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Late Thursday, while unconfirmed reports spread about a shooting at Brown University, CNN’s Kaitlan Collins posted on social media, noting the confusion and directing people to her channel's 9pm newscast.

Even though CNN is certainly not a perfect news source, her message seemed accurate for numerous observers. It remains one of the broadcasters where you can find reality-based and largely dependable reporting – particularly during crises like the one taking place near a New Hampshire storage facility.

A Precarious State Amid a Business Struggle

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

Regardless of who wins, the fate of CNN has become part of a high-stakes game of business acquisition, rather than as a question of what helps the news-consuming public.

“This represents another instance of the profound systemic issues with roots in many years of governmental choices,” said Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the Pennsylvania University.

The speculation about who will own Warner Bros Discovery – will it be Netflix or Paramount Skydance? – fails to grasp a larger point.

“It is often framed as a financial tale with key players as the main characters, but there is scant discussion of the common good,” Pickard said.

A Further Layer: Political Influence

The CNN scenario is further muddied by Donald Trump’s views about a network he has long portrayed as perhaps his main “fake news” adversary.

Think back to the shouts 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 official meetings.

Trump now asserts 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 aggressive takeover attempt.

He has grounds to like that company 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, owner of CBS News, also recently appointed the conservative Bari Weiss, known for her “anti-woke” beliefs, as the editor-in-chief of that storied news network.

An Outcome of Continued Uncertainty

It is important to note, if Netflix is successful, CNN and other cable outlets would first be carved out into a independent unit. That would be a welcome development to many at the network, but it’s hardly a guarantee of stability. That structure could set up CNN for another sale. The cycle continues.

According to Timothy Wu, a great deal of this is against the law, anyway. The influential voice of big tech’s dominance wrote recently that anti-trust laws should prohibit both deals.

“Both acquisition attempts would be bad for the country, and both should be challenged by anti-trust authorities,” Wu stated.

The Fundamental Problem and a Path Forward

No matter the outcome regarding CNN, the underlying crisis remains.

“What we have now is a very system hostile to democracy, but we shouldn’t give in to a sense of powerlessness,” Pickard noted. Policy decisions – dating back to the 1930s and 1940s – helped to build this overly commercial monster, and different policy decisions can tackle it.

Is this likely in an era where the head of the FCC won’t even affirm that the agency is independent? Change is very unlikely now, but that should not imply it will never happen.

Initiatives that bolster independent news organizations, aid local journalism, subsidize public media, and outlaw the consolidation of media power in too few 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 shouldn’t be pawns in the most recent corporate chess match.