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Late Thursday, while unconfirmed reports spread about the Brown University gunman, 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 statement seemed accurate to many. It is one of the organizations where there exists fact-based and largely reliable reporting – notably during breaking news situations such as the one developing in the vicinity of a New Hampshire storage facility.

An Uncertain Position Amid a Corporate Tug-of-War

But CNN, now 45 years old, finds itself in a precarious state as two massive media empires vie for ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the future of CNN has become part of a high-stakes game of corporate ownership, not as a question of what serves the information-seeking public.

“Here is one more case of the profound systemic issues with origins in decades of governmental choices,” said Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the Pennsylvania University.

The speculation about which company will control Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – overlooks a broader point.

“It gets presented as a corporate drama with powerful individuals as the protagonists, but there is hardly any discussion of the public interest,” Pickard explained.

The Additional Factor: Political Influence

This situation is further muddied by Donald Trump’s longstanding stance about a network he has consistently labeled as perhaps his chief “fake news” adversary.

Recall the cries of “CNN sucks!” at Trump's rallies, his administration’s punitive suspension of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in White House briefings.

Trump now asserts that CNN needs new ownership. Many see this as a desire for ownership that will shield him from criticism and scrutiny. That is part of why he appears to favor Paramount Skydance, which has made a aggressive takeover attempt.

There is a basis to prefer that company more. For one thing, it is controlled by David Ellison, son of the pro-Trump Larry Ellison, one of the world’s richest people.

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

An Outcome of Continued Instability

Significantly, if Netflix is successful, CNN and other cable outlets would first be spun off into a independent unit. Such a move could be a welcome development to many at the network, but it’s not exactly a safe harbor. That setup could set up CNN for another sale. It never ends.

In the view of Timothy Wu, a lot of this is illegal, anyway. The prominent critic of big tech’s dominance stated that competition laws should disallow both deals.

“Both acquisition attempts would be harmful to the country, and both should be contested by regulators,” Wu argued.

The Fundamental Challenge and a Path Forward

Whatever happens with this particular battle, the underlying crisis endures.

“Our current system is a highly system hostile to democracy, but we must resist learned helplessness,” Pickard emphasized. Regulatory choices – originating in the 1930s and 1940s – helped to foster this hyper-commercialized monster, and new policy decisions can address it.

Is this likely in an era where the Federal Communications Commission chair refuses to acknowledge that the agency is independent? Overhaul is highly improbable now, but that doesn’t mean it will never happen.

Initiatives that bolster independent news organizations, aid local journalism, finance public media, and prevent the consolidation of media power in a handful of hands are not only possible – they are vital for a healthy democracy.

In the world of media ownership, larger is not superior. And news organizations like CNN cannot be pawns in the most recent acquisition battle.