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Late Thursday, while unconfirmed reports spread concerning the Brown University gunman, the network's Kaitlan Collins took to social media, pointing out the conflicting information and pointing viewers to her channel's 9pm newscast.

Even though CNN is certainly not a flawless news source, her words resonated for numerous observers. It remains one of the organizations where there exists fact-based and largely trustworthy reporting – especially during fast-moving events like the one taking place near a New Hampshire storage facility.

An Uncertain Position During a Business Battle

But CNN, now middle-aged, finds itself in a uncertain state as two huge media corporations compete for ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the future of CNN has been drawn into a high-risk game of mergers and acquisitions, instead of as a question of what benefits the information-seeking public.

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

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 business story with influential figures as the protagonists, but there is scant discussion of the public interest,” Pickard said.

The Additional Element: The Former President

This situation is complicated by Donald Trump’s opinions about a network he has frequently denounced as perhaps his main “fake news” antagonist.

Recall the chants of “CNN sucks!” at Trump's rallies, his team's disciplinary revocation of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in White House briefings.

Trump now says that CNN needs new ownership. This can be interpreted as ownership that will shield him from negative coverage and examination. That is part of why he seems to favor Paramount Skydance, which has made a aggressive takeover attempt.

Trump has reason to prefer that company more. For one thing, it is controlled by David Ellison, son of the Trump-friendly Larry Ellison, one of the world’s richest people.

Paramount, owner of CBS News, also recently placed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the lead editor of that storied news network.

A Future of Continued Turmoil

It is important to note, if Netflix prevails, CNN and other cable outlets would first be carved out into a standalone company. This might be a welcome development to many at the network, but it’s far from a guarantee of stability. That arrangement could position CNN for a future sale. There is no finish line.

If you ask Timothy Wu, much of this is a violation of antitrust statutes, anyway. The influential voice of big tech’s dominance wrote recently that anti-trust laws should disallow both deals.

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

The Fundamental Challenge and a Way Ahead

Whatever happens in this situation, the underlying crisis remains.

“Our current system is a very anti-democratic system, but we shouldn’t give in to a sense of powerlessness,” Pickard emphasized. Regulatory choices – dating back to the 1930s and 1940s – helped to foster this hyper-commercialized monster, and different policy decisions can fix it.

Can reform occur in an era where the head of the FCC refuses to acknowledge that the agency is independent? Change is a distant prospect now, but that doesn’t mean it will be impossible forever.

Measures that strengthen independent news organizations, reinforce local journalism, fund public media, and prohibit the consolidation of media power in very few hands are achievable – they are essential for a robust democracy.

Regarding media ownership, bigger isn’t better. And news organizations including CNN shouldn’t be pieces in the most recent corporate chess match.