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On Thursday evening, while unconfirmed reports spread concerning the Brown University gunman, CNN’s Kaitlan Collins posted on social media, noting the confusion and directing people to her channel's 9pm newscast.

Although it is by no means a impeccable news source, her message resonated to many. It remains one of the outlets where there exists grounded and generally dependable reporting – especially during breaking news situations like the one taking place close to a New Hampshire storage facility.

An Uncertain Position Amid a High-Stakes Struggle

Yet the news network, now 45 years old, finds itself in a vulnerable position as two giant media conglomerates vie for ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the future of CNN has turned into a major game of corporate ownership, not as a question of what helps the news-consuming public.

“Here is one more case of the profound systemic issues with origins in decades of policy decisions,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the Penn.

The speculation about who will own Warner Bros Discovery – will it be Netflix or Paramount Skydance? – misses a larger point.

“It is often framed as a financial tale with influential figures as the protagonists, but there is hardly any discussion of the societal benefit,” Pickard added.

A Further Layer: Donald Trump

The network's predicament is further muddied by Donald Trump’s opinions about a network he has consistently labeled as perhaps his main “fake news” foe.

Remember the shouts of “CNN sucks!” at the president’s rallies, his administration’s punitive withdrawal of reporter Jim Acosta’s press credentials, or his sparring with Collins in official meetings.

Trump now asserts that CNN needs new ownership. This can be interpreted as ownership that will shield him from criticism and scrutiny. That is part of why he appears to favor Paramount Skydance, which has made a hostile bid.

There is a basis to prefer that company more. For one thing, it is controlled by David Ellison, son of the ally of Trump Larry Ellison, one of the world’s richest people.

Paramount, owner of CBS News, also recently appointed the right-leaning Bari Weiss, noted for her “anti-woke” beliefs, as the lead editor of that venerable news network.

A Future of Further Uncertainty

Significantly, if Netflix wins, CNN and other cable outlets would first be carved out into a standalone company. That would be a relief to many at the network, but it’s not exactly a secure position. That setup could pave the way for CNN for another sale. It never ends.

If you ask Timothy Wu, much of this is a violation of antitrust statutes, anyway. The well-known analyst of big tech’s dominance wrote recently that competition laws should disallow both deals.

“Both acquisition attempts would be harmful to the country, and both should be contested by regulators,” Wu recently wrote.

The Fundamental Challenge and a Way Ahead

Whatever happens regarding CNN, the bigger problem persists.

“Our current system is a very anti-democratic system, but we shouldn’t give in to learned helplessness,” Pickard emphasized. Regulatory choices – from the 1930s and 1940s – helped to create this overly commercial monster, and new policy decisions can fix it.

Is this likely in an era where the Federal Communications Commission chair won’t even affirm that the agency is independent? Overhaul is highly improbable now, but that should not imply it will be impossible forever.

Initiatives that strengthen independent news organizations, reinforce local journalism, subsidize public media, and prevent the concentration of media power in a handful of hands are not only possible – they are vital for a healthy democracy.

Regarding media ownership, size does not equal quality. And news organizations such as CNN shouldn’t be pawns in the latest merger game.