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

Even though it is by no means a impeccable news source, her statement resonated to many. It remains one of the organizations where you can find grounded and largely dependable reporting – especially during crises such as the one unfolding in the vicinity of a New Hampshire storage facility.

A Vulnerable Situation During a High-Stakes Battle

Yet CNN, now 45 years old, finds itself in a vulnerable position as two giant media conglomerates vie for ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the future of CNN has been drawn into a high-risk game of corporate ownership, rather than as a question of what serves the news-consuming public.

“This represents another instance of the profound systemic issues with origins in decades of governmental choices,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the Pennsylvania University.

The speculation about the future owner of Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – fails to grasp a broader point.

“It is often framed as a business story with powerful individuals as the central actors, but there is very little discussion of the public interest,” Pickard said.

The Additional Factor: Donald Trump

This situation is made more complex by Donald Trump’s opinions about a network he has consistently labeled as perhaps his primary “fake news” antagonist.

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

Trump now asserts that CNN needs new ownership. Many see this as a desire for ownership that will shield him from journalistic oversight. That is part of why he appears to favor Paramount Skydance, which has made a hostile bid.

He has grounds to favor 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.

The company, parent of CBS News, also recently placed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the lead editor of that historic news network.

A Future of Continued Uncertainty

Significantly, if Netflix prevails, CNN and other cable outlets would first be separated into a independent unit. That would be a welcome development to many at the network, but it’s not exactly a safe harbor. That arrangement could position CNN for a future sale. There is no finish line.

According to Timothy Wu, a lot of this is a violation of antitrust statutes, anyway. The influential voice of big tech’s dominance recently argued that anti-trust laws should prohibit both deals.

“Each proposed deal would be bad for the country, and both should be contested by the government,” Wu recently wrote.

The Fundamental Problem and a Way Ahead

No matter the outcome regarding CNN, the larger issue endures.

“What we have now is a very system hostile to democracy, but we shouldn’t give in to the belief that change is impossible,” Pickard emphasized. Government actions – from the 1930s and 1940s – helped to foster this hyper-commercialized monster, and different policy decisions can tackle it.

Is this likely in an era where the Federal Communications Commission chair refuses to acknowledge that the agency is independent? Overhaul is a distant prospect now, but that is not to say it will not happen in the future.

Initiatives that bolster independent news organizations, reinforce local journalism, subsidize public media, and prevent the concentration of media power in too few hands are achievable – they are vital for a robust democracy.

In the world of media ownership, bigger isn’t better. And news organizations including CNN must not be tools in the newest merger game.