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Late Thursday, as rumors swirled concerning the Brown University gunman, CNN’s Kaitlan Collins posted on social media, pointing out the conflicting information and directing people to her channel's 9pm newscast.

While it is by no means a flawless news source, her statement seemed accurate to many. It stands as one of the broadcasters where you can find reality-based and mostly dependable reporting – particularly during breaking news situations like the one developing close to a New Hampshire storage facility.

A Vulnerable State During a Corporate Battle

However the news network, now four and a half decades old, finds itself in a vulnerable situation as two huge media conglomerates vie for ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the fate of CNN has been drawn into a high-stakes game of corporate ownership, instead of as a question of what helps the news-consuming public.

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

The debate about which company will control Warner Bros Discovery – could it be Netflix or Paramount Skydance? – overlooks a broader point.

“It gets presented as a corporate drama with influential figures as the main characters, but there is scant discussion of the common good,” Pickard explained.

The Complicating Layer: Donald Trump

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

Recall the cries of “CNN sucks!” at his rallies, his administration’s punitive suspension of reporter Jim Acosta’s press credentials, or his clashes with Collins in official meetings.

Trump now says that the network requires new ownership. This can be interpreted as ownership that will shield him from journalistic oversight. That is a factor in why he seems to support Paramount Skydance, which has made a aggressive takeover attempt.

He has grounds to prefer that bidder more. For one thing, it is controlled by David Ellison, son of the Trump-friendly Larry Ellison, one of the world’s richest people.

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

A Future of Continued Turmoil

Notably, if Netflix wins, CNN and other cable outlets would first be separated into a standalone company. That would be a relief to many at the network, but it’s far from a guarantee of stability. That arrangement could position CNN for a future sale. There is no finish line.

If you ask Timothy Wu, much of this is a violation of antitrust statutes, anyway. The prominent critic of big tech’s dominance recently argued that anti-trust laws should block both deals.

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

The Core Problem and a Path Forward

Whatever happens regarding CNN, the bigger problem remains.

“What we have now is a profoundly structure that undermines democracy, but we shouldn’t give in to a sense of powerlessness,” Pickard noted. Policy decisions – originating in the 1930s and 1940s – helped to create this hyper-commercialized monster, and new policy decisions can tackle it.

Is this likely in an era where the top communications regulator will not confirm that the agency is independent? Reform is very unlikely now, but that should not imply it will not happen in the future.

Initiatives that support independent news organizations, reinforce local journalism, finance public media, and prohibit the consolidation of media power in too few hands are achievable – they are necessary for a robust democracy.

Regarding media ownership, bigger isn’t better. And news organizations including CNN must not be pieces in the newest acquisition battle.