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Late Thursday, amid swirling speculation regarding the Brown University gunman, CNN’s Kaitlan Collins posted on social media, pointing out the conflicting information and pointing viewers to her channel's 9pm newscast.

Although it is by no means a flawless news source, her message resonated for a lot of people. It remains one of the broadcasters where there exists fact-based and generally reliable reporting – notably during fast-moving events like the one unfolding near a New Hampshire storage facility.

A Precarious State Amid a High-Stakes Struggle

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

Regardless of who wins, the destiny of CNN has been drawn into a high-stakes game of corporate ownership, rather than as a question of what helps the information-seeking public.

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

The debate about which company will control Warner Bros Discovery – will it be Netflix or Paramount Skydance? – overlooks a larger point.

“It is often framed as a corporate drama with influential figures as the central actors, but there is hardly any discussion of the societal benefit,” Pickard said.

A Further Layer: Political Influence

This situation is complicated by Donald Trump’s longstanding stance about a network he has consistently labeled as perhaps his main “fake news” foe.

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

Trump now claims that the network requires new ownership. This can be interpreted as ownership that will insulate him from journalistic oversight. That is a factor in why he appears to support Paramount Skydance, which has made a unsolicited offer.

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 appointed the right-leaning Bari Weiss, known for her “anti-woke” beliefs, as the lead editor of that storied news network.

A Future of More Turmoil

It is important to note, if Netflix wins, CNN and other cable outlets would first be spun off into a standalone company. This might be a relief to many at the network, but it’s hardly a safe harbor. That arrangement could set up CNN for another sale. There is no finish line.

If you ask Timothy Wu, a great deal of this is a violation of antitrust statutes, anyway. The prominent critic of big tech’s dominance recently argued that anti-trust laws should disallow both deals.

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

The Fundamental Problem and a Way Ahead

No matter the outcome with this particular battle, the underlying crisis remains.

“Our current system is a very system hostile to democracy, but we shouldn’t give in to a sense of powerlessness,” Pickard said. Policy decisions – from the 1930s and 1940s – helped to foster this hyper-commercialized monster, and different policy decisions can fix it.

Is this likely in an era where the top communications regulator refuses to acknowledge that the agency is independent? Reform is very unlikely now, but that is not to say it will be impossible forever.

Measures that support independent news organizations, aid local journalism, fund public media, and prevent the accumulation 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 such as CNN cannot be pawns in the newest merger game.