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This past Thursday night, while unconfirmed reports spread concerning a shooting at Brown University, CNN’s Kaitlan Collins took to social media, highlighting the uncertainty and pointing viewers to her channel's 9pm newscast.

Even though it is by no means a impeccable news source, her message seemed accurate to many. It stands as one of the outlets where there exists grounded and generally trustworthy reporting – notably during breaking news situations such as the one taking place close to a New Hampshire storage facility.

An Uncertain Position During a Business Tug-of-War

Yet the news network, now middle-aged, finds itself in a uncertain position as two huge media corporations vie for ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the destiny of CNN has turned into a high-stakes game of mergers and acquisitions, instead of as a question of what serves the news-consuming public.

“Here is one more case of the profound systemic issues with roots in many years of regulatory actions,” said Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the Pennsylvania University.

The speculation about who will own Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – overlooks a more important point.

“The narrative is crafted as a financial tale with powerful individuals as the main characters, but there is very little discussion of the public interest,” Pickard said.

A Further Factor: Donald Trump

This situation is further muddied by Donald Trump’s opinions about a network he has frequently denounced as perhaps his primary “fake news” foe.

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

Trump now says that the network requires new ownership. This can be interpreted as ownership that will shield him from criticism and scrutiny. That is part of why he appears to support Paramount Skydance, which has made a unsolicited offer.

Trump has reason to like 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.

Paramount, parent of CBS News, also recently appointed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the editor-in-chief of that storied news network.

A Future of Continued Uncertainty

Notably, if Netflix wins, CNN and other cable outlets would first be separated into a independent unit. This might be a welcome development to many at the network, but it’s not exactly a secure position. That setup could set up CNN for a future sale. It never ends.

According to Timothy Wu, much of this is illegal, anyway. The prominent critic of big tech’s dominance recently argued that competition laws should prohibit both deals.

“Both acquisition attempts would be detrimental to the country, and both should be opposed by the government,” Wu stated.

The Fundamental Challenge and a Way Ahead

No matter the outcome regarding CNN, the larger issue endures.

“What we have now 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 revised policy decisions can tackle it.

Can reform occur in an era where the head of the FCC will not confirm that the agency is independent? Change is a distant prospect now, but that should not imply it will be impossible forever.

Initiatives that bolster independent news organizations, aid local journalism, fund public media, and outlaw the consolidation of media power in very few hands are achievable – they are necessary for a robust democracy.

Regarding media ownership, larger is not superior. And news organizations such as CNN cannot be pawns in the latest corporate chess match.