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On Thursday evening, amid swirling speculation about an incident at Brown University, CNN’s Kaitlan Collins took to social media, pointing out the conflicting information and directing people to her network’s 9pm newscast.

Even though CNN is certainly not a impeccable news source, her statement rang true to many. It remains one of the outlets where one can locate grounded and largely trustworthy reporting – especially during crises such as the one unfolding in the vicinity of a New Hampshire storage facility.

A Precarious Position During a High-Stakes Battle

However the news network, now four and a half decades old, finds itself in a vulnerable position as two huge media conglomerates battle over ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the fate of CNN has become part of a high-stakes game of business acquisition, not as a question of what helps the information-seeking public.

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

The debate about who will own Warner Bros Discovery – could it be Netflix or Paramount Skydance? – overlooks a larger point.

“It gets presented as a corporate drama with powerful individuals as the main characters, but there is very little discussion of the common good,” Pickard said.

A Further Factor: The Former President

The network's predicament is further muddied by Donald Trump’s views about a network he has frequently denounced as perhaps his chief “fake news” adversary.

Remember the chants of “CNN sucks!” at his rallies, his administration’s punitive 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. Many see this as a desire for ownership that will insulate him from criticism and scrutiny. That is part of why he appears to support Paramount Skydance, which has made a unsolicited offer.

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

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

An Outcome of Continued Turmoil

It is important to note, if Netflix is successful, 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 secure position. That setup could pave the way for CNN for a future sale. There is no finish line.

If you ask Timothy Wu, a great deal of this is illegal, anyway. The prominent critic of big tech’s dominance stated that competition laws should disallow both deals.

“Either merger would be harmful to the country, and both should be challenged by regulators,” Wu stated.

The Fundamental Problem and a Way Ahead

Whatever happens in this situation, the bigger problem endures.

“What we have now is a highly system hostile to democracy, but we shouldn’t give in to a sense of powerlessness,” Pickard said. Policy decisions – originating in the 1930s and 1940s – helped to create this profit-obsessed monster, and revised policy decisions can tackle it.

Can reform occur in an era where the top communications regulator won’t even affirm that the agency is independent? Change is very unlikely now, but that is not to say it will not happen in the future.

Initiatives that bolster independent news organizations, bolster local journalism, finance public media, and prevent the accumulation of media power in very few hands are achievable – they are necessary for a healthy democracy.

When it comes to media ownership, size does not equal quality. And news organizations including CNN must not be pawns in the most recent corporate chess match.