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

Even though CNN is certainly not a impeccable news source, her message rang true for numerous observers. It is one of the organizations where you can find grounded and largely reliable reporting – especially during fast-moving events such as the one taking place near a New Hampshire storage facility.

An Uncertain Position Amid a Corporate Tug-of-War

But the news network, now 45 years old, finds itself in a vulnerable situation as two massive media empires compete for ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the destiny of CNN has been drawn into a high-stakes game of mergers and acquisitions, rather than as a question of what benefits the news-consuming public.

“This is yet another example of the fundamental flaws with origins in decades of regulatory actions,” stated Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the Pennsylvania University.

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

“The narrative is crafted as a corporate drama with key players as the protagonists, but there is scant discussion of the societal benefit,” Pickard explained.

A Further Layer: Political Influence

The network's predicament is complicated by Donald Trump’s views about a network he has consistently labeled as perhaps his main “fake news” antagonist.

Think back to the shouts of “CNN sucks!” at the president’s rallies, his administration's retaliatory revocation of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in press briefings.

Trump now asserts that CNN needs 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 favor Paramount Skydance, which has made a aggressive takeover attempt.

There is a basis 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.

Paramount, parent of CBS News, also recently placed the conservative Bari Weiss, famous for her “anti-woke” beliefs, as the editor-in-chief of that venerable news network.

A Possibility of Continued Uncertainty

Notably, if Netflix wins, CNN and other cable outlets would first be spun off into a independent unit. That would be a welcome development to many at the network, but it’s hardly a guarantee of stability. That setup could set up CNN for a future sale. The cycle continues.

According to Timothy Wu, much of this is illegal, anyway. The well-known analyst of big tech’s dominance wrote recently that anti-trust laws should block both deals.

“Each proposed deal would be harmful to the country, and both should be opposed by the government,” Wu argued.

The Core Problem and a Path Forward

Whatever happens in this situation, the bigger problem persists.

“The present media landscape is a highly system hostile to democracy, but we must resist learned helplessness,” Pickard said. Regulatory choices – originating in the 1930s and 1940s – helped to foster this overly commercial monster, and new policy decisions can tackle it.

Can reform occur in an era where the head of the FCC won’t even affirm that the agency is independent? Overhaul is highly improbable now, but that should not imply it will be impossible forever.

Policies that strengthen independent news organizations, reinforce local journalism, fund public media, and prevent the accumulation of media power in too few hands are achievable – they are necessary for a functioning democracy.

When it comes to media ownership, larger is not superior. And news organizations including CNN cannot be tools in the most recent corporate chess match.