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On Thursday evening, amid swirling speculation regarding the Brown University gunman, the network's Kaitlan Collins took to social media, highlighting the uncertainty and directing people to her network’s 9pm newscast.

Even though the network is hardly a flawless news source, her message rang true for numerous observers. It is one of the broadcasters where you can find reality-based and mostly trustworthy reporting – particularly during fast-moving events such as the one taking place near a New Hampshire storage facility.

A Precarious State Amid a Corporate Struggle

However CNN, now four and a half decades old, finds itself in a precarious position as two massive media conglomerates battle over ownership of its parent company, Warner Bros Discovery.

Regardless of who wins, the destiny of CNN has been drawn into a high-stakes game of corporate ownership, instead of as a question of what helps the information-seeking public.

“This represents another instance of the fundamental flaws with origins in many years of governmental choices,” stated Victor Pickard, author of “Democracy Without Journalism?” and a professor of media policy at the Penn.

The debate about who will own Warner Bros Discovery – will it be Netflix or Paramount Skydance? – misses a broader point.

“The narrative is crafted as a business story with influential figures as the main characters, but there is hardly any discussion of the public interest,” Pickard explained.

A Further Layer: The Former President

The network's predicament is made more complex by Donald Trump’s longstanding stance about a network he has frequently denounced as perhaps his primary “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 press briefings.

Trump now asserts that CNN needs new ownership. Many see this as a desire for ownership that will protect him from journalistic oversight. That is part of why he appears to come down on the side of Paramount Skydance, which has made a aggressive takeover attempt.

Trump has reason to like that suitor more. For one thing, it is led by David Ellison, son of the ally of Trump Larry Ellison, one of the world’s richest people.

The company, parent of CBS News, also recently installed the right-leaning Bari Weiss, known for her “anti-woke” beliefs, as the lead editor of that venerable news network.

An Outcome of Further Uncertainty

Notably, if Netflix prevails, CNN and other cable outlets would first be separated into a independent unit. This might be a relief to many at the network, but it’s hardly a safe harbor. That structure could pave the way for CNN for a future sale. It never ends.

If you ask Timothy Wu, a great deal of this is against the law, anyway. The well-known analyst of big tech’s dominance stated 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 Core Issue and a Path Forward

No matter the outcome regarding CNN, the underlying crisis endures.

“Our current system is a profoundly structure that undermines democracy, but we must resist a sense of powerlessness,” Pickard noted. Policy decisions – from the 1930s and 1940s – helped to create this profit-obsessed monster, and revised policy decisions can fix it.

Can reform occur in an era where the top communications regulator refuses to acknowledge that the agency is independent? Overhaul is very unlikely now, but that should not imply it will be impossible forever.

Policies that bolster independent news organizations, reinforce local journalism, fund public media, and prohibit the consolidation of media power in very few hands are achievable – they are vital for a robust democracy.

In the world of media ownership, size does not equal quality. And news organizations including CNN cannot be pawns in the latest acquisition battle.