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Late Thursday, amid swirling speculation concerning the Brown University gunman, CNN’s Kaitlan Collins posted on social media, noting the confusion and guiding the public to her network’s 9pm newscast.

While it is by no means a perfect news source, her message resonated for a lot of people. It is one of the outlets where there exists grounded and generally reliable reporting – notably during breaking news situations such as the one developing in the vicinity of a New Hampshire storage facility.

A Vulnerable Situation Amid a Corporate Struggle

Yet CNN, now four and a half decades old, finds itself in a uncertain state as two massive media conglomerates compete for ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the destiny of CNN has become part of a high-risk game of business acquisition, rather than as a question of what serves the information-seeking public.

“This is yet another example of the deep structural problems with roots in decades of policy decisions,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a academic specializing in media policy at the University of Pennsylvania.

The conjecture about the future owner of Warner Bros Discovery – could it be Netflix or Paramount Skydance? – misses a larger point.

“It gets presented as a corporate drama with powerful individuals as the main characters, but there is hardly any discussion of the societal benefit,” Pickard explained.

The Complicating Layer: Donald Trump

This situation is complicated by Donald Trump’s opinions about a network he has long portrayed as perhaps his main “fake news” antagonist.

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

Trump now claims that CNN needs new ownership. Many see this as a desire for ownership that will shield him from journalistic oversight. That is a factor in why he seems to favor Paramount Skydance, which has made a aggressive takeover attempt.

Trump has reason to favor that suitor 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, parent of CBS News, also recently appointed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the editor-in-chief of that storied news network.

An Outcome of More Turmoil

It is important to note, if Netflix prevails, CNN and other cable outlets would first be carved out into a independent unit. This might be a relief to many at the network, but it’s far from a guarantee of stability. That arrangement could pave the way for CNN for a future sale. The cycle continues.

If you ask Timothy Wu, a great deal of this is against the law, anyway. The well-known analyst of big tech’s dominance wrote recently that competition laws should block both deals.

“Each proposed deal would be harmful to the country, and both should be opposed by the government,” Wu stated.

The Bigger Challenge and a Way Ahead

Regardless of the resolution in this situation, the bigger problem endures.

“The present media landscape is a very anti-democratic system, but we shouldn’t give in to the belief that change is impossible,” Pickard said. Regulatory choices – originating in the 1930s and 1940s – helped to create this overly commercial monster, and revised policy decisions can tackle it.

Can reform occur in an era where the head of the FCC won’t even affirm that the agency is independent? Change is highly improbable now, but that is not to say it will be impossible forever.

Policies that support independent news organizations, aid local journalism, subsidize public media, and prevent the concentration of media power in very few hands are achievable – they are essential for a functioning democracy.

When it comes to media ownership, size does not equal quality. And news organizations such as CNN must not be tools in the latest acquisition battle.