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This past Thursday night, amid swirling speculation about an incident at Brown University, the network's Kaitlan Collins posted on social media, pointing out the conflicting information and directing people to her network’s 9pm newscast.

Although CNN is certainly not a impeccable news source, her words resonated for numerous observers. It stands as one of the outlets where there exists grounded and generally reliable reporting – especially during breaking news situations like the one taking place close to a New Hampshire storage facility.

A Vulnerable Position Amid a Business Battle

Yet CNN, now middle-aged, finds itself in a vulnerable state as two massive media empires vie for ownership of its parent company, Warner Bros Discovery.

No matter the result, the future of CNN has turned into a major game of business acquisition, rather than as a question of what serves the information-seeking public.

“This represents another instance of the deep structural problems with origins in decades of regulatory actions,” stated Victor Pickard, author of “Democracy Without Journalism?” and a professor of media policy at the Penn.

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

“The narrative is crafted as a financial tale with powerful individuals as the main characters, but there is scant discussion of the public interest,” Pickard said.

The Complicating Factor: Donald Trump

This situation is made more complex by Donald Trump’s views about a network he has long portrayed as perhaps his main “fake news” adversary.

Remember 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 press briefings.

Trump now claims that CNN needs new ownership. Many see this as a desire for ownership that will protect him from negative coverage and examination. That is one reason why he appears to come down on the side of Paramount Skydance, which has made a hostile bid.

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

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

A Possibility of Further Turmoil

It is important to note, if Netflix is successful, CNN and other cable outlets would first be spun off into a separate entity. That would be a welcome development to many at the network, but it’s not exactly a secure position. That arrangement could pave the way for CNN for a future sale. There is no finish line.

If you ask Timothy Wu, much of this is against the law, anyway. The well-known analyst of big tech’s dominance wrote recently that competition laws should disallow both deals.

“Either merger would be detrimental to the country, and both should be contested by regulators,” Wu recently wrote.

The Bigger Issue and a Path Forward

Whatever happens with this particular battle, the larger issue persists.

“The present media landscape is a highly anti-democratic system, but we must resist learned helplessness,” Pickard emphasized. Regulatory choices – dating back to the 1930s and 1940s – helped to create this profit-obsessed monster, and different policy decisions can tackle it.

Can reform occur in an era where the Federal Communications Commission chair refuses to acknowledge that the agency is independent? Overhaul is very unlikely now, but that should not imply it will never happen.

Policies that bolster independent news organizations, aid local journalism, subsidize public media, and prohibit the consolidation of media power in very few hands are achievable – they are vital for a functioning democracy.

When it comes to media ownership, larger is not superior. And news organizations like CNN shouldn’t be pieces in the latest corporate chess match.