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This past Thursday night, while unconfirmed reports spread concerning an incident at Brown University, the network's Kaitlan Collins used social media, pointing out the conflicting information and directing people to her channel's 9pm newscast.

Even though CNN is certainly not a impeccable news source, her words seemed accurate to many. It stands as one of the outlets where there exists reality-based and largely trustworthy reporting – notably during crises like the one taking place near a New Hampshire storage facility.

A Precarious State Amid a Corporate Battle

But CNN, now middle-aged, finds itself in a vulnerable situation as two massive media empires battle over ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the fate of CNN has become part of a major game of corporate ownership, not as a question of what benefits the news-consuming public.

“This represents another instance of the profound systemic issues with origins in decades of regulatory actions,” noted Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the University of Pennsylvania.

The conjecture about the future owner of Warner Bros Discovery – will it be Netflix or Paramount Skydance? – misses a broader point.

“It is often framed as a financial tale with powerful individuals as the protagonists, but there is scant discussion of the common good,” Pickard added.

The Additional Element: Donald Trump

The network's predicament is complicated by Donald Trump’s views about a network he has frequently denounced as perhaps his chief “fake news” adversary.

Recall the chants of “CNN sucks!” at Trump's rallies, his administration’s punitive revocation of reporter Jim Acosta’s press credentials, or his clashes with Collins in press briefings.

Trump now claims that the network requires new ownership. Many see this as a desire for ownership that will shield him from criticism and scrutiny. That is a factor in why he appears to favor Paramount Skydance, which has made a aggressive takeover attempt.

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.

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

A Possibility of Continued Uncertainty

Notably, if Netflix wins, CNN and other cable outlets would first be carved out into a separate entity. This might be a welcome development to many at the network, but it’s hardly a guarantee of stability. That structure could pave the way for CNN for another sale. The cycle continues.

If you ask Timothy Wu, a great deal of this is illegal, anyway. The well-known analyst of big tech’s dominance stated that anti-trust laws should block both deals.

“Each proposed deal would be harmful to the country, and both should be challenged by anti-trust authorities,” Wu argued.

The Fundamental Problem and a Path Forward

Regardless of the resolution in this situation, the larger issue endures.

“Our current system is a profoundly anti-democratic system, but we must resist the belief that change is impossible,” Pickard noted. Regulatory choices – from the 1930s and 1940s – helped to foster this hyper-commercialized monster, and new policy decisions can fix it.

Can reform occur in an era where the Federal Communications Commission chair won’t even affirm that the agency is independent? Overhaul is a distant prospect now, but that doesn’t mean it will never happen.

Policies that support independent news organizations, bolster local journalism, finance public media, and prevent the accumulation of media power in a handful of hands are within reach – they are necessary for a functioning democracy.

Regarding media ownership, bigger isn’t better. And news organizations like CNN must not be pawns in the newest acquisition battle.