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Late Thursday, while unconfirmed reports spread regarding an incident at Brown University, CNN’s Kaitlan Collins posted on social media, noting the confusion and guiding the public to her network’s 9pm newscast.

Even though CNN is certainly not a flawless news source, her statement resonated for numerous observers. It is one of the broadcasters where one can locate grounded and generally dependable reporting – especially during fast-moving events like the one taking place near a New Hampshire storage facility.

An Uncertain State Amid a Corporate Tug-of-War

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

Regardless of who wins, the destiny of CNN has turned into a high-stakes game of business acquisition, instead of as a question of what benefits the news-consuming public.

“This is yet another example of the profound systemic issues with origins in many years of regulatory actions,” said Victor Pickard, author of “Democracy Without Journalism?” and a professor of media policy at the Pennsylvania University.

The debate about the future owner of Warner Bros Discovery – could it be Netflix or Paramount Skydance? – overlooks a broader point.

“The narrative is crafted as a financial tale with influential figures as the central actors, but there is scant discussion of the public interest,” Pickard said.

The Additional Element: The Former President

This situation is complicated by Donald Trump’s opinions about a network he has frequently denounced as perhaps his primary “fake news” adversary.

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

Trump now says that the network requires new ownership. This can be interpreted as ownership that will insulate him from criticism and scrutiny. That is part of why he seems to favor Paramount Skydance, which has made a unsolicited offer.

Trump has reason to prefer that bidder more. For one thing, it is led by David Ellison, son of the ally of Trump Larry Ellison, one of the world’s richest people.

The company, owner of CBS News, also recently placed the conservative Bari Weiss, known for her “anti-woke” beliefs, as the editor-in-chief of that historic news network.

A Future of More Uncertainty

Significantly, if Netflix prevails, CNN and other cable outlets would first be spun off into a standalone company. Such a move could be a relief to many at the network, but it’s not exactly a safe harbor. That setup could position CNN for another sale. The cycle continues.

According to Timothy Wu, much of this is against the law, anyway. The well-known analyst of big tech’s dominance recently argued that competition laws should block both deals.

“Both acquisition attempts would be harmful to the country, and both should be opposed by anti-trust authorities,” Wu recently wrote.

The Bigger Challenge and a Path Forward

Regardless of the resolution in this situation, the underlying crisis endures.

“What we have now is a highly system hostile to democracy, but we must resist learned helplessness,” Pickard emphasized. Regulatory choices – dating back to the 1930s and 1940s – helped to foster this hyper-commercialized monster, and revised policy decisions can tackle it.

Can reform occur in an era where the top communications regulator refuses to acknowledge that the agency is independent? Reform is highly improbable now, but that should not imply it will be impossible forever.

Initiatives that bolster independent news organizations, bolster local journalism, finance public media, and prohibit the consolidation of media power in too few hands are not only possible – they are essential for a healthy democracy.

When it comes to media ownership, bigger isn’t better. And news organizations like CNN cannot be pawns in the most recent corporate chess match.