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Late Thursday, while unconfirmed reports spread regarding the Brown University gunman, the network's Kaitlan Collins used social media, noting the confusion and guiding the public to her channel's 9pm newscast.

Even though it is by no means a flawless news source, her statement rang true to many. It stands as one of the outlets where one can locate fact-based and generally trustworthy reporting – particularly during fast-moving events such as the one developing in the vicinity of a New Hampshire storage facility.

An Uncertain State During a Corporate Struggle

However the news network, now middle-aged, finds itself in a vulnerable position as two giant media empires compete for ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the future of CNN has been drawn into a major game of corporate ownership, not as a question of what benefits the information-seeking public.

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

The speculation about which company will control Warner Bros Discovery – could it be Netflix or Paramount Skydance? – fails to grasp 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 common good,” Pickard explained.

The Additional Factor: Donald Trump

This situation is made more complex by Donald Trump’s opinions about a network he has long portrayed as perhaps his main “fake news” antagonist.

Recall the chants of “CNN sucks!” at Trump's rallies, his administration's retaliatory revocation of reporter Jim Acosta’s press credentials, or his clashes with Collins in official meetings.

Trump now asserts that CNN needs new ownership. You can read that as ownership that will insulate him from negative coverage and examination. That is a factor in why he seems to support Paramount Skydance, which has made a aggressive takeover attempt.

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

The company, parent of CBS News, also recently appointed the right-leaning Bari Weiss, famous for her “anti-woke” beliefs, as the lead editor of that storied news network.

An Outcome of More Instability

It is important to note, if Netflix wins, CNN and other cable outlets would first be spun off into a independent unit. That would be a welcome development to many at the network, but it’s not exactly a guarantee of stability. That setup could set up CNN for a future sale. There is no finish line.

If you ask Timothy Wu, a great deal of this is a violation of antitrust statutes, anyway. The well-known analyst of big tech’s dominance wrote recently that anti-trust laws should block both deals.

“Each proposed deal would be bad for the country, and both should be challenged by regulators,” Wu argued.

The Bigger Challenge and a Potential Solution

No matter the outcome with this particular battle, the larger issue remains.

“Our current system is a highly anti-democratic system, but we shouldn’t give in to a sense of powerlessness,” Pickard noted. Regulatory choices – originating in the 1930s and 1940s – helped to create this overly commercial monster, and different policy decisions can fix it.

Is this likely in an era where the top communications regulator will not confirm that the agency is independent? Reform is very unlikely now, but that is not to say it will be impossible forever.

Initiatives that strengthen independent news organizations, bolster local journalism, finance public media, and outlaw the accumulation of media power in too few hands are not only possible – they are vital for a healthy democracy.

In the world of media ownership, bigger isn’t better. And news organizations including CNN shouldn’t be tools in the newest merger game.