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Late Thursday, while unconfirmed reports spread regarding a shooting at Brown University, the network's Kaitlan Collins took to social media, pointing out the conflicting information and guiding the public to her channel's 9pm newscast.

Although the network is hardly a flawless news source, her message rang true for numerous observers. It is one of the broadcasters where you can find grounded and mostly dependable reporting – especially during breaking news situations such as the one taking place close to a New Hampshire storage facility.

A Precarious Position Amid a Corporate Tug-of-War

However the news network, now middle-aged, finds itself in a precarious position as two giant media conglomerates vie for ownership of its parent company, Warner Bros Discovery.

Regardless of who wins, the fate of CNN has turned into a major game of corporate ownership, rather than as a question of what helps the information-seeking public.

“This represents another instance of the profound systemic issues with roots in many years of regulatory actions,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the Penn.

The speculation about the future owner of Warner Bros Discovery – could it be Netflix or Paramount Skydance? – overlooks a broader point.

“It is often framed as a corporate drama with key players as the central actors, but there is very little discussion of the common good,” Pickard explained.

A Further Layer: Donald Trump

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

Remember the chants of “CNN sucks!” at Trump's rallies, his administration’s punitive suspension of reporter Jim Acosta’s press credentials, or his sparring with Collins in press briefings.

Trump now says that CNN needs new ownership. This can be interpreted as ownership that will insulate 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 hostile bid.

He has grounds to like that suitor 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.

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

An Outcome of More Turmoil

Notably, if Netflix wins, CNN and other cable outlets would first be separated into a independent unit. That would be a welcome development to many at the network, but it’s not exactly a secure position. That setup could position CNN for another sale. It never ends.

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

“Either merger would be detrimental to the country, and both should be challenged by the government,” Wu argued.

The Core Problem and a Path Forward

Regardless of the resolution regarding CNN, the bigger problem endures.

“The present media landscape is a highly structure that undermines democracy, but we shouldn’t give in to learned helplessness,” Pickard noted. Policy decisions – from the 1930s and 1940s – helped to build this hyper-commercialized monster, and different policy decisions can tackle it.

Can reform occur in an era where the Federal Communications Commission chair refuses to acknowledge that the agency is independent? Change is highly improbable now, but that should not imply it will be impossible forever.

Policies that bolster independent news organizations, reinforce local journalism, fund public media, and prevent the accumulation of media power in very few hands are within reach – they are necessary for a functioning democracy.

Regarding media ownership, bigger isn’t better. And news organizations like CNN must not be pieces in the most recent acquisition battle.