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This past Thursday night, as rumors swirled regarding a shooting at Brown University, CNN’s Kaitlan Collins posted on social media, highlighting the uncertainty and directing people to her channel's 9pm newscast.

While the network is hardly a impeccable news source, her message seemed accurate to many. It remains one of the broadcasters where one can locate fact-based and largely reliable reporting – notably during breaking news situations like the one developing close to a New Hampshire storage facility.

An Uncertain Situation During a High-Stakes Struggle

But the news network, now middle-aged, finds itself in a precarious situation as two giant media corporations compete for ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the fate of CNN has become part of a major game of mergers and acquisitions, rather than as a question of what helps the news-consuming public.

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

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.

“The narrative is crafted as a corporate drama with key players as the protagonists, but there is scant discussion of the public interest,” Pickard added.

The Complicating Layer: Political Influence

The network's predicament is further muddied by Donald Trump’s views about a network he has consistently labeled as perhaps his primary “fake news” foe.

Think back to the chants of “CNN sucks!” at the president’s rallies, his team's disciplinary withdrawal of reporter Jim Acosta’s press credentials, or his clashes with Collins in White House briefings.

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

Trump has reason to like that bidder more. For one thing, it is controlled 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 conservative Bari Weiss, noted for her “anti-woke” beliefs, as the lead editor of that venerable news network.

A Possibility of Further Instability

It is important to note, if Netflix wins, CNN and other cable outlets would first be spun off into a separate entity. That would be a welcome development to many at the network, but it’s not exactly a secure position. That arrangement could position CNN for a future sale. There is no finish line.

In the view of Timothy Wu, much of this is a violation of antitrust statutes, anyway. The prominent critic of big tech’s dominance stated that anti-trust laws should prohibit both deals.

“Either merger would be harmful to the country, and both should be opposed by regulators,” Wu stated.

The Core Problem and a Way Ahead

No matter the outcome with this particular battle, the bigger problem endures.

“The present media landscape is a very structure that undermines democracy, but we must resist the belief that change is impossible,” Pickard emphasized. Government actions – dating back to the 1930s and 1940s – helped to create this hyper-commercialized monster, and different policy decisions can fix it.

Is this likely in an era where the top communications regulator refuses to acknowledge that the agency is independent? Reform is very unlikely now, but that doesn’t mean it will never happen.

Initiatives that support independent news organizations, aid local journalism, fund public media, and outlaw the accumulation of media power in very few hands are not only possible – they are essential for a robust democracy.

When it comes to media ownership, bigger isn’t better. And news organizations like CNN must not be pawns in the most recent corporate chess match.