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

Even though it is by no means a impeccable news source, her words seemed accurate to many. It stands as one of the outlets where you can find fact-based and largely reliable reporting – especially during fast-moving events like the one taking place close to a New Hampshire storage facility.

A Vulnerable State During a High-Stakes Battle

But the news network, now 45 years old, finds itself in a uncertain position as two huge media corporations battle over ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the future of CNN has been drawn into a high-risk game of business acquisition, rather than as a question of what helps the information-seeking public.

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

The debate about who will own Warner Bros Discovery – could it be Netflix or Paramount Skydance? – fails to grasp a broader point.

“The narrative is crafted as a financial tale with powerful individuals as the central actors, but there is hardly any discussion of the societal benefit,” Pickard explained.

The Complicating Element: Political Influence

The network's predicament is made more complex by Donald Trump’s opinions about a network he has frequently denounced as perhaps his main “fake news” antagonist.

Recall the chants of “CNN sucks!” at his rallies, his team's disciplinary revocation of reporter Jim Acosta’s press credentials, or his clashes with Collins in White House briefings.

Trump now says that the network requires new ownership. This can be interpreted as ownership that will insulate him from journalistic oversight. That is a factor in why he appears to support Paramount Skydance, which has made a hostile bid.

Trump has reason to like that suitor 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 right-leaning Bari Weiss, famous for her “anti-woke” beliefs, as the editor-in-chief of that historic news network.

An Outcome of Continued Turmoil

Notably, 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 not exactly a safe harbor. That structure could position CNN for another sale. The cycle continues.

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

“Both acquisition attempts would be harmful to the country, and both should be opposed by the government,” Wu argued.

The Bigger Challenge and a Potential Solution

Regardless of the resolution regarding CNN, the bigger problem endures.

“The present media landscape is a highly system hostile to democracy, but we must resist the belief that change is impossible,” Pickard emphasized. Regulatory choices – dating back to the 1930s and 1940s – helped to create this overly commercial monster, and different policy decisions can tackle it.

Can reform occur in an era where the Federal Communications Commission chair won’t even affirm that the agency is independent? Change is very unlikely now, but that is not to say it will never happen.

Initiatives that strengthen independent news organizations, reinforce local journalism, subsidize public media, and outlaw the consolidation of media power in a handful of hands are within reach – they are necessary for a healthy democracy.

Regarding media ownership, bigger isn’t better. And news organizations such as CNN shouldn’t be pawns in the latest corporate chess match.