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On Thursday evening, as rumors swirled regarding a shooting at Brown University, the network's Kaitlan Collins took to social media, highlighting the uncertainty and guiding the public to her channel's 9pm newscast.

Even though the network is hardly a impeccable news source, her statement resonated for numerous observers. It remains one of the broadcasters where there exists fact-based and generally trustworthy reporting – especially during fast-moving events like the one taking place in the vicinity of a New Hampshire storage facility.

A Precarious Situation Amid a Business Battle

But CNN, now 45 years old, finds itself in a vulnerable state as two huge media corporations battle over ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the fate of CNN has been drawn into a high-stakes game of corporate ownership, not as a question of what benefits the information-seeking public.

“Here is one more case 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 speculation about the future owner of Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – fails to grasp a larger point.

“It gets presented as a financial tale with powerful individuals as the protagonists, but there is hardly any discussion of the public interest,” Pickard explained.

The Complicating Element: Donald Trump

The network's predicament is further muddied by Donald Trump’s longstanding stance about a network he has consistently labeled as perhaps his primary “fake news” foe.

Think back to the cries of “CNN sucks!” at his rallies, his team's disciplinary suspension of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in press briefings.

Trump now says that the network requires new ownership. Many see this as a desire for ownership that will protect him from negative coverage and examination. That is part of why he appears to support Paramount Skydance, which has made a aggressive takeover attempt.

Trump has reason to like that bidder more. For one thing, it is controlled by David Ellison, son of the ally of Trump Larry Ellison, one of the world’s richest people.

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

A Possibility of Further Turmoil

It is important to note, if Netflix prevails, 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 not exactly a secure position. That setup could set up 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 well-known analyst of big tech’s dominance recently argued that competition laws should disallow both deals.

“Each proposed deal would be harmful to the country, and both should be contested by regulators,” Wu argued.

The Fundamental Challenge and a Potential Solution

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

“What we have now is a highly structure that undermines democracy, but we ought not succumb to learned helplessness,” Pickard noted. Regulatory choices – originating in the 1930s and 1940s – helped to create this hyper-commercialized monster, and new policy decisions can address it.

Is this likely in an era where the Federal Communications Commission chair will not confirm that the agency is independent? Reform is a distant prospect now, but that doesn’t mean it will never happen.

Initiatives that strengthen independent news organizations, reinforce local journalism, fund public media, and outlaw the concentration of media power in a handful of hands are achievable – they are vital for a functioning democracy.

Regarding media ownership, larger is not superior. And news organizations such as CNN must not be tools in the most recent acquisition battle.