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On Thursday evening, while unconfirmed reports spread regarding the Brown University gunman, CNN’s Kaitlan Collins posted on social media, noting the confusion and guiding the public to her channel's 9pm newscast.

While CNN is certainly not a impeccable news source, her statement resonated to many. It remains one of the broadcasters where one can locate reality-based and generally trustworthy reporting – notably during fast-moving events such as the one developing in the vicinity of a New Hampshire storage facility.

An Uncertain Situation During a High-Stakes Tug-of-War

However the news network, now middle-aged, finds itself in a precarious situation as two massive media empires vie for ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the future of CNN has turned into a high-risk game of corporate ownership, rather than as a question of what serves the news-consuming public.

“This is yet another example of the profound systemic issues with origins in many years of governmental choices,” said Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the Penn.

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

“It is often framed as a corporate drama with key players as the main characters, but there is hardly any discussion of the public interest,” Pickard said.

A Further Layer: Political Influence

This situation is complicated by Donald Trump’s views about a network he has consistently labeled as perhaps his primary “fake news” foe.

Remember the chants of “CNN sucks!” at his rallies, his administration’s punitive revocation of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in White House briefings.

Trump now says that the network requires new ownership. Many see this as a desire for ownership that will insulate him from journalistic oversight. That is part of why he appears to support Paramount Skydance, which has made a aggressive takeover attempt.

He has grounds to prefer that company more. For one thing, it is controlled by David Ellison, son of the ally of Trump Larry Ellison, one of the world’s richest people.

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

An Outcome of Continued Uncertainty

Significantly, if Netflix is successful, CNN and other cable outlets would first be separated into a independent unit. Such a move could be a relief to many at the network, but it’s hardly a guarantee of stability. That setup could pave the way for CNN for another sale. It never ends.

In the view of Timothy Wu, a great deal of this is a violation of antitrust statutes, anyway. The influential voice of big tech’s dominance recently argued that anti-trust laws should block both deals.

“Both acquisition attempts would be bad for the country, and both should be challenged by the government,” Wu argued.

The Fundamental Issue and a Potential Solution

Regardless of the resolution in this situation, the larger issue remains.

“The present media landscape is a very anti-democratic system, but we must resist learned helplessness,” Pickard said. Policy decisions – from the 1930s and 1940s – helped to foster this overly commercial monster, and new policy decisions can address it.

Is this likely in an era where the head of the FCC refuses to acknowledge that the agency is independent? Reform is very unlikely now, but that doesn’t mean it will be impossible forever.

Measures that strengthen independent news organizations, bolster local journalism, subsidize public media, and prevent the concentration of media power in very few hands are within reach – they are essential for a healthy democracy.

Regarding media ownership, bigger isn’t better. And news organizations such as CNN must not be pawns in the newest merger game.