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Late Thursday, as rumors swirled about the Brown University gunman, the network's Kaitlan Collins took to social media, pointing out the conflicting information and guiding the public to her network’s 9pm newscast.

Even though CNN is certainly not a flawless news source, her message seemed accurate for numerous observers. It remains one of the broadcasters where there exists reality-based and largely dependable reporting – notably during fast-moving events like the one unfolding in the vicinity of a New Hampshire storage facility.

A Precarious Situation Amid a Business Tug-of-War

But the news network, now 45 years old, finds itself in a precarious position as two huge media corporations compete for ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the fate of CNN has been drawn into a high-risk game of mergers and acquisitions, rather than as a question of what benefits the information-seeking public.

“This is yet another example of the deep structural problems with origins in many years of regulatory actions,” said Victor Pickard, author of “Democracy Without Journalism?” and a professor of media policy at the Penn.

The conjecture about the future owner of Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – overlooks a broader point.

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

A Further Element: The Former President

This situation is complicated by Donald Trump’s views about a network he has long portrayed as perhaps his main “fake news” foe.

Think back to the chants of “CNN sucks!” at Trump's rallies, his administration’s punitive revocation of reporter Jim Acosta’s press credentials, or his clashes with Collins in official meetings.

Trump now claims that CNN needs new ownership. This can be interpreted as ownership that will protect him from journalistic oversight. That is a factor in why he seems to come down on the side of Paramount Skydance, which has made a unsolicited offer.

There is a basis to prefer that bidder more. For one thing, it is run by David Ellison, son of the Trump-friendly 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 Possibility of Further Turmoil

It is important to note, if Netflix prevails, CNN and other cable outlets would first be separated into a standalone company. That would be a relief to many at the network, but it’s not exactly a secure position. That arrangement could set up CNN for another sale. The cycle continues.

In the view of Timothy Wu, much of this is against the law, anyway. The well-known analyst of big tech’s dominance recently argued that competition laws should block both deals.

“Both acquisition attempts would be detrimental to the country, and both should be contested by regulators,” Wu stated.

The Bigger Problem and a Way Ahead

No matter the outcome in this situation, the underlying crisis endures.

“The present media landscape is a highly anti-democratic system, but we shouldn’t give in to the belief that change is impossible,” Pickard noted. Policy decisions – dating back to the 1930s and 1940s – helped to foster this hyper-commercialized monster, and different policy decisions can address it.

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

Measures 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 essential for a robust democracy.

Regarding media ownership, bigger isn’t better. And news organizations including CNN cannot be tools in the latest corporate chess match.