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Late Thursday, as rumors swirled about the Brown University gunman, the network's Kaitlan Collins used social media, highlighting the uncertainty and pointing viewers to her channel's 9pm newscast.

Even though it is by no means a impeccable news source, her statement seemed accurate for numerous observers. It is one of the outlets where you can find reality-based and generally dependable reporting – particularly during crises like the one developing close to a New Hampshire storage facility.

A Vulnerable Position Amid a Corporate Tug-of-War

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

No matter the result, the future of CNN has turned into a high-risk game of business acquisition, not as a question of what benefits the information-seeking public.

“This represents another instance of the fundamental flaws with roots in many years of policy decisions,” noted Victor Pickard, author of “Democracy Without Journalism?” and a professor of media policy at the Penn.

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

“It is often framed as a business story with powerful individuals as the central actors, but there is very little discussion of the societal benefit,” Pickard explained.

The Complicating Factor: The Former President

This situation is made more complex by Donald Trump’s longstanding stance about a network he has long portrayed as perhaps his chief “fake news” antagonist.

Think back to the cries of “CNN sucks!” at the president’s rallies, his team's disciplinary revocation of reporter Jim Acosta’s press credentials, or his sparring with Collins in press briefings.

Trump now claims that CNN needs new ownership. You can read that as ownership that will protect him from negative coverage and examination. That is one reason why he seems to favor Paramount Skydance, which has made a unsolicited offer.

He has grounds to prefer that company more. For one thing, it is controlled by David Ellison, son of the pro-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 top editor of that historic news network.

An Outcome of Continued Uncertainty

Notably, if Netflix prevails, CNN and other cable outlets would first be spun off into a standalone company. That would be a welcome development to many at the network, but it’s hardly a guarantee of stability. That structure could position CNN for yet another acquisition. There is no finish line.

In the view of Timothy Wu, a great deal of this is a violation of antitrust statutes, anyway. The well-known analyst of big tech’s dominance stated that anti-trust laws should disallow both deals.

“Both acquisition attempts would be bad for the country, and both should be opposed by the government,” Wu argued.

The Fundamental Issue and a Way Ahead

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

“The present media landscape is a highly structure that undermines democracy, but we shouldn’t give in to learned helplessness,” Pickard said. Regulatory choices – originating in the 1930s and 1940s – helped to create this hyper-commercialized monster, and different policy decisions can address it.

Can reform occur in an era where the head of the FCC won’t even affirm that the agency is independent? Reform is a distant prospect now, but that should not imply it will never happen.

Measures that bolster independent news organizations, aid local journalism, fund public media, and prevent the consolidation of media power in a handful of hands are not only possible – they are vital for a healthy democracy.

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