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Late Thursday, while unconfirmed reports spread about an incident at Brown University, the network's Kaitlan Collins took to social media, pointing out the conflicting information and guiding the public to her channel's 9pm newscast.

While it is by no means a flawless news source, her words rang true to many. It remains one of the outlets where there exists fact-based and mostly trustworthy reporting – notably during crises such as the one developing close to a New Hampshire storage facility.

A Vulnerable State Amid a High-Stakes Battle

Yet the news network, now 45 years old, finds itself in a uncertain situation as two massive media empires battle over ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the fate of CNN has turned into a high-stakes game of corporate ownership, not as a question of what benefits the news-consuming public.

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

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

“The narrative is crafted as a business story with key players as the main characters, but there is scant discussion of the public interest,” Pickard said.

The Complicating Layer: Political Influence

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

Remember the shouts of “CNN sucks!” at his rallies, his administration’s punitive suspension of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in press briefings.

Trump now claims that CNN needs new ownership. You can read that as ownership that will insulate him from negative coverage and examination. That is one reason why he appears to support Paramount Skydance, which has made a aggressive takeover attempt.

He has grounds to favor that bidder 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 historic news network.

A Future of More Instability

Notably, if Netflix is successful, CNN and other cable outlets would first be separated into a separate entity. That would be a relief to many at the network, but it’s not exactly a guarantee of stability. That structure could set up CNN for a future sale. It never ends.

If you ask Timothy Wu, a lot of this is a violation of antitrust statutes, anyway. The prominent critic of big tech’s dominance stated that anti-trust laws should prohibit both deals.

“Each proposed deal would be harmful to the country, and both should be challenged by regulators,” Wu argued.

The Fundamental Issue and a Path Forward

Whatever happens with this particular battle, the larger issue persists.

“The present media landscape is a very system hostile to democracy, but we shouldn’t give in to learned helplessness,” Pickard said. Regulatory choices – from the 1930s and 1940s – helped to create this profit-obsessed monster, and revised policy decisions can tackle 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 never happen.

Initiatives that support independent news organizations, bolster local journalism, subsidize public media, and outlaw the accumulation of media power in very few hands are not only possible – they are necessary for a functioning democracy.

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