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This past Thursday night, as rumors swirled about the Brown University gunman, the network's Kaitlan Collins took to social media, pointing out the conflicting information and pointing viewers to her network’s 9pm newscast.

While the network is hardly a perfect news source, her message resonated to many. It stands as one of the outlets where one can locate reality-based and largely dependable reporting – especially during fast-moving events such as the one taking place near a New Hampshire storage facility.

A Precarious Situation During a Business Struggle

However CNN, now 45 years old, finds itself in a uncertain state as two massive media empires compete for ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the destiny of CNN has become part of a high-stakes game of corporate ownership, rather than as a question of what serves the information-seeking public.

“This represents another instance of the fundamental flaws with origins in decades of regulatory actions,” noted Victor Pickard, author of “Democracy Without Journalism?” and a media policy professor at the University of Pennsylvania.

The conjecture about which company will control Warner Bros Discovery – will it be Netflix or Paramount Skydance? – misses a more important point.

“It is often framed as a corporate drama with key players as the central actors, but there is scant discussion of the public interest,” Pickard added.

The Additional Layer: Donald Trump

This situation is complicated by Donald Trump’s longstanding stance about a network he has consistently labeled as perhaps his chief “fake news” foe.

Remember the cries of “CNN sucks!” at Trump's rallies, his administration’s punitive suspension of reporter Jim Acosta’s press credentials, or his clashes with Collins in White House briefings.

Trump now says that CNN needs new ownership. Many see this as a desire for ownership that will protect him from journalistic oversight. That is one reason why he seems to favor Paramount Skydance, which has made a unsolicited offer.

He has grounds to prefer that bidder more. For one thing, it is controlled 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 editor-in-chief of that historic news network.

A Possibility of More Turmoil

Notably, if Netflix wins, CNN and other cable outlets would first be separated into a separate entity. Such a move could be a relief to many at the network, but it’s far from a safe harbor. That structure could position CNN for a future sale. It never ends.

If you ask Timothy Wu, a lot of this is illegal, anyway. The influential voice of big tech’s dominance stated that competition laws should prohibit both deals.

“Either merger would be bad for the country, and both should be contested by anti-trust authorities,” Wu argued.

The Bigger Challenge and a Path Forward

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

“The present media landscape is a profoundly anti-democratic system, but we shouldn’t give in to the belief that change is impossible,” Pickard noted. Regulatory choices – dating back to the 1930s and 1940s – helped to build this overly commercial monster, and new policy decisions can fix it.

Can reform occur in an era where the Federal Communications Commission chair won’t even affirm that the agency is independent? Change is highly improbable now, but that is not to say it will never happen.

Initiatives that support independent news organizations, reinforce local journalism, finance public media, and outlaw 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, bigger isn’t better. And news organizations including CNN shouldn’t be tools in the most recent merger game.