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On Thursday evening, as rumors swirled about the Brown University gunman, CNN’s Kaitlan Collins took to social media, highlighting the uncertainty and guiding the public to her channel's 9pm newscast.

Even though it is by no means a flawless news source, her message rang true for numerous observers. It is one of the organizations where one can locate fact-based and largely trustworthy reporting – especially during fast-moving events like the one taking place in the vicinity of a New Hampshire storage facility.

A Vulnerable State During a Corporate Battle

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

Whatever the outcome, the future of CNN has turned into a major game of business acquisition, rather than as a question of what helps the information-seeking public.

“Here is one more case of the profound systemic issues with roots in many years of governmental choices,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a academic specializing in media policy at the Penn.

The debate about the future owner of Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – misses a more important point.

“The narrative is crafted as a corporate drama with influential figures as the central actors, but there is scant discussion of the public interest,” Pickard said.

The Additional Element: Political Influence

The CNN scenario is made more complex by Donald Trump’s opinions about a network he has frequently denounced as perhaps his primary “fake news” adversary.

Think back to the chants of “CNN sucks!” at the president’s rallies, his administration’s punitive suspension of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in official meetings.

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

He has grounds to prefer that bidder more. For one thing, it is led by David Ellison, son of the pro-Trump Larry Ellison, one of the world’s richest people.

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

A Future of Continued Uncertainty

Notably, if Netflix is successful, CNN and other cable outlets would first be spun off into a standalone company. That would be a relief to many at the network, but it’s not exactly a safe harbor. That setup could set up CNN for a future sale. There is no finish line.

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

“Either merger would be bad for the country, and both should be opposed by regulators,” Wu stated.

The Bigger Issue and a Path Forward

Whatever happens in this situation, the bigger problem persists.

“What we have now is a highly anti-democratic system, but we ought not succumb to learned helplessness,” Pickard noted. Policy decisions – dating back to the 1930s and 1940s – helped to create this hyper-commercialized monster, and revised policy decisions can fix it.

Can reform occur 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 not happen in the future.

Policies that support independent news organizations, reinforce local journalism, fund public media, and prohibit the consolidation of media power in a handful of hands are within reach – they are essential for a functioning democracy.

When it comes to media ownership, larger is not superior. And news organizations including CNN shouldn’t be tools in the latest corporate chess match.