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On Thursday evening, amid swirling speculation concerning a shooting at Brown University, CNN’s Kaitlan Collins used social media, pointing out the conflicting information and directing people to her channel's 9pm newscast.

Even though the network is hardly a flawless news source, her words resonated for numerous observers. It is one of the outlets where one can locate reality-based and largely reliable reporting – notably during crises such as the one unfolding in the vicinity of a New Hampshire storage facility.

A Vulnerable Position During a High-Stakes Battle

Yet CNN, now middle-aged, finds itself in a uncertain state as two massive media conglomerates vie for ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the destiny of CNN has become part of a major game of corporate ownership, instead of as a question of what benefits the information-seeking public.

“This is yet another example of the profound systemic issues with roots in decades of policy decisions,” said Victor Pickard, writer of “Democracy Without Journalism?” and a academic specializing in media policy at the Penn.

The debate 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 corporate drama with key players as the protagonists, but there is scant discussion of the societal benefit,” Pickard added.

The Additional Layer: Political Influence

This situation is further muddied by Donald Trump’s views about a network he has long portrayed as perhaps his primary “fake news” foe.

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

Trump now claims that CNN needs new ownership. You can read that as ownership that will insulate him from negative coverage and examination. That is one reason why he seems to favor Paramount Skydance, which has made a hostile bid.

There is a basis to like that bidder more. For one thing, it is led 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 conservative Bari Weiss, famous for her “anti-woke” beliefs, as the editor-in-chief of that historic news network.

An Outcome of More Turmoil

Significantly, if Netflix prevails, CNN and other cable outlets would first be carved out into a standalone company. This might be a welcome development to many at the network, but it’s hardly a secure position. That arrangement could pave the way for CNN for yet another acquisition. The cycle continues.

If you ask Timothy Wu, much of this is against the law, anyway. The influential voice of big tech’s dominance stated that competition laws should disallow both deals.

“Either merger would be detrimental to the country, and both should be opposed by the government,” Wu argued.

The Fundamental Issue and a Path Forward

No matter the outcome in this situation, the underlying crisis remains.

“Our current system is a very anti-democratic system, but we ought not succumb to a sense of powerlessness,” Pickard noted. Regulatory choices – originating in the 1930s and 1940s – helped to foster this hyper-commercialized monster, and new policy decisions can fix it.

Will that happen in an era where the head of the FCC will not confirm that the agency is independent? Overhaul is a distant prospect now, but that should not imply it will be impossible forever.

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

When it comes to media ownership, bigger isn’t better. And news organizations including CNN cannot be tools in the most recent merger game.