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On Thursday evening, as rumors swirled about an incident at Brown University, CNN’s Kaitlan Collins took to social media, highlighting the uncertainty and directing people to her network’s 9pm newscast.

Although it is by no means a flawless news source, her message rang true for numerous observers. It is one of the broadcasters where there exists grounded and largely trustworthy reporting – notably during breaking news situations such as the one unfolding close to a New Hampshire storage facility.

A Vulnerable Situation Amid a Corporate Tug-of-War

Yet CNN, now middle-aged, finds itself in a uncertain position as two giant media conglomerates compete for ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the future of CNN has turned into a high-stakes game of business acquisition, instead of as a question of what serves the news-consuming public.

“This represents another instance of the profound systemic issues with origins in many years of regulatory actions,” said Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the University of Pennsylvania.

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

“The narrative is crafted as a corporate drama with influential figures as the protagonists, but there is scant discussion of the societal benefit,” Pickard added.

The Additional Element: The Former President

The network's predicament is further muddied by Donald Trump’s longstanding stance about a network he has frequently denounced as perhaps his chief “fake news” adversary.

Think back to the chants of “CNN sucks!” at Trump'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 negative coverage and examination. That is one reason why he seems to favor Paramount Skydance, which has made a unsolicited offer.

There is a basis to like that bidder more. For one thing, it is led by David Ellison, son of the ally of Trump Larry Ellison, one of the world’s richest people.

Paramount, owner of CBS News, also recently installed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the editor-in-chief of that storied news network.

An Outcome of Further Turmoil

It is important to note, if Netflix wins, 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 hardly a safe harbor. That structure could position CNN for another sale. There is no finish line.

According to Timothy Wu, much of this is illegal, anyway. The influential voice 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 challenged by anti-trust authorities,” Wu stated.

The Core Problem and a Path Forward

Whatever happens with this particular battle, the bigger problem remains.

“The present media landscape is a highly structure that undermines democracy, but we shouldn’t give in to a sense of powerlessness,” Pickard emphasized. Regulatory choices – dating back to the 1930s and 1940s – helped to foster this hyper-commercialized monster, and new policy decisions can fix it.

Will that happen in an era where the top communications regulator refuses to acknowledge that the agency is independent? Overhaul is very unlikely now, but that is not to say it will not happen in the future.

Policies that bolster independent news organizations, aid local journalism, fund public media, and outlaw the consolidation of media power in a handful of hands are not only possible – they are essential for a healthy democracy.

When it comes to media ownership, size does not equal quality. And news organizations such as CNN shouldn’t be pawns in the latest corporate chess match.