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On Thursday evening, amid swirling speculation about the Brown University gunman, the network's Kaitlan Collins posted on social media, pointing out the conflicting information and guiding the public to her channel's 9pm newscast.

While CNN is certainly not a impeccable news source, her statement seemed accurate for a lot of people. It is one of the outlets where there exists reality-based and largely trustworthy reporting – particularly during fast-moving events like the one unfolding near a New Hampshire storage facility.

A Vulnerable Situation During a High-Stakes Battle

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

No matter the result, the future of CNN has turned into a high-risk game of corporate ownership, not as a question of what serves the news-consuming public.

“This is yet another example of the deep structural problems with origins in many years of governmental choices,” stated Victor Pickard, author of “Democracy Without Journalism?” and a media policy professor at the Pennsylvania University.

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

“The narrative is crafted as a financial tale with influential figures as the main characters, but there is very little discussion of the common good,” Pickard explained.

The Complicating Element: The Former President

The CNN scenario is further muddied by Donald Trump’s opinions about a network he has long portrayed as perhaps his main “fake news” antagonist.

Recall the cries 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 press briefings.

Trump now claims that CNN needs new ownership. This can be interpreted as ownership that will shield him from negative coverage and examination. That is a factor in why he appears to favor Paramount Skydance, which has made a unsolicited offer.

Trump has reason to prefer that company more. For one thing, it is run 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 conservative Bari Weiss, famous for her “anti-woke” beliefs, as the lead editor of that venerable news network.

A Possibility of More Turmoil

Significantly, 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 not exactly a guarantee of stability. That arrangement could position CNN for yet another acquisition. There is no finish line.

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

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

The Core Issue and a Path Forward

Whatever happens regarding CNN, the bigger problem remains.

“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 said. Regulatory choices – originating in the 1930s and 1940s – helped to build this hyper-commercialized monster, and different policy decisions can address it.

Will that happen in an era where the Federal Communications Commission chair won’t even affirm that the agency is independent? Reform is highly improbable now, but that should not imply it will be impossible forever.

Measures that bolster independent news organizations, bolster local journalism, subsidize public media, and outlaw the accumulation of media power in too few hands are not only possible – they are vital for a healthy democracy.

When it comes to media ownership, bigger isn’t better. And news organizations including CNN must not be pieces in the newest corporate chess match.