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On Thursday evening, amid swirling speculation about a shooting at Brown University, CNN’s Kaitlan Collins posted on social media, noting the confusion and directing people to her network’s 9pm newscast.

While it is by no means a impeccable news source, her message seemed accurate for numerous observers. It remains one of the outlets where you can find reality-based and largely dependable reporting – especially during fast-moving events like the one developing close to a New Hampshire storage facility.

A Vulnerable Position During a Business Battle

However CNN, now middle-aged, finds itself in a uncertain situation as two massive media corporations compete for ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the fate of CNN has become part of a high-risk game of mergers and acquisitions, instead of as a question of what helps the news-consuming public.

“This represents another instance of the profound systemic issues with roots in decades of regulatory actions,” stated Victor Pickard, writer of “Democracy Without Journalism?” and a academic specializing in media policy at the Penn.

The conjecture about who will own Warner Bros Discovery – will it be Netflix or Paramount Skydance? – fails to grasp a larger point.

“The narrative is crafted as a corporate drama with key players as the central actors, but there is very little discussion of the common good,” Pickard added.

A Further Factor: Donald Trump

The CNN scenario is complicated by Donald Trump’s views about a network he has consistently labeled as perhaps his primary “fake news” adversary.

Recall the shouts of “CNN sucks!” at his rallies, his team's disciplinary withdrawal of reporter Jim Acosta’s press credentials, or his clashes with Collins in official meetings.

Trump now claims that the network requires new ownership. You can read that as ownership that will insulate him from negative coverage and examination. That is one reason why he appears to support Paramount Skydance, which has made a hostile bid.

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

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

A Future of Continued Uncertainty

Significantly, if Netflix wins, CNN and other cable outlets would first be separated into a separate entity. Such a move could be a relief to many at the network, but it’s hardly a guarantee of stability. That setup could pave the way for CNN for another sale. The cycle continues.

If you ask Timothy Wu, a lot of this is a violation of antitrust statutes, anyway. The prominent critic of big tech’s dominance recently argued that competition laws should prohibit both deals.

“Each proposed deal would be bad for the country, and both should be opposed by the government,” Wu recently wrote.

The Fundamental Issue and a Way Ahead

Regardless of the resolution in this situation, the underlying crisis endures.

“The present media landscape is a very structure that undermines democracy, but we must resist the belief that change is impossible,” Pickard said. Policy decisions – originating in the 1930s and 1940s – helped to create this hyper-commercialized monster, and new policy decisions can fix it.

Can reform occur in an era where the Federal Communications Commission chair won’t even affirm that the agency is independent? Overhaul is very unlikely now, but that doesn’t mean it will never happen.

Policies that support independent news organizations, aid local journalism, finance public media, and prevent the consolidation of media power in too few hands are within reach – they are essential for a functioning democracy.

Regarding media ownership, bigger isn’t better. And news organizations including CNN must not be pawns in the most recent corporate chess match.