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On Thursday evening, while unconfirmed reports spread about a shooting at Brown University, CNN’s Kaitlan Collins took to social media, noting the confusion and guiding the public to her channel's 9pm newscast.

Even though CNN is certainly not a perfect news source, her message rang true for numerous observers. It is one of the broadcasters where one can locate fact-based and generally dependable reporting – notably during crises such as the one taking place close to a New Hampshire storage facility.

A Vulnerable Position During a High-Stakes Struggle

However CNN, now four and a half decades old, finds itself in a uncertain state as two giant media empires compete for ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the fate of CNN has turned into a major game of business acquisition, rather than as a question of what serves the news-consuming public.

“Here is one more case of the profound systemic issues with roots in decades of governmental choices,” stated 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 more important point.

“It gets presented as a financial tale with powerful individuals as the main characters, but there is scant discussion of the common good,” Pickard added.

A Further Element: Donald Trump

The CNN scenario is made more complex by Donald Trump’s views about a network he has consistently labeled as perhaps his main “fake news” antagonist.

Recall the cries 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 asserts that the network requires new ownership. This can be interpreted as ownership that will protect him from negative coverage and examination. That is part of why he appears to support Paramount Skydance, which has made a aggressive takeover attempt.

There is a basis to like 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, parent of CBS News, also recently installed the right-leaning Bari Weiss, known for her “anti-woke” beliefs, as the editor-in-chief of that storied news network.

An Outcome of More Instability

Significantly, if Netflix wins, CNN and other cable outlets would first be carved out into a standalone company. Such a move could be a relief to many at the network, but it’s hardly a secure position. That setup could position CNN for a future sale. The cycle continues.

According to Timothy Wu, a great deal of this is a violation of antitrust statutes, anyway. The influential voice of big tech’s dominance stated that competition laws should prohibit both deals.

“Either merger would be bad for the country, and both should be contested by anti-trust authorities,” Wu recently wrote.

The Fundamental Issue and a Way Ahead

Regardless of the resolution in this situation, the underlying crisis endures.

“Our current system is a highly system hostile to democracy, but we must resist a sense of powerlessness,” Pickard emphasized. Regulatory choices – originating in the 1930s and 1940s – helped to create this hyper-commercialized monster, and new policy decisions can fix it.

Will that happen 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 not happen in the future.

Policies that support independent news organizations, aid local journalism, subsidize public media, and outlaw the concentration of media power in a handful of hands are achievable – they are necessary for a functioning democracy.

When it comes to media ownership, size does not equal quality. And news organizations like CNN cannot be pieces in the newest acquisition battle.