characters, but there is very little discussion of the societal benefit,” Pickard said.

A Further Element: Political Influence

This situation is further muddied by Donald Trump’s longstanding stance about a network he has frequently denounced as perhaps his chief “fake news” foe.

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

Trump now says that CNN needs new ownership. This can be interpreted as ownership that will protect him from criticism and scrutiny. That is part of why he seems to support Paramount Skydance, which has made a aggressive takeover attempt.

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

Paramount, owner of CBS News, also recently installed the right-leaning Bari Weiss, known for her “anti-woke” beliefs, as the top editor of that storied news network.

A Future of Further Instability

Significantly, if Netflix prevails, CNN and other cable outlets would first be carved out into a separate entity. This might be a relief to many at the network, but it’s hardly a safe harbor. That setup could set up CNN for a future sale. There is no finish line.

In the view of Timothy Wu, a great deal of this is against the law, anyway. The well-known analyst of big tech’s dominance recently argued that anti-trust laws should block both deals.

“Each proposed deal would be harmful to the country, and both should be challenged by anti-trust authorities,” Wu stated.

The Fundamental Problem and a Potential Solution

No matter the outcome in this situation, the larger issue endures.

“Our current system is a highly anti-democratic system, but we ought not succumb to learned helplessness,” Pickard said. Policy decisions – dating back to the 1930s and 1940s – helped to create this overly commercial monster, and different policy decisions can fix it.

Will that happen in an era where the top communications regulator won’t even affirm that the agency is independent? Reform is very unlikely now, but that should not imply it will never happen.

Measures that strengthen independent news organizations, bolster local journalism, fund public media, and prohibit the consolidation of media power in a handful of hands are achievable – they are vital for a healthy democracy.

When it comes to media ownership, bigger isn’t better. And news organizations such as CNN must not be pawns in the most recent merger game.