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On Thursday evening, amid swirling speculation about the Brown University gunman, CNN’s Kaitlan Collins took to social media, pointing out the conflicting information and pointing viewers to her channel's 9pm newscast.

Although the network is hardly a flawless news source, her statement seemed accurate to many. It is one of the broadcasters where you can find reality-based and largely trustworthy reporting – particularly during fast-moving events such as the one taking place near a New Hampshire storage facility.

A Precarious Situation Amid a Business Struggle

Yet the news network, now middle-aged, finds itself in a precarious position as two massive media empires vie for ownership of its parent company, Warner Bros Discovery.

Regardless of who wins, the fate of CNN has been drawn into a high-stakes game of mergers and acquisitions, instead of as a question of what benefits the information-seeking public.

“This represents another instance of the profound systemic issues with origins in decades of governmental choices,” stated Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the University of Pennsylvania.

The conjecture about who will own Warner Bros Discovery – will it 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 hardly any discussion of the societal benefit,” Pickard added.

The Complicating Factor: Political Influence

The network's predicament is complicated by Donald Trump’s views about a network he has consistently labeled as perhaps his primary “fake news” adversary.

Remember the cries of “CNN sucks!” at the president’s rallies, his administration’s punitive withdrawal of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in press briefings.

Trump now says that the network requires new ownership. You can read that as ownership that will insulate him from negative coverage and examination. That is one reason why he seems to come down on the side of Paramount Skydance, which has made a aggressive takeover attempt.

There is a basis to favor 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, parent of CBS News, also recently placed the right-leaning Bari Weiss, known for her “anti-woke” beliefs, as the lead editor of that historic news network.

A Possibility of Further Uncertainty

It is important to note, if Netflix is successful, CNN and other cable outlets would first be separated into a separate entity. Such a move could be a welcome development to many at the network, but it’s not exactly a secure position. That structure could pave the way for CNN for another sale. It never ends.

According to Timothy Wu, much 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 prohibit both deals.

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

The Bigger Problem and a Potential Solution

Whatever happens with this particular battle, the larger issue persists.

“Our current system is a profoundly anti-democratic system, but we ought not succumb to learned helplessness,” Pickard said. Regulatory choices – dating back to the 1930s and 1940s – helped to foster this overly commercial monster, and revised policy decisions can tackle it.

Is this likely in an era where the head of the FCC won’t even affirm that the agency is independent? Overhaul is very unlikely now, but that should not imply it will never happen.

Initiatives that bolster independent news organizations, bolster local journalism, fund public media, and outlaw the consolidation of media power in very few hands are within reach – they are essential for a healthy democracy.

When it comes to media ownership, larger is not superior. And news organizations such as CNN cannot be pawns in the newest acquisition battle.