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

While it is by no means a perfect news source, her message rang true for numerous observers. It remains one of the broadcasters where there exists fact-based and largely trustworthy reporting – particularly during fast-moving events like the one unfolding in the vicinity of a New Hampshire storage facility.

A Vulnerable Position Amid a Business Struggle

But the news network, now 45 years old, finds itself in a vulnerable situation as two huge media conglomerates battle over ownership of its parent company, Warner Bros Discovery.

Regardless of who wins, the fate of CNN has turned into a high-stakes game of business acquisition, rather than as a question of what benefits the news-consuming public.

“This is yet another example of the fundamental flaws with origins in decades of governmental choices,” said Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the University of Pennsylvania.

The speculation about which company will control Warner Bros Discovery – could it be Netflix or Paramount Skydance? – misses a larger point.

“The narrative is crafted as a business story with key players as the central actors, but there is very little discussion of the societal benefit,” Pickard explained.

A Further Element: Political Influence

The network's predicament is made more complex by Donald Trump’s longstanding stance about a network he has consistently labeled as perhaps his chief “fake news” foe.

Think back to the shouts of “CNN sucks!” at the president’s rallies, his administration's retaliatory suspension of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in White House briefings.

Trump now asserts that the network requires new ownership. This can be interpreted as ownership that will insulate him from criticism and scrutiny. That is one reason why he appears to favor Paramount Skydance, which has made a hostile bid.

There is a basis to prefer 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, 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 Further Instability

It is important to note, if Netflix wins, CNN and other cable outlets would first be separated into a separate entity. That would be a welcome development to many at the network, but it’s hardly a guarantee of stability. That arrangement could pave the way for CNN for a future sale. There is no finish line.

According to Timothy Wu, a lot of this is against the law, anyway. The influential voice of big tech’s dominance stated that competition laws should block both deals.

“Either merger would be bad for the country, and both should be opposed by anti-trust authorities,” Wu argued.

The Fundamental Problem and a Potential Solution

Whatever happens regarding CNN, the bigger problem remains.

“The present media landscape is a very anti-democratic system, but we ought not succumb to the belief that change is impossible,” Pickard said. Regulatory choices – from the 1930s and 1940s – helped to build this hyper-commercialized monster, and different policy decisions can fix it.

Can reform occur in an era where the Federal Communications Commission chair refuses to acknowledge that the agency is independent? Reform is a distant prospect now, but that doesn’t mean it will be impossible forever.

Policies that bolster independent news organizations, aid local journalism, subsidize public media, and prevent the concentration of media power in a handful of hands are not only possible – they are essential for a healthy democracy.

In the world of media ownership, larger is not superior. And news organizations such as CNN must not be pieces in the most recent corporate chess match.