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Late Thursday, as rumors swirled regarding the Brown University gunman, the network's Kaitlan Collins took to social media, pointing out the conflicting information and pointing viewers to her channel's 9pm newscast.

Although CNN is certainly not a impeccable news source, her words rang true to many. It is one of the broadcasters where there exists reality-based and largely dependable reporting – especially during crises such as the one taking place close to a New Hampshire storage facility.

A Vulnerable Position Amid a High-Stakes Battle

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

No matter the result, the destiny of CNN has become part of a high-risk game of corporate ownership, rather than as a question of what serves the information-seeking public.

“Here is one more case of the profound systemic issues with roots in decades of regulatory actions,” stated Victor Pickard, writer of “Democracy Without Journalism?” and a academic specializing in media policy at the Pennsylvania University.

The debate about the future owner of Warner Bros Discovery – will it be Netflix or Paramount Skydance? – misses a larger point.

“It gets presented as a financial tale with key players as the main characters, but there is very little discussion of the common good,” Pickard added.

A Further Element: Donald Trump

The network's predicament is made more complex by Donald Trump’s longstanding stance about a network he has frequently denounced as perhaps his primary “fake news” foe.

Remember the chants of “CNN sucks!” at his rallies, his team's disciplinary suspension of reporter Jim Acosta’s press credentials, or his clashes with Collins in press briefings.

Trump now says that the network requires new ownership. You can read that as ownership that will insulate him from negative coverage and examination. That is a factor in why he appears to favor Paramount Skydance, which has made a aggressive takeover attempt.

There is a basis to prefer that company more. For one thing, it is run by David Ellison, son of the Trump-friendly Larry Ellison, one of the world’s richest people.

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

An Outcome of More Instability

Significantly, if Netflix prevails, CNN and other cable outlets would first be separated into a independent unit. This might be a welcome development to many at the network, but it’s hardly a secure position. That structure could position CNN for another sale. The cycle continues.

According to Timothy Wu, a lot of this is illegal, anyway. The well-known analyst of big tech’s dominance recently argued that competition laws should prohibit both deals.

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

The Bigger Challenge and a Potential Solution

No matter the outcome regarding CNN, the larger issue endures.

“Our current system is a very structure that undermines democracy, but we must resist a sense of powerlessness,” Pickard said. Government actions – originating in the 1930s and 1940s – helped to create this hyper-commercialized monster, and different policy decisions can fix it.

Is this likely in an era where the top communications regulator refuses to acknowledge that the agency is independent? Reform is highly improbable now, but that is not to say it will never happen.

Policies that support independent news organizations, aid local journalism, fund public media, and outlaw the consolidation of media power in a handful of hands are not only possible – they are essential for a functioning democracy.

Regarding media ownership, bigger isn’t better. And news organizations including CNN shouldn’t be tools in the newest merger game.