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On Thursday evening, amid swirling speculation concerning the Brown University gunman, CNN’s Kaitlan Collins used social media, noting the confusion and pointing viewers to her network’s 9pm newscast.

While it is by no means a flawless news source, her message resonated for a lot of people. It is one of the broadcasters where there exists reality-based and generally reliable reporting – notably during crises like the one unfolding close to a New Hampshire storage facility.

An Uncertain Position During a Corporate Tug-of-War

However CNN, now four and a half decades old, finds itself in a precarious position as two massive media conglomerates vie for ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the fate of CNN has become part of a high-risk game of business acquisition, not as a question of what serves the news-consuming public.

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

The debate about which company will control Warner Bros Discovery – could it be Netflix or Paramount Skydance? – overlooks a more important point.

“The narrative is crafted as a financial tale with powerful individuals as the central actors, but there is very little discussion of the public interest,” Pickard said.

The Complicating Layer: The Former President

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

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

Trump now asserts that CNN needs new ownership. Many see this as a desire for ownership that will shield him from journalistic oversight. That is part of why he seems to favor Paramount Skydance, which has made a aggressive takeover attempt.

There is a basis 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.

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

An Outcome of Further Instability

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 hardly a safe harbor. That structure could pave the way for CNN for another sale. There is no finish line.

If you ask Timothy Wu, a great deal of this is a violation of antitrust statutes, anyway. The well-known analyst of big tech’s dominance stated that anti-trust laws should prohibit both deals.

“Both acquisition attempts would be detrimental to the country, and both should be challenged by the government,” Wu recently wrote.

The Bigger Challenge and a Path Forward

No matter the outcome with this particular battle, the underlying crisis remains.

“Our current system is a profoundly anti-democratic system, but we shouldn’t give in to a sense of powerlessness,” Pickard said. Government actions – originating in the 1930s and 1940s – helped to build this overly commercial monster, and new policy decisions can address it.

Is this likely in an era where the head of the FCC refuses to acknowledge that the agency is independent? Reform is highly improbable now, but that should not imply it will not happen in the future.

Measures that support independent news organizations, reinforce local journalism, subsidize public media, and prevent the concentration of media power in very few 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 must not be pawns in the newest acquisition battle.