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Late Thursday, as rumors swirled concerning a shooting at Brown University, the network's Kaitlan Collins used social media, highlighting the uncertainty and directing people to her network’s 9pm newscast.

While CNN is certainly not a impeccable news source, her message seemed accurate for a lot of people. It stands as one of the broadcasters where you can find reality-based and mostly reliable reporting – notably during fast-moving events such as the one unfolding near a New Hampshire storage facility.

A Precarious Position During a Corporate Battle

Yet CNN, now four and a half decades old, finds itself in a precarious position as two giant media conglomerates battle over ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the fate of CNN has turned into a high-risk game of corporate ownership, rather than as a question of what benefits the news-consuming public.

“This is yet another example of the deep structural problems with roots in many years of regulatory actions,” said Victor Pickard, writer of “Democracy Without Journalism?” and a academic specializing in media policy at the Pennsylvania University.

The debate about who will own Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – fails to grasp 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 societal benefit,” Pickard added.

The Additional Element: The Former President

The CNN scenario is complicated by Donald Trump’s views about a network he has long portrayed as perhaps his primary “fake news” adversary.

Think back to the shouts of “CNN sucks!” at the president’s rallies, his administration's retaliatory suspension of reporter Jim Acosta’s press credentials, or his clashes with Collins in official meetings.

Trump now says that CNN needs new ownership. Many see this as a desire for ownership that will protect him from criticism and scrutiny. That is one reason why he appears to come down on the side of Paramount Skydance, which has made a aggressive takeover attempt.

He has grounds to favor 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.

Paramount, parent of CBS News, also recently appointed the right-leaning Bari Weiss, known for her “anti-woke” beliefs, as the lead editor of that historic news network.

A Possibility of Further Uncertainty

It is important to note, if Netflix wins, CNN and other cable outlets would first be spun off into a independent unit. This might be a welcome development to many at the network, but it’s far from a guarantee of stability. That arrangement could position CNN for yet another acquisition. It never ends.

If you ask Timothy Wu, much of this is against the law, anyway. The well-known analyst of big tech’s dominance stated that competition laws should block both deals.

“Each proposed deal would be detrimental to the country, and both should be challenged by the government,” Wu stated.

The Core Problem and a Way Ahead

No matter the outcome regarding CNN, the bigger problem endures.

“The present media landscape is a profoundly structure that undermines democracy, but we ought not succumb to the belief that change is impossible,” Pickard emphasized. Policy decisions – from the 1930s and 1940s – helped to build this profit-obsessed monster, and revised policy decisions can address it.

Will that happen in an era where the top communications regulator will not confirm that the agency is independent? Reform is a distant prospect now, but that is not to say it will be impossible forever.

Policies that bolster independent news organizations, reinforce local journalism, fund public media, and outlaw the consolidation of media power in too few hands are within reach – they are vital for a healthy democracy.

When it comes to media ownership, size does not equal quality. And news organizations like CNN cannot be pieces in the latest merger game.