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This past Thursday night, amid swirling speculation regarding an incident at Brown University, CNN’s Kaitlan Collins posted on social media, noting the confusion and pointing viewers to her network’s 9pm newscast.

While it is by no means a flawless news source, her words rang true for numerous observers. It is one of the broadcasters where one can locate grounded and mostly trustworthy reporting – notably during crises such as the one developing in the vicinity of a New Hampshire storage facility.

A Precarious Position Amid a High-Stakes Struggle

Yet CNN, now four and a half decades old, finds itself in a vulnerable state as two massive media conglomerates battle over ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the fate of CNN has become part of a high-risk game of corporate ownership, rather than as a question of what benefits the information-seeking public.

“This is yet another example of the deep structural problems with roots in many years of policy decisions,” stated Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the Pennsylvania University.

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

“The narrative is crafted as a business story with influential figures as the central actors, but there is scant discussion of the common good,” Pickard added.

The Complicating Factor: Donald Trump

This situation is further muddied by Donald Trump’s views about a network he has long portrayed as perhaps his chief “fake news” antagonist.

Recall the cries of “CNN sucks!” at the president’s rallies, his administration's retaliatory withdrawal of reporter Jim Acosta’s press credentials, or his clashes with Collins in press briefings.

Trump now asserts that the network requires new ownership. Many see this as a desire for ownership that will shield him from criticism and scrutiny. That is part of why he seems to support Paramount Skydance, which has made a hostile bid.

Trump has reason to favor that bidder more. For one thing, it is controlled 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 placed the conservative Bari Weiss, famous for her “anti-woke” beliefs, as the editor-in-chief of that historic news network.

An Outcome of More Turmoil

It is important to note, if Netflix wins, CNN and other cable outlets would first be spun off into a separate entity. That would be a relief to many at the network, but it’s hardly a guarantee of stability. That arrangement could position CNN for a future sale. There is no finish line.

If you ask Timothy Wu, a lot of this is a violation of antitrust statutes, anyway. The influential voice of big tech’s dominance wrote recently that competition laws should block both deals.

“Both acquisition attempts would be bad for the country, and both should be contested by regulators,” Wu stated.

The Core Issue and a Way Ahead

Regardless of the resolution with this particular battle, the bigger problem persists.

“What we have now is a highly system hostile to democracy, but we shouldn’t give in to learned helplessness,” Pickard noted. Regulatory choices – from 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 head of the FCC refuses to acknowledge that the agency is independent? Change is highly improbable now, but that is not to say it will be impossible forever.

Policies that strengthen independent news organizations, bolster local journalism, subsidize public media, and prohibit the accumulation of media power in a handful of hands are within reach – they are necessary for a healthy democracy.

Regarding media ownership, size does not equal quality. And news organizations including CNN must not be tools in the most recent acquisition battle.