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This past Thursday night, as rumors swirled regarding the Brown University gunman, CNN’s Kaitlan Collins took to social media, pointing out the conflicting information and guiding the public to her channel's 9pm newscast.

Even though CNN is certainly not a perfect news source, her words rang true for numerous observers. It stands as one of the organizations where there exists reality-based and generally dependable reporting – especially during breaking news situations such as the one taking place near a New Hampshire storage facility.

A Precarious Situation Amid a Corporate Tug-of-War

But the news network, now four and a half decades old, finds itself in a precarious situation as two huge media conglomerates battle over ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the fate of CNN has become part of a high-risk game of mergers and acquisitions, not as a question of what benefits the information-seeking public.

“This represents another instance of the deep structural problems with roots in many years of regulatory actions,” said Victor Pickard, author 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? – misses a larger point.

“It gets presented as a business story with key players as the central actors, but there is very little discussion of the societal benefit,” Pickard added.

A Further Element: Donald Trump

The network's predicament is further muddied by Donald Trump’s opinions about a network he has long portrayed as perhaps his primary “fake news” foe.

Remember the cries 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 says that the network requires new ownership. Many see this as a desire for ownership that will insulate him from journalistic oversight. That is a factor in why he appears to favor Paramount Skydance, which has made a unsolicited offer.

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

The company, owner of CBS News, also recently placed the conservative Bari Weiss, known for her “anti-woke” beliefs, as the editor-in-chief of that venerable news network.

A Possibility of More Uncertainty

Notably, if Netflix is successful, CNN and other cable outlets would first be separated into a separate entity. This might be a relief to many at the network, but it’s far from a safe harbor. That arrangement could set up CNN for yet another acquisition. There is no finish line.

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

“Each proposed deal would be detrimental to the country, and both should be contested by the government,” Wu stated.

The Core Problem and a Potential Solution

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

“The present media landscape is a very anti-democratic system, but we shouldn’t give in to a sense of powerlessness,” Pickard said. Government actions – dating back to the 1930s and 1940s – helped to create this hyper-commercialized monster, and different policy decisions can tackle it.

Can reform occur in an era where the head of the FCC will not confirm that the agency is independent? Change is a distant prospect now, but that doesn’t mean it will be impossible forever.

Policies that bolster independent news organizations, aid local journalism, fund public media, and prohibit the concentration of media power in a handful of hands are within reach – they are necessary for a functioning democracy.

When it comes to media ownership, bigger isn’t better. And news organizations such as CNN must not be pawns in the latest corporate chess match.