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Late Thursday, while unconfirmed reports spread regarding a shooting at Brown University, CNN’s Kaitlan Collins took to social media, pointing out the conflicting information and pointing viewers to her channel's 9pm newscast.

While it is by no means a impeccable news source, her statement resonated for a lot of people. It is one of the outlets where one can locate reality-based and mostly trustworthy reporting – especially during fast-moving events such as the one developing close to a New Hampshire storage facility.

A Precarious Position During a Business Battle

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

Whatever the outcome, the fate of CNN has been drawn into a major game of corporate ownership, rather than as a question of what serves the news-consuming public.

“Here is one more case of the profound systemic issues with origins in many years of regulatory actions,” stated Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the University of Pennsylvania.

The debate about the future owner of Warner Bros Discovery – could it be Netflix or Paramount Skydance? – overlooks a broader point.

“It is often framed as a financial tale with key players as the protagonists, but there is very little discussion of the public interest,” Pickard said.

A Further Factor: Donald Trump

The CNN scenario is complicated by Donald Trump’s opinions about a network he has long portrayed as perhaps his primary “fake news” antagonist.

Recall the shouts of “CNN sucks!” at his rallies, his administration’s punitive withdrawal of reporter Jim Acosta’s press credentials, or his sparring with Collins in press briefings.

Trump now says that CNN needs new ownership. Many see this as a desire for ownership that will shield him from criticism and scrutiny. That is part of why he appears to support Paramount Skydance, which has made a hostile bid.

There is a basis to favor that company more. For one thing, it is led by David Ellison, son of the pro-Trump Larry Ellison, one of the world’s richest people.

Paramount, parent of CBS News, also recently placed the conservative Bari Weiss, famous for her “anti-woke” beliefs, as the lead editor of that venerable news network.

An Outcome of More Turmoil

Significantly, if Netflix wins, CNN and other cable outlets would first be separated into a standalone company. This might be a relief to many at the network, but it’s not exactly a guarantee of stability. That arrangement could pave the way for CNN for a future sale. There is no finish line.

If you ask Timothy Wu, much of this is a violation of antitrust statutes, anyway. The well-known analyst of big tech’s dominance recently argued that anti-trust laws should block both deals.

“Both acquisition attempts would be bad for the country, and both should be opposed by the government,” Wu argued.

The Core Problem and a Way Ahead

Whatever happens with this particular battle, the bigger problem persists.

“The present media landscape is a profoundly anti-democratic system, but we must resist learned helplessness,” Pickard said. Government actions – from the 1930s and 1940s – helped to build this hyper-commercialized monster, and new policy decisions can fix it.

Can reform occur in an era where the top communications regulator will not confirm that the agency is independent? Overhaul is highly improbable now, but that doesn’t mean it will never happen.

Policies that support independent news organizations, bolster local journalism, subsidize public media, and outlaw the accumulation of media power in very few hands are achievable – they are necessary for a functioning democracy.

In the world of media ownership, size does not equal quality. And news organizations such as CNN cannot be pieces in the most recent corporate chess match.