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Late Thursday, as rumors swirled regarding an incident at Brown University, the network's Kaitlan Collins took to social media, highlighting the uncertainty and pointing viewers to her network’s 9pm newscast.

Even though CNN is certainly not a perfect news source, her message rang true to many. It is one of the outlets where you can find reality-based and mostly trustworthy reporting – especially during fast-moving events such as the one unfolding in the vicinity of a New Hampshire storage facility.

A Vulnerable State Amid a High-Stakes Tug-of-War

However CNN, now 45 years old, finds itself in a vulnerable state as two giant media empires battle over ownership of its parent company, Warner Bros Discovery.

Regardless of who wins, the fate of CNN has been drawn into a major game of corporate ownership, rather than as a question of what serves the news-consuming public.

“This is yet another example of the profound systemic issues with roots in many years of governmental choices,” noted Victor Pickard, author of “Democracy Without Journalism?” and a media policy professor at the University of Pennsylvania.

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

“It is often framed as a corporate drama with influential figures as the protagonists, but there is scant discussion of the societal benefit,” Pickard explained.

A Further Factor: The Former President

This situation is complicated by Donald Trump’s longstanding stance about a network he has frequently denounced as perhaps his main “fake news” adversary.

Think back to the cries of “CNN sucks!” at Trump's rallies, his administration’s punitive withdrawal of reporter Jim Acosta’s press credentials, or his sparring with Collins in official meetings.

Trump now says that the network requires new ownership. Many see this as a desire for ownership that will protect him from journalistic oversight. That is one reason why he appears to favor Paramount Skydance, which has made a hostile bid.

He has grounds 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.

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

A Future of Continued Turmoil

Notably, if Netflix prevails, CNN and other cable outlets would first be separated into a separate entity. This might be a relief to many at the network, but it’s hardly a secure position. That setup could position CNN for another sale. The cycle continues.

If you ask Timothy Wu, a great deal of this is a violation of antitrust statutes, anyway. The prominent critic of big tech’s dominance wrote recently that competition laws should block both deals.

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

The Fundamental Problem and a Path Forward

Whatever happens with this particular battle, the bigger problem remains.

“What we have now is a very system hostile to democracy, but we shouldn’t give in to a sense of powerlessness,” Pickard said. Policy decisions – from the 1930s and 1940s – helped to create this profit-obsessed monster, and new policy decisions can tackle it.

Will that happen in an era where the top communications regulator refuses to acknowledge that the agency is independent? Change is very unlikely now, but that doesn’t mean it will not happen in the future.

Policies that support independent news organizations, bolster local journalism, finance public media, and outlaw the consolidation of media power in very few hands are achievable – they are vital for a functioning democracy.

Regarding media ownership, size does not equal quality. And news organizations including CNN shouldn’t be pieces in the latest corporate chess match.