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This past Thursday night, while unconfirmed reports spread about the Brown University gunman, CNN’s Kaitlan Collins took to social media, pointing out the conflicting information and directing people to her network’s 9pm newscast.

Even though CNN is certainly not a perfect news source, her words rang true to many. It stands as one of the broadcasters where one can locate reality-based and generally reliable reporting – notably during fast-moving events such as the one unfolding close to a New Hampshire storage facility.

A Vulnerable Position Amid a High-Stakes Tug-of-War

Yet the news network, now four and a half decades old, finds itself in a vulnerable situation as two giant media conglomerates vie for ownership of its parent company, Warner Bros Discovery.

Regardless of who wins, the fate of CNN has turned into a high-risk game of corporate ownership, instead of as a question of what helps the news-consuming public.

“This represents another instance of the profound systemic issues with roots in decades of regulatory actions,” noted Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the Penn.

The speculation about who will own Warner Bros Discovery – could it be Netflix or Paramount Skydance? – fails to grasp a more important point.

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

A Further Layer: The Former President

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

Recall the chants of “CNN sucks!” at Trump's rallies, his team's disciplinary revocation of reporter Jim Acosta’s press credentials, or his clashes with Collins in official meetings.

Trump now says that the network requires new ownership. Many see this as a desire for ownership that will insulate him from journalistic oversight. That is a factor in why he appears to support Paramount Skydance, which has made a aggressive takeover attempt.

Trump has reason to favor that company more. For one thing, it is controlled 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 conservative Bari Weiss, known for her “anti-woke” beliefs, as the top editor of that historic news network.

A Possibility of Further Turmoil

Notably, if Netflix prevails, CNN and other cable outlets would first be carved out into a standalone company. Such a move could be a welcome development to many at the network, but it’s far from a safe harbor. That arrangement could position CNN for yet another acquisition. The cycle continues.

If you ask Timothy Wu, much of this is against the law, anyway. The prominent critic of big tech’s dominance wrote recently that competition laws should prohibit both deals.

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

The Fundamental Problem and a Potential Solution

No matter the outcome in this situation, the larger issue persists.

“Our current system is a profoundly structure that undermines democracy, but we shouldn’t give in to a sense of powerlessness,” Pickard noted. Policy decisions – dating back to the 1930s and 1940s – helped to build this profit-obsessed monster, and new policy decisions can address it.

Is this likely in an era where the top communications regulator will not confirm that the agency is independent? Change is a distant prospect now, but that doesn’t mean it will never happen.

Policies that strengthen independent news organizations, aid local journalism, fund public media, and prevent the accumulation of media power in too few hands are within reach – they are essential for a healthy democracy.

In the world of media ownership, larger is not superior. And news organizations such as CNN shouldn’t be pieces in the newest merger game.