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On Thursday evening, amid swirling speculation concerning a shooting at Brown University, the network's Kaitlan Collins took to social media, highlighting the uncertainty and directing people to her network’s 9pm newscast.

Even though it is by no means a perfect news source, her message seemed accurate to many. It remains one of the outlets where one can locate reality-based and mostly dependable reporting – notably during crises such as the one developing near a New Hampshire storage facility.

A Precarious Situation During a Corporate Tug-of-War

But CNN, now four and a half decades old, finds itself in a precarious position as two giant media empires compete for ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the destiny of CNN has been drawn into a major game of corporate ownership, instead of as a question of what serves the information-seeking public.

“Here is one more case of the deep structural problems with roots in decades of governmental choices,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a academic specializing in media policy at the University of Pennsylvania.

The speculation about who will own Warner Bros Discovery – could it be Netflix or Paramount Skydance? – fails to grasp a larger point.

“The narrative is crafted as a business story with powerful individuals as the central actors, but there is very little discussion of the public interest,” Pickard explained.

A Further Element: Donald Trump

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

Remember the cries of “CNN sucks!” at his rallies, his team's disciplinary suspension of reporter Jim Acosta’s press credentials, or his clashes with Collins in press briefings.

Trump now says that the network requires new ownership. This can be interpreted as ownership that will insulate him from journalistic oversight. That is part of why he seems to support Paramount Skydance, which has made a aggressive takeover attempt.

There is a basis to prefer that bidder 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, owner of CBS News, also recently appointed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the top editor of that venerable news network.

A Possibility of Continued Uncertainty

Notably, if Netflix wins, CNN and other cable outlets would first be separated into a independent unit. That would be a welcome development to many at the network, but it’s not exactly a secure position. That structure could pave the way for CNN for yet another acquisition. It never ends.

In the view of Timothy Wu, much of this is a violation of antitrust statutes, anyway. The influential voice 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 argued.

The Bigger Issue and a Path Forward

Whatever happens in this situation, the underlying crisis persists.

“Our current system is a highly anti-democratic system, but we ought not succumb to the belief that change is impossible,” Pickard said. Policy decisions – dating back to the 1930s and 1940s – helped to foster this hyper-commercialized monster, and different policy decisions can fix it.

Will that happen in an era where the Federal Communications Commission chair refuses to acknowledge that the agency is independent? Reform is highly improbable now, but that should not imply it will be impossible forever.

Policies that bolster independent news organizations, bolster local journalism, subsidize public media, and outlaw the consolidation of media power in very few hands are not only possible – they are essential for a functioning democracy.

When it comes to media ownership, bigger isn’t better. And news organizations such as CNN must not be pieces in the newest merger game.