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Late Thursday, amid swirling speculation regarding a shooting at Brown University, the network's Kaitlan Collins took to social media, noting the confusion and pointing viewers to her network’s 9pm newscast.

While CNN is certainly not a flawless news source, her message rang true for a lot of people. It stands as one of the broadcasters where you can find fact-based and largely trustworthy reporting – especially during breaking news situations such as the one taking place close to a New Hampshire storage facility.

A Vulnerable Situation Amid a High-Stakes Battle

Yet CNN, now 45 years old, finds itself in a uncertain situation as two massive media empires battle over ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the future of CNN has turned into a major game of corporate ownership, not as a question of what benefits the news-consuming public.

“Here is one more case of the fundamental flaws with origins in many years of governmental choices,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the University of Pennsylvania.

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

“It is often framed as a corporate drama with key players as the central actors, but there is scant discussion of the common good,” Pickard added.

A Further Layer: Donald Trump

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

Think back to the shouts of “CNN sucks!” at his rallies, his team's disciplinary withdrawal of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in official meetings.

Trump now says that the network requires new ownership. Many see this as a desire for ownership that will shield him from negative coverage and examination. That is a factor in why he seems to come down on the side of Paramount Skydance, which has made a hostile bid.

There is a basis to favor that bidder 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, owner of CBS News, also recently appointed the right-leaning Bari Weiss, known for her “anti-woke” beliefs, as the top editor of that venerable news network.

A Future of More Instability

It is important to note, if Netflix wins, CNN and other cable outlets would first be separated into a standalone company. That would be a welcome development to many at the network, but it’s not exactly a secure position. That structure could pave the way for CNN for yet another acquisition. There is no finish line.

If you ask Timothy Wu, much of this is against the law, anyway. The well-known analyst of big tech’s dominance recently argued that anti-trust laws should prohibit both deals.

“Each proposed deal would be bad for the country, and both should be challenged by anti-trust authorities,” Wu stated.

The Fundamental Problem and a Path Forward

Regardless of the resolution in this situation, the bigger problem remains.

“What we have now is a profoundly structure that undermines democracy, but we ought not succumb to a sense of powerlessness,” Pickard noted. Regulatory choices – from the 1930s and 1940s – helped to foster this overly commercial monster, and new policy decisions can fix it.

Will that happen in an era where the head of the FCC won’t even affirm that the agency is independent? Reform is very unlikely now, but that is not to say it will be impossible forever.

Initiatives that bolster independent news organizations, reinforce local journalism, fund public media, and outlaw the accumulation of media power in very few hands are achievable – they are necessary for a robust democracy.

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