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On Thursday evening, while unconfirmed reports spread concerning the Brown University gunman, CNN’s Kaitlan Collins posted on social media, noting the confusion and pointing viewers to her network’s 9pm newscast.

Even though it is by no means a flawless news source, her statement resonated to many. It remains one of the organizations where you can find grounded and largely reliable reporting – particularly during fast-moving events such as the one developing close to a New Hampshire storage facility.

A Precarious Position Amid a High-Stakes Tug-of-War

However CNN, now four and a half decades old, finds itself in a uncertain situation as two giant media conglomerates compete for ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the destiny of CNN has become part of a major game of business acquisition, not as a question of what benefits the news-consuming public.

“This represents another instance of the profound systemic issues with origins in many years of regulatory actions,” said Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the University of Pennsylvania.

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

“It gets presented as a business story with key players as the protagonists, but there is hardly any discussion of the societal benefit,” Pickard added.

The Additional Layer: Political Influence

This situation is made more complex by Donald Trump’s longstanding stance about a network he has consistently labeled as perhaps his chief “fake news” adversary.

Think back to the cries of “CNN sucks!” at his rallies, his administration’s punitive revocation of reporter Jim Acosta’s press credentials, or his sparring with Collins in White House briefings.

Trump now claims that CNN needs new ownership. This can be interpreted as ownership that will shield him from negative coverage and examination. That is one reason why he appears to come down on the side of Paramount Skydance, which has made a aggressive takeover attempt.

Trump has reason to favor that company more. For one thing, it is run by David Ellison, son of the Trump-friendly Larry Ellison, one of the world’s richest people.

Paramount, owner of CBS News, also recently installed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the lead editor of that historic news network.

An Outcome of More Uncertainty

Notably, if Netflix wins, CNN and other cable outlets would first be carved out 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 set up CNN for a future sale. The cycle continues.

If you ask Timothy Wu, a lot of this is against the law, anyway. The prominent critic of big tech’s dominance stated that anti-trust laws should disallow both deals.

“Each proposed deal would be harmful to the country, and both should be opposed by regulators,” Wu recently wrote.

The Core Challenge and a Way Ahead

No matter the outcome regarding CNN, the underlying crisis remains.

“Our current system is a profoundly anti-democratic system, but we must resist learned helplessness,” Pickard noted. Government actions – originating in the 1930s and 1940s – helped to build this overly commercial monster, and different policy decisions can tackle it.

Will that happen in an era where the Federal Communications Commission chair 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 bolster independent news organizations, aid local journalism, fund public media, and prohibit the concentration of media power in very few hands are not only possible – they are vital for a healthy democracy.

Regarding media ownership, larger is not superior. And news organizations including CNN cannot be pawns in the most recent corporate chess match.