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On Thursday evening, amid swirling speculation concerning the Brown University gunman, the network's Kaitlan Collins used social media, highlighting the uncertainty and directing people to her channel's 9pm newscast.

Although CNN is certainly not a perfect news source, her words seemed accurate for numerous observers. It stands as one of the outlets where you can find fact-based and mostly dependable reporting – particularly during crises like the one unfolding close to a New Hampshire storage facility.

A Precarious State Amid a High-Stakes Tug-of-War

Yet CNN, now four and a half decades old, finds itself in a vulnerable position as two massive media corporations vie for ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the future of CNN has become part of a high-risk game of business acquisition, instead of as a question of what serves the news-consuming public.

“This is yet another example of the profound systemic issues with origins in many years of policy decisions,” stated Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the Penn.

The speculation about the future owner of Warner Bros Discovery – will it be Netflix or Paramount Skydance? – fails to grasp a more important point.

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

A Further Layer: The Former President

This situation is made more complex by Donald Trump’s longstanding stance about a network he has consistently labeled as perhaps his main “fake news” adversary.

Recall the cries of “CNN sucks!” at his rallies, his administration's retaliatory suspension of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in press briefings.

Trump now claims that CNN needs new ownership. Many see this as a desire for 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 unsolicited offer.

He has grounds to favor that suitor more. For one thing, it is controlled 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 conservative Bari Weiss, known for her “anti-woke” beliefs, as the lead editor of that storied news network.

A Future of Further Turmoil

Notably, if Netflix wins, CNN and other cable outlets would first be carved out into a separate entity. Such a move could be a relief to many at the network, but it’s not exactly a guarantee of stability. That setup could set up CNN for yet another acquisition. It never ends.

In the view of Timothy Wu, much of this is a violation of antitrust statutes, anyway. The influential voice of big tech’s dominance recently argued that anti-trust laws should disallow both deals.

“Either merger would be bad for the country, and both should be challenged by anti-trust authorities,” Wu argued.

The Core Problem and a Path Forward

Regardless of the resolution with this particular battle, the bigger problem persists.

“Our current system is a profoundly anti-democratic system, but we shouldn’t give in to a sense of powerlessness,” Pickard noted. Regulatory choices – from the 1930s and 1940s – helped to create this overly commercial monster, and new policy decisions can tackle it.

Will that happen in an era where the head of the FCC refuses to acknowledge that the agency is independent? Overhaul is a distant prospect now, but that should not imply it will be impossible forever.

Initiatives that strengthen independent news organizations, aid local journalism, subsidize public media, and outlaw the concentration of media power in very few hands are not only possible – they are vital for a functioning democracy.

When it comes to media ownership, larger is not superior. And news organizations such as CNN must not be pieces in the most recent corporate chess match.