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This past Thursday night, as rumors swirled concerning an incident at Brown University, CNN’s Kaitlan Collins posted on social media, highlighting the uncertainty and guiding the public to her channel's 9pm newscast.

Although CNN is certainly not a flawless news source, her message rang true for numerous observers. It remains one of the broadcasters where you can find reality-based and generally reliable reporting – notably during breaking news situations such as the one taking place near a New Hampshire storage facility.

A Precarious Position During a Business Struggle

However the news network, now four and a half decades old, finds itself in a precarious situation as two giant media conglomerates battle over ownership of its parent company, Warner Bros Discovery.

No matter the result, the destiny of CNN has been drawn into a major game of corporate ownership, instead of as a question of what helps the news-consuming public.

“This represents another instance of the fundamental flaws with origins in many years of regulatory actions,” said Victor Pickard, writer of “Democracy Without Journalism?” and a academic specializing in media policy at the Pennsylvania University.

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

“It is often framed as a corporate drama with powerful individuals as the main characters, but there is hardly any discussion of the public interest,” Pickard said.

A Further Element: Political Influence

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

Think back to the cries of “CNN sucks!” at the president’s rallies, his administration’s punitive 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. This can be interpreted as ownership that will insulate him from negative coverage and examination. That is part of why he appears to come down on the side of Paramount Skydance, which has made a unsolicited offer.

Trump has reason to like 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 appointed the right-leaning Bari Weiss, noted for her “anti-woke” beliefs, as the top editor of that historic news network.

A Possibility of Continued Uncertainty

Notably, if Netflix is successful, CNN and other cable outlets would first be spun off into a independent unit. This might be a relief to many at the network, but it’s far from a safe harbor. That setup could position CNN for yet another acquisition. There is no finish line.

If you ask Timothy Wu, a lot of this is illegal, anyway. The prominent critic of big tech’s dominance wrote recently that anti-trust laws should block both deals.

“Both acquisition attempts would be bad for the country, and both should be challenged by regulators,” Wu recently wrote.

The Bigger Problem and a Potential Solution

No matter the outcome in this situation, the bigger problem persists.

“What we have now is a profoundly system hostile to democracy, but we ought not succumb to the belief that change is impossible,” Pickard noted. Regulatory choices – originating in the 1930s and 1940s – helped to foster this overly commercial monster, and different policy decisions can address it.

Can reform occur in an era where the head of the FCC won’t even affirm that the agency is independent? Change is highly improbable now, but that is not to say it will be impossible forever.

Initiatives that support independent news organizations, bolster local journalism, finance public media, and prohibit the concentration of media power in very few hands are achievable – they are vital for a functioning democracy.

In the world of media ownership, larger is not superior. And news organizations such as CNN cannot be pawns in the most recent corporate chess match.