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On Thursday evening, as rumors swirled concerning a shooting at Brown University, CNN’s Kaitlan Collins posted on social media, noting the confusion and pointing viewers to her network’s 9pm newscast.

Even though CNN is certainly not a flawless news source, her statement seemed accurate for a lot of people. It remains one of the organizations where there exists fact-based and mostly trustworthy reporting – notably during fast-moving events such as the one unfolding in the vicinity of a New Hampshire storage facility.

A Precarious Position During a High-Stakes Battle

But CNN, now four and a half decades old, finds itself in a vulnerable position as two massive media conglomerates vie for ownership of its parent company, Warner Bros Discovery.

Regardless of who wins, the fate of CNN has become part of a high-risk game of corporate ownership, rather than as a question of what serves the news-consuming public.

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

The conjecture about who will own 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 central actors, but there is scant discussion of the public interest,” Pickard said.

The Additional Element: The Former President

The CNN scenario is complicated by Donald Trump’s longstanding stance about a network he has consistently labeled as perhaps his primary “fake news” foe.

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

Trump now asserts that the network requires new ownership. Many see this as a desire for ownership that will shield 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 company 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, owner of CBS News, also recently installed the conservative Bari Weiss, known 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 independent unit. That would be a relief to many at the network, but it’s not exactly a safe harbor. That setup could set up CNN for yet another acquisition. There is no finish line.

In the view of Timothy Wu, a great deal of this is a violation of antitrust statutes, anyway. The well-known analyst of big tech’s dominance wrote recently that competition laws should block both deals.

“Either merger would be detrimental to the country, and both should be opposed by regulators,” Wu recently wrote.

The Fundamental Challenge and a Potential Solution

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

“Our current system is a highly anti-democratic system, but we must resist learned helplessness,” Pickard noted. Government actions – dating back to the 1930s and 1940s – helped to create this hyper-commercialized monster, and revised policy decisions can address it.

Will that happen in an era where the head of the FCC will not confirm that the agency is independent? Change is very unlikely now, but that doesn’t mean it will never happen.

Initiatives that bolster independent news organizations, reinforce local journalism, finance public media, and prohibit the accumulation of media power in very few hands are achievable – they are vital for a robust democracy.

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