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On Thursday evening, while unconfirmed reports spread concerning a shooting at Brown University, CNN’s Kaitlan Collins used 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 statement resonated for numerous observers. It remains one of the organizations where one can locate reality-based and largely reliable reporting – especially during crises such as the one unfolding close to a New Hampshire storage facility.

An Uncertain Position Amid a Business Battle

Yet CNN, now middle-aged, finds itself in a vulnerable position as two huge media corporations vie for ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the fate of CNN has been drawn into a major game of business acquisition, instead of as a question of what helps the information-seeking public.

“Here is one more case of the fundamental flaws with roots in decades of regulatory actions,” said Victor Pickard, author of “Democracy Without Journalism?” and a professor of media policy at the Pennsylvania University.

The debate about the future owner of Warner Bros Discovery – will it be Netflix or Paramount Skydance? – overlooks a broader point.

“The narrative is crafted as a financial tale with influential figures as the central actors, but there is very little discussion of the common good,” Pickard explained.

The Complicating Layer: The Former President

The CNN scenario is further muddied by Donald Trump’s opinions about a network he has frequently denounced as perhaps his primary “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 press briefings.

Trump now says that the network requires new ownership. You can read that as ownership that will shield him from negative coverage and examination. That is a factor in why he seems to favor Paramount Skydance, which has made a unsolicited offer.

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

Paramount, parent of CBS News, also recently installed the right-leaning Bari Weiss, famous for her “anti-woke” beliefs, as the editor-in-chief 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 independent unit. This might be a relief to many at the network, but it’s hardly a secure position. That setup could set up CNN for a future sale. It never ends.

According to Timothy Wu, a lot of this is a violation of antitrust statutes, anyway. The influential voice of big tech’s dominance recently argued that anti-trust laws should disallow both deals.

“Both acquisition attempts would be bad for the country, and both should be opposed by regulators,” Wu recently wrote.

The Fundamental Problem and a Potential Solution

Whatever happens regarding CNN, the bigger problem remains.

“Our current system is a highly system hostile to democracy, but we ought not succumb to the belief that change is impossible,” Pickard said. Regulatory choices – originating in the 1930s and 1940s – helped to create this hyper-commercialized monster, and revised policy decisions can tackle it.

Is this likely in an era where the head of the FCC refuses to acknowledge that the agency is independent? Reform is highly improbable now, but that should not imply it will not happen in the future.

Measures that strengthen independent news organizations, aid local journalism, fund public media, and prevent the accumulation of media power in very few hands are within reach – they are essential for a robust democracy.

When it comes to media ownership, bigger isn’t better. And news organizations such as CNN must not be tools in the most recent acquisition battle.