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On Thursday evening, as rumors swirled regarding an incident at Brown University, CNN’s Kaitlan Collins used social media, noting the confusion and directing people to her network’s 9pm newscast.

While CNN is certainly not a perfect news source, her words rang true to many. It remains one of the broadcasters where there exists grounded and largely dependable reporting – notably during breaking news situations like the one unfolding close to a New Hampshire storage facility.

A Precarious Position Amid a High-Stakes Struggle

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

Regardless of who wins, the fate of CNN has been drawn into a high-stakes game of corporate ownership, not as a question of what helps the news-consuming public.

“Here is one more case of the fundamental flaws with origins in decades of governmental choices,” said Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the Penn.

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

“It is often framed as a business story with powerful individuals as the protagonists, but there is very little discussion of the societal benefit,” Pickard said.

The Additional Element: Donald Trump

The CNN scenario is further muddied by Donald Trump’s views about a network he has consistently labeled as perhaps his main “fake news” antagonist.

Think back to the cries of “CNN sucks!” at the president’s rallies, his team's disciplinary revocation of reporter Jim Acosta’s press credentials, or his clashes with Collins in official meetings.

Trump now claims that CNN needs new ownership. Many see this as a desire for ownership that will insulate him from journalistic oversight. That is one reason why he seems to come down on the side of Paramount Skydance, which has made a hostile bid.

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

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

A Possibility of More Instability

It is important to note, if Netflix is successful, CNN and other cable outlets would first be carved out into a independent unit. This might be a relief to many at the network, but it’s not exactly a guarantee of stability. That arrangement could pave the way for CNN for a future sale. There is no finish line.

If you ask Timothy Wu, a great deal 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.

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

The Core Challenge and a Potential Solution

Regardless of the resolution with this particular battle, the underlying crisis persists.

“Our current system is a profoundly structure that undermines democracy, but we must resist the belief that change is impossible,” Pickard said. Government actions – dating back to the 1930s and 1940s – helped to foster this hyper-commercialized monster, and different policy decisions can address 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 doesn’t mean it will never happen.

Measures that support independent news organizations, bolster local journalism, fund public media, and prevent the concentration of media power in a handful of hands are achievable – they are necessary for a robust democracy.

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