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This past Thursday night, while unconfirmed reports spread concerning the Brown University gunman, CNN’s Kaitlan Collins posted on social media, noting the confusion and directing people to her channel's 9pm newscast.

While it is by no means a impeccable news source, her statement seemed accurate for numerous observers. It remains one of the organizations where you can find fact-based and largely dependable reporting – notably during fast-moving events like the one taking place close to a New Hampshire storage facility.

An Uncertain Situation Amid a High-Stakes Tug-of-War

But CNN, now four and a half decades old, finds itself in a vulnerable situation as two giant media conglomerates battle over ownership of its parent company, Warner Bros Discovery.

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

“This is yet another example of the fundamental flaws with origins in decades of policy decisions,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the Pennsylvania University.

The speculation about the future owner of Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – misses a broader point.

“It is often framed as a corporate drama with powerful individuals as the protagonists, but there is hardly any discussion of the common good,” Pickard explained.

The Additional Layer: The Former President

This situation is complicated by Donald Trump’s views about a network he has frequently denounced as perhaps his primary “fake news” adversary.

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

Trump now claims that CNN needs new ownership. You can read that as ownership that will shield him from journalistic oversight. That is one reason why he seems to favor Paramount Skydance, which has made a unsolicited offer.

Trump has reason to prefer that suitor more. For one thing, it is run by David Ellison, son of the pro-Trump Larry Ellison, one of the world’s richest people.

Paramount, owner of CBS News, also recently installed the right-leaning Bari Weiss, famous for her “anti-woke” beliefs, as the editor-in-chief of that historic news network.

A Possibility of Continued Instability

It is important to note, if Netflix prevails, CNN and other cable outlets would first be separated into a separate entity. That would be a welcome development to many at the network, but it’s not exactly a secure position. That structure could position CNN for yet another acquisition. It never ends.

According to Timothy Wu, a great deal of this is against the law, anyway. The prominent critic of big tech’s dominance recently argued that anti-trust laws should block both deals.

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

The Fundamental Issue and a Path Forward

No matter the outcome in this situation, the underlying crisis persists.

“The present media landscape is a highly structure that undermines democracy, but we must resist the belief that change is impossible,” Pickard said. Regulatory choices – dating back to the 1930s and 1940s – helped to build this profit-obsessed monster, and new policy decisions can address it.

Will that happen in an era where the head of the FCC won’t even affirm that the agency is independent? Reform is a distant prospect now, but that is not to say it will never happen.

Policies that support independent news organizations, bolster local journalism, finance public media, and outlaw the consolidation of media power in too few hands are within reach – they are essential for a robust democracy.

When it comes to media ownership, bigger isn’t better. And news organizations including CNN cannot be pawns in the newest acquisition battle.