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Late Thursday, while unconfirmed reports spread regarding a shooting at Brown University, the network's Kaitlan Collins posted on social media, highlighting the uncertainty and pointing viewers to her network’s 9pm newscast.

Although CNN is certainly not a perfect news source, her message resonated to many. It is one of the broadcasters where one can locate fact-based and largely reliable reporting – particularly during fast-moving events like the one taking place in the vicinity of a New Hampshire storage facility.

A Vulnerable State During a High-Stakes Struggle

Yet the news network, now middle-aged, finds itself in a vulnerable state as two huge media conglomerates vie for ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the destiny of CNN has been drawn into a major game of corporate ownership, instead of as a question of what benefits the information-seeking public.

“Here is one more case of the fundamental flaws with roots in decades of policy decisions,” stated Victor Pickard, author of “Democracy Without Journalism?” and a professor of media policy at the Penn.

The conjecture about which company will control Warner Bros Discovery – will it be Netflix or Paramount Skydance? – fails to grasp a broader point.

“The narrative is crafted as a corporate drama with powerful individuals as the protagonists, but there is hardly any discussion of the societal benefit,” Pickard explained.

The Complicating Element: Donald Trump

The network's predicament is complicated by Donald Trump’s opinions about a network he has long portrayed as perhaps his primary “fake news” foe.

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

Trump now claims that the network requires new ownership. Many see this as a desire for ownership that will protect him from criticism and scrutiny. That is part of why he seems to come down on the side of Paramount Skydance, which has made a hostile bid.

There is a basis to favor that bidder 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.

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

A Future of Further Turmoil

Notably, if Netflix is successful, CNN and other cable outlets would first be separated into a separate entity. Such a move could be a relief to many at the network, but it’s hardly a guarantee of stability. That setup could position CNN for yet another acquisition. It never ends.

In the view of Timothy Wu, much of this is illegal, anyway. The influential voice of big tech’s dominance wrote recently that anti-trust laws should block both deals.

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

The Core Problem and a Path Forward

No matter the outcome regarding CNN, the bigger problem endures.

“Our current system is a profoundly system hostile to democracy, but we shouldn’t give in to learned helplessness,” Pickard emphasized. Regulatory choices – from the 1930s and 1940s – helped to build this overly commercial monster, and new policy decisions can address it.

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

Policies that strengthen independent news organizations, aid local journalism, finance public media, and prevent the concentration of media power in too few hands are achievable – they are necessary for a robust democracy.

When it comes to media ownership, larger is not superior. And news organizations such as CNN must not be tools in the most recent corporate chess match.