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On Thursday evening, as rumors swirled about a shooting at Brown University, the network's Kaitlan Collins posted on social media, highlighting the uncertainty and pointing viewers to her network’s 9pm newscast.

Even though CNN is certainly not a impeccable news source, her words rang true to many. It stands as one of the broadcasters where one can locate fact-based and largely reliable reporting – notably during crises like the one developing close to a New Hampshire storage facility.

A Precarious State Amid a Business Tug-of-War

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

No matter the result, the future of CNN has been drawn into a high-stakes game of corporate ownership, instead of as a question of what helps the information-seeking public.

“Here is one more case of the deep structural problems with roots in many years of policy decisions,” said Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the Penn.

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

“It is often framed as a business story with key players as the main characters, but there is very little discussion of the public interest,” Pickard said.

The Complicating Element: Donald Trump

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

Recall the cries of “CNN sucks!” at his rallies, his administration's retaliatory revocation of reporter Jim Acosta’s press credentials, or his clashes with Collins in official meetings.

Trump now claims that the network requires new ownership. This can be interpreted as ownership that will insulate him from negative coverage and examination. 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 led 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 right-leaning Bari Weiss, noted for her “anti-woke” beliefs, as the top editor of that venerable news network.

A Future of Continued Turmoil

Significantly, if Netflix prevails, CNN and other cable outlets would first be separated into a standalone company. That would be a relief to many at the network, but it’s far from a secure position. That setup could pave the way for CNN for another sale. There is no finish line.

According to Timothy Wu, much of this is against the law, anyway. The prominent critic of big tech’s dominance stated that anti-trust laws should prohibit both deals.

“Either merger would be bad for the country, and both should be opposed by regulators,” Wu recently wrote.

The Core Issue and a Way Ahead

No matter the outcome regarding CNN, the larger issue endures.

“The present media landscape is a highly system hostile to democracy, but we ought not succumb to a sense of powerlessness,” Pickard emphasized. Regulatory choices – dating back to the 1930s and 1940s – helped to foster this profit-obsessed monster, and different policy decisions can address it.

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

Initiatives that strengthen independent news organizations, reinforce local journalism, finance public media, and prevent the accumulation of media power in too few hands are not only possible – they are vital for a robust democracy.

In the world of media ownership, bigger isn’t better. And news organizations such as CNN must not be pawns in the most recent merger game.