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On Thursday evening, as rumors swirled about the Brown University gunman, CNN’s Kaitlan Collins took to social media, highlighting the uncertainty and pointing viewers to her channel's 9pm newscast.

While the network is hardly a perfect news source, her statement rang true to many. It remains one of the outlets where there exists grounded and largely dependable reporting – particularly during breaking news situations like the one developing close to a New Hampshire storage facility.

A Vulnerable Situation Amid a Business Battle

However CNN, now four and a half decades old, finds itself in a precarious situation as two huge media conglomerates battle over ownership of its parent company, Warner Bros Discovery.

Regardless of who wins, the destiny of CNN has turned into a high-stakes game of corporate ownership, instead of as a question of what benefits the news-consuming public.

“This is yet another example of the profound systemic issues with origins in decades of regulatory actions,” stated Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the University of Pennsylvania.

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

“It is often framed as a corporate drama with key players as the central actors, but there is hardly any discussion of the common good,” Pickard explained.

The Complicating Element: The Former President

The CNN scenario is complicated by Donald Trump’s views about a network he has long portrayed as perhaps his chief “fake news” foe.

Think back to the cries of “CNN sucks!” at Trump's rallies, his administration’s punitive revocation of reporter Jim Acosta’s press credentials, or his clashes with Collins in White House briefings.

Trump now says that CNN needs new ownership. Many see this as a desire for ownership that will insulate him from criticism and scrutiny. That is part of why he appears to favor Paramount Skydance, which has made a aggressive takeover attempt.

He has grounds to like that company more. For one thing, it is run by David Ellison, son of the ally of Trump Larry Ellison, one of the world’s richest people.

The company, parent of CBS News, also recently installed the conservative Bari Weiss, known for her “anti-woke” beliefs, as the editor-in-chief of that storied news network.

A Future of Continued Instability

It is important to note, if Netflix prevails, CNN and other cable outlets would first be carved out into a separate entity. This might be a welcome development to many at the network, but it’s hardly a secure position. That setup could pave the way for CNN for yet another acquisition. It never ends.

If you ask Timothy Wu, a great deal of this is against the law, anyway. The prominent critic of big tech’s dominance stated that anti-trust laws should disallow both deals.

“Either merger would be detrimental to the country, and both should be opposed by regulators,” Wu stated.

The Fundamental Problem and a Way Ahead

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

“The present media landscape is a profoundly structure that undermines democracy, but we must resist learned helplessness,” Pickard noted. Government actions – from the 1930s and 1940s – helped to build this hyper-commercialized monster, and new policy decisions can tackle it.

Will that happen in an era where the Federal Communications Commission chair refuses to acknowledge that the agency is independent? Overhaul is a distant prospect now, but that is not to say it will never happen.

Initiatives that strengthen independent news organizations, aid local journalism, finance public media, and prohibit the concentration of media power in a handful of hands are not only possible – they are essential for a functioning democracy.

When it comes to media ownership, larger is not superior. And news organizations including CNN must not be pieces in the latest corporate chess match.