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On Thursday evening, amid swirling speculation regarding the Brown University gunman, the network's Kaitlan Collins used social media, highlighting the uncertainty and guiding the public to her channel's 9pm newscast.

Although the network is hardly a impeccable news source, her words rang true for numerous observers. It stands as one of the outlets where one can locate reality-based and largely dependable reporting – notably during fast-moving events such as the one unfolding near a New Hampshire storage facility.

A Precarious Situation During a Corporate Struggle

Yet the news network, now four and a half decades old, finds itself in a precarious position as two massive media corporations battle over ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the future of CNN has turned into a high-risk game of corporate ownership, rather than as a question of what serves the news-consuming public.

“This represents another instance of the profound systemic issues with roots in decades of governmental choices,” noted Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the University of Pennsylvania.

The conjecture about who will own Warner Bros Discovery – will it be Netflix or Paramount Skydance? – misses a more important point.

“The narrative is crafted as a business story with key players as the central actors, but there is very little discussion of the societal benefit,” Pickard added.

A Further Factor: Political Influence

The CNN scenario is further muddied by Donald Trump’s longstanding stance about a network he has long portrayed as perhaps his main “fake news” foe.

Recall the shouts of “CNN sucks!” at the president’s rallies, his team's disciplinary withdrawal of reporter Jim Acosta’s press credentials, or his clashes with Collins in official meetings.

Trump now claims that the network requires new ownership. This can be interpreted as ownership that will protect him from journalistic oversight. That is a factor in why he appears to support Paramount Skydance, which has made a hostile bid.

He has grounds to favor that suitor 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 More Turmoil

It is important to note, if Netflix wins, CNN and other cable outlets would first be separated into a standalone company. Such a move could be a welcome development to many at the network, but it’s far from a safe harbor. That structure could position CNN for another sale. The cycle continues.

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

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

The Fundamental Challenge and a Path Forward

No matter the outcome in this situation, the larger issue remains.

“What we have now is a highly anti-democratic system, but we ought not succumb to a sense of powerlessness,” Pickard said. Regulatory choices – dating back to the 1930s and 1940s – helped to build this profit-obsessed monster, and different policy decisions can address it.

Is this likely in an era where the head of the FCC won’t even affirm that the agency is independent? Reform is highly improbable now, but that is not to say it will be impossible forever.

Initiatives that support independent news organizations, reinforce local journalism, subsidize public media, and prevent the consolidation of media power in a handful of hands are within reach – they are vital for a healthy democracy.

In the world of media ownership, larger is not superior. And news organizations such as CNN shouldn’t be pawns in the most recent corporate chess match.