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Late Thursday, while unconfirmed reports spread concerning the Brown University gunman, CNN’s Kaitlan Collins used social media, pointing out the conflicting information and directing people to her network’s 9pm newscast.

Although CNN is certainly not a perfect news source, her message resonated for numerous observers. It remains one of the organizations where one can locate fact-based and largely trustworthy reporting – notably during crises like the one unfolding in the vicinity of a New Hampshire storage facility.

A Precarious State Amid a High-Stakes Struggle

However CNN, now middle-aged, finds itself in a vulnerable position as two massive media corporations compete for ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the destiny of CNN has turned into a major game of business acquisition, rather than as a question of what benefits the information-seeking public.

“This is yet another example of the fundamental flaws with roots in many years of regulatory actions,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the Penn.

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

“It is often framed as a financial tale with powerful individuals as the main characters, but there is hardly any discussion of the common good,” Pickard added.

A Further Element: Donald Trump

The network's predicament is complicated by Donald Trump’s views about a network he has long portrayed as perhaps his chief “fake news” foe.

Remember the chants of “CNN sucks!” at the president’s rallies, his administration's retaliatory withdrawal of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in official meetings.

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

There is a basis to prefer that company 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, parent of CBS News, also recently placed the right-leaning Bari Weiss, known for her “anti-woke” beliefs, as the top editor of that storied news network.

A Possibility of Continued Turmoil

Notably, if Netflix wins, CNN and other cable outlets would first be carved out into a standalone company. Such a move could be a relief to many at the network, but it’s not exactly a guarantee of stability. That setup could position CNN for yet another acquisition. There is no finish line.

In the view of Timothy Wu, a great deal of this is illegal, anyway. The well-known analyst of big tech’s dominance wrote recently that anti-trust laws should prohibit both deals.

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

The Core Problem and a Potential Solution

No matter the outcome regarding CNN, the underlying crisis persists.

“The present media landscape is a profoundly structure that undermines democracy, but we shouldn’t give in to the belief that change is impossible,” Pickard emphasized. Regulatory choices – from the 1930s and 1940s – helped to foster this profit-obsessed monster, and different policy decisions can fix it.

Will that happen in an era where the Federal Communications Commission chair refuses to acknowledge that the agency is independent? Overhaul is very unlikely now, but that should not imply it will be impossible forever.

Policies that bolster independent news organizations, bolster local journalism, subsidize public media, and outlaw the accumulation of media power in a handful of hands are within reach – they are vital for a functioning democracy.

Regarding media ownership, size does not equal quality. And news organizations including CNN shouldn’t be pieces in the most recent merger game.