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Late Thursday, as rumors swirled about the Brown University gunman, CNN’s Kaitlan Collins took to social media, pointing out the conflicting information and guiding the public to her network’s 9pm newscast.

Although CNN is certainly not a flawless news source, her words seemed accurate for numerous observers. It remains one of the outlets where one can locate fact-based and generally dependable reporting – notably during crises like the one unfolding in the vicinity of a New Hampshire storage facility.

An Uncertain Position Amid a Corporate Battle

However CNN, now middle-aged, finds itself in a precarious situation as two giant media corporations compete for ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the destiny of CNN has become part of a high-risk game of corporate ownership, rather than 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 governmental choices,” noted Victor Pickard, author of “Democracy Without Journalism?” and a media policy professor at the Pennsylvania University.

The debate about the future owner of Warner Bros Discovery – could it be Netflix or Paramount Skydance? – fails to grasp a broader point.

“It is often framed as a corporate drama with powerful individuals as the main characters, but there is very little discussion of the public interest,” Pickard added.

The Complicating Element: The Former President

The CNN scenario is made more complex by Donald Trump’s opinions about a network he has long portrayed as perhaps his main “fake news” adversary.

Remember the chants of “CNN sucks!” at his rallies, his administration's retaliatory revocation of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in official meetings.

Trump now asserts 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 support Paramount Skydance, which has made a hostile bid.

He has grounds to like that suitor 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, parent of CBS News, also recently appointed the conservative 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 wins, CNN and other cable outlets would first be separated into a independent unit. Such a move could be a welcome development to many at the network, but it’s far from a safe harbor. That setup could position CNN for another sale. There is no finish line.

If you ask Timothy Wu, much of this is against the law, anyway. The influential voice of big tech’s dominance wrote recently that anti-trust laws should block both deals.

“Either merger would be harmful to the country, and both should be opposed by the government,” Wu argued.

The Fundamental Challenge and a Path Forward

Regardless of the resolution with this particular battle, the larger issue endures.

“The present media landscape is a very system hostile to democracy, but we must resist learned helplessness,” Pickard noted. Regulatory choices – dating back to the 1930s and 1940s – helped to build this profit-obsessed monster, and new policy decisions can fix it.

Will that happen in an era where the top communications regulator will not confirm that the agency is independent? Overhaul is very unlikely now, but that should not imply it will be impossible forever.

Policies that support independent news organizations, reinforce local journalism, finance public media, and prohibit the concentration of media power in very few hands are within reach – they are necessary for a robust democracy.

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