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Late Thursday, amid swirling speculation concerning an incident at Brown University, CNN’s Kaitlan Collins posted on social media, pointing out the conflicting information and pointing viewers to her network’s 9pm newscast.

While it is by no means a impeccable news source, her words resonated for numerous observers. It stands as one of the organizations where there exists grounded and generally trustworthy reporting – particularly during breaking news situations like the one taking place close to a New Hampshire storage facility.

An Uncertain Situation Amid a Corporate Struggle

Yet the news network, now four and a half decades old, finds itself in a vulnerable position as two huge media corporations battle over ownership of its parent company, Warner Bros Discovery.

Regardless of who wins, the destiny of CNN has become part of a high-risk game of corporate ownership, instead of as a question of what helps the news-consuming public.

“Here is one more case of the fundamental flaws with roots in many years of governmental choices,” noted Victor Pickard, author of “Democracy Without Journalism?” and a media policy professor at the University of Pennsylvania.

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

“It is often framed as a business story with key players as the main characters, but there is very little discussion of the societal benefit,” Pickard explained.

A Further Layer: Donald Trump

The network's predicament is complicated by Donald Trump’s views about a network he has consistently labeled as perhaps his chief “fake news” foe.

Recall the chants of “CNN sucks!” at his rallies, his administration's retaliatory suspension of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in White House briefings.

Trump now asserts that the network requires new ownership. This can be interpreted as ownership that will insulate him from negative coverage and examination. That is a factor in why he seems to come down on the side of Paramount Skydance, which has made a hostile bid.

Trump has reason to like that bidder more. For one thing, it is run by David Ellison, son of the Trump-friendly Larry Ellison, one of the world’s richest people.

Paramount, parent of CBS News, also recently installed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the lead editor of that historic news network.

An Outcome of More Turmoil

Significantly, if Netflix prevails, CNN and other cable outlets would first be spun off into a separate entity. Such a move could be a welcome development to many at the network, but it’s hardly a guarantee of stability. That structure could position CNN for a future sale. There is no finish line.

According to Timothy Wu, much of this is illegal, anyway. The well-known analyst of big tech’s dominance wrote recently that competition laws should prohibit both deals.

“Each proposed deal would be detrimental to the country, and both should be contested by regulators,” Wu recently wrote.

The Core Issue and a Way Ahead

Regardless of the resolution regarding CNN, the underlying crisis persists.

“Our current system is a profoundly anti-democratic system, but we must resist learned helplessness,” Pickard said. Policy decisions – dating back to the 1930s and 1940s – helped to foster this overly commercial monster, and new policy decisions can address it.

Can reform occur in an era where the top communications regulator will not confirm that the agency is independent? Overhaul is highly improbable now, but that doesn’t mean it will be impossible forever.

Measures that strengthen independent news organizations, reinforce local journalism, subsidize public media, and prevent the consolidation of media power in too few hands are achievable – they are necessary for a robust democracy.

Regarding media ownership, bigger isn’t better. And news organizations like CNN shouldn’t be pieces in the newest corporate chess match.