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Late Thursday, while unconfirmed reports spread concerning the Brown University gunman, the network's Kaitlan Collins took to social media, noting the confusion and guiding the public to her network’s 9pm newscast.

Even though the network is hardly a perfect news source, her message resonated to many. It is one of the organizations where one can locate fact-based and largely dependable reporting – particularly during breaking news situations such as the one taking place close to a New Hampshire storage facility.

A Precarious Position During a Corporate Tug-of-War

Yet the news network, now 45 years old, finds itself in a precarious situation as two huge media corporations compete for ownership of its parent company, Warner Bros Discovery.

No matter the result, the fate of CNN has become part of a major game of mergers and acquisitions, not as a question of what helps the news-consuming public.

“This represents another instance of the profound systemic issues with origins in many years of policy decisions,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a academic specializing in media policy at the Penn.

The conjecture about who will own Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – fails to grasp a broader point.

“The narrative is crafted as a financial tale with key players as the central actors, but there is hardly any discussion of the common good,” Pickard added.

The Additional Element: Political Influence

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

Think back to the chants of “CNN sucks!” at his rallies, his administration's retaliatory revocation of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in official meetings.

Trump now asserts that CNN needs new ownership. This can be interpreted as ownership that will insulate him from negative coverage and examination. That is part of why he seems to support Paramount Skydance, which has made a hostile bid.

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

Paramount, parent of CBS News, also recently appointed the conservative Bari Weiss, known for her “anti-woke” beliefs, as the top editor of that storied news network.

A Future of Further Uncertainty

It is important to note, if Netflix is successful, CNN and other cable outlets would first be carved out into a independent unit. Such a move could be a relief to many at the network, but it’s hardly a secure position. That arrangement could position CNN for another sale. 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 bad for the country, and both should be opposed by regulators,” Wu argued.

The Core Problem and a Way Ahead

No matter the outcome in this situation, the bigger problem persists.

“The present media landscape is a highly system hostile to democracy, but we ought not succumb to the belief that change is impossible,” Pickard emphasized. Regulatory choices – originating in the 1930s and 1940s – helped to create this profit-obsessed monster, and new policy decisions can fix it.

Can reform occur in an era where the top communications regulator refuses to acknowledge that the agency is independent? Change is a distant prospect now, but that should not imply it will never happen.

Policies that support independent news organizations, aid local journalism, fund public media, and outlaw the consolidation of media power in a handful of hands are not only possible – they are vital for a robust democracy.

When it comes to media ownership, size does not equal quality. And news organizations such as CNN must not be pieces in the most recent corporate chess match.