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On Thursday evening, amid swirling speculation concerning a shooting at Brown University, the network's Kaitlan Collins used social media, noting the confusion and pointing viewers to her channel's 9pm newscast.

While CNN is certainly not a impeccable news source, her message resonated to many. It is one of the organizations where you can find grounded and mostly reliable reporting – especially during crises such as the one taking place in the vicinity of a New Hampshire storage facility.

A Vulnerable State During a Corporate Struggle

Yet the news network, now four and a half decades old, finds itself in a uncertain state as two massive media empires vie for ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the fate of CNN has been drawn into a high-risk game of corporate ownership, rather than as a question of what benefits the information-seeking public.

“This represents another instance of the profound systemic issues with origins in decades of regulatory actions,” noted Victor Pickard, author of “Democracy Without Journalism?” and a professor of media policy at the Penn.

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

“The narrative is crafted as a business story with influential figures as the protagonists, but there is hardly any discussion of the common good,” Pickard explained.

The Additional Element: Donald Trump

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

Recall the cries of “CNN sucks!” at his rallies, his administration’s punitive withdrawal of reporter Jim Acosta’s press credentials, or his clashes with Collins in White House briefings.

Trump now claims that CNN needs new ownership. Many see this as a desire for ownership that will protect him from negative coverage and examination. That is one reason why he seems to come down on the side of Paramount Skydance, which has made a unsolicited offer.

There is a basis to favor that bidder more. For one thing, it is controlled by David Ellison, son of the Trump-friendly Larry Ellison, one of the world’s richest people.

Paramount, parent 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 More Instability

Notably, if Netflix wins, CNN and other cable outlets would first be carved out into a independent unit. That would 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 a future sale. 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 stated that anti-trust laws should block both deals.

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

The Bigger Problem and a Path Forward

No matter the outcome in this situation, the bigger problem persists.

“What we have now is a profoundly system hostile to democracy, but we shouldn’t give in to the belief that change is impossible,” Pickard emphasized. Policy decisions – originating in the 1930s and 1940s – helped to foster this hyper-commercialized monster, and new 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? Change is a distant prospect now, but that is not to say it will never happen.

Initiatives that bolster independent news organizations, bolster local journalism, subsidize public media, and prohibit the accumulation of media power in a handful of hands are achievable – they are essential for a healthy democracy.

Regarding media ownership, size does not equal quality. And news organizations such as CNN must not be tools in the latest corporate chess match.