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Late Thursday, as rumors swirled about the Brown University gunman, CNN’s Kaitlan Collins posted on social media, pointing out the conflicting information and guiding the public to her channel's 9pm newscast.

Although the network is hardly a flawless news source, her message rang true to many. It is one of the outlets where there exists reality-based and mostly reliable reporting – especially during breaking news situations such as the one unfolding close to a New Hampshire storage facility.

An Uncertain Position Amid a High-Stakes Struggle

But CNN, now four and a half decades old, finds itself in a precarious position as two giant media conglomerates vie for ownership of its parent company, Warner Bros Discovery.

No matter the result, the fate of CNN has been drawn into a major game of business acquisition, instead of as a question of what benefits the news-consuming public.

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

The debate about which company will control Warner Bros Discovery – will it be Netflix or Paramount Skydance? – misses a broader point.

“It gets presented as a corporate drama with influential figures as the protagonists, but there is very little discussion of the societal benefit,” Pickard explained.

The Complicating Element: Donald Trump

The network's predicament is complicated by Donald Trump’s opinions about a network he has consistently labeled as perhaps his chief “fake news” adversary.

Recall the shouts of “CNN sucks!” at Trump'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 says that CNN needs new ownership. This can be interpreted as 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 hostile bid.

He has grounds to like that suitor more. For one thing, it is run 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 appointed the conservative Bari Weiss, known for her “anti-woke” beliefs, as the top editor of that historic news network.

A Possibility of Continued Uncertainty

Notably, if Netflix prevails, CNN and other cable outlets would first be spun off into a separate entity. Such a move could be a welcome development to many at the network, but it’s hardly a guarantee of stability. That arrangement could pave the way for CNN for yet another acquisition. The cycle continues.

In the view of Timothy Wu, much of this is a violation of antitrust statutes, anyway. The well-known analyst of big tech’s dominance stated that competition laws should disallow both deals.

“Either merger would be harmful to the country, and both should be contested by the government,” Wu argued.

The Bigger Challenge and a Path Forward

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

“What we have now is a highly structure that undermines democracy, but we shouldn’t give in to a sense of powerlessness,” Pickard emphasized. Policy decisions – from the 1930s and 1940s – helped to create this profit-obsessed monster, and different policy decisions can tackle it.

Can reform occur in an era where the head of the FCC won’t even affirm that the agency is independent? Overhaul is very unlikely now, but that should not imply it will be impossible forever.

Measures that strengthen independent news organizations, aid local journalism, fund public media, and prevent the concentration of media power in too few hands are achievable – they are essential for a functioning democracy.

When it comes to media ownership, bigger isn’t better. And news organizations such as CNN shouldn’t be pieces in the newest acquisition battle.