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Late Thursday, amid swirling speculation about a shooting at Brown University, the network's Kaitlan Collins posted on social media, noting the confusion and directing people to her channel's 9pm newscast.

Although CNN is certainly not a perfect news source, her words resonated to many. It remains one of the organizations where you can find grounded and generally trustworthy reporting – notably during breaking news situations like the one developing in the vicinity of a New Hampshire storage facility.

A Precarious Position During a High-Stakes Tug-of-War

Yet the news network, now middle-aged, finds itself in a precarious position as two huge media conglomerates vie for ownership of its parent company, Warner Bros Discovery.

Regardless of who wins, the fate of CNN has turned into a major game of corporate ownership, instead of as a question of what serves the news-consuming public.

“Here is one more case of the fundamental flaws with roots in decades of regulatory actions,” stated Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the Penn.

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

“The narrative is crafted as a financial tale with powerful individuals as the protagonists, but there is scant discussion of the common good,” Pickard added.

A Further Factor: Donald Trump

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

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

Trump now says that CNN needs new ownership. Many see this as a desire for ownership that will insulate him from criticism and scrutiny. That is a factor in why he appears to favor Paramount Skydance, which has made a aggressive takeover attempt.

He has grounds to like that suitor 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.

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

A Possibility of Further Turmoil

Significantly, if Netflix wins, 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 far from a safe harbor. That setup could pave the way for CNN for a future sale. It never ends.

In the view of Timothy Wu, a great deal of this is against the law, anyway. The influential voice of big tech’s dominance stated that anti-trust laws should disallow both deals.

“Each proposed deal would be bad for the country, and both should be opposed by regulators,” Wu stated.

The Fundamental Problem and a Path Forward

No matter the outcome with this particular battle, the underlying crisis endures.

“The present media landscape is a profoundly structure that undermines democracy, but we shouldn’t give in to learned helplessness,” Pickard noted. Regulatory choices – from the 1930s and 1940s – helped to foster this overly commercial monster, and new policy decisions can address it.

Will that happen in an era where the top communications regulator won’t even affirm that the agency is independent? Change is a distant prospect now, but that is not to say it will never happen.

Initiatives that strengthen independent news organizations, bolster local journalism, subsidize public media, and prevent the consolidation of media power in too few hands are not only possible – they are necessary for a robust democracy.

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