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On Thursday evening, amid swirling speculation concerning the Brown University gunman, CNN’s Kaitlan Collins took to social media, highlighting the uncertainty and guiding the public to her channel's 9pm newscast.

Although it is by no means a impeccable news source, her statement resonated for numerous observers. It remains one of the broadcasters where there exists grounded and generally trustworthy reporting – especially during fast-moving events like the one unfolding close to a New Hampshire storage facility.

An Uncertain Situation Amid a High-Stakes Battle

But the news network, now middle-aged, finds itself in a vulnerable state as two huge media conglomerates compete for ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the destiny of CNN has been drawn into a major game of business acquisition, rather than as a question of what helps the information-seeking public.

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

The speculation about the future owner of Warner Bros Discovery – could it be Netflix or Paramount Skydance? – overlooks a more important point.

“It is often framed as a corporate drama with powerful individuals as the protagonists, but there is scant discussion of the public interest,” Pickard added.

The Additional Layer: The Former President

This situation is complicated by Donald Trump’s longstanding stance about a network he has long portrayed as perhaps his primary “fake news” antagonist.

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

Trump now claims that the network requires new ownership. You can read that as ownership that will protect him from negative coverage and examination. That is one reason why he seems to favor Paramount Skydance, which has made a unsolicited offer.

There is a basis to prefer that bidder 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 right-leaning Bari Weiss, famous for her “anti-woke” beliefs, as the lead editor of that storied news network.

An Outcome of More Uncertainty

It is important to note, if Netflix prevails, CNN and other cable outlets would first be spun off into a separate entity. Such a move could be a relief to many at the network, but it’s far from a secure position. That structure could set up CNN for a future sale. It never ends.

According to Timothy Wu, much of this is a violation of antitrust statutes, anyway. The prominent critic of big tech’s dominance stated that anti-trust laws should disallow both deals.

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

The Fundamental Problem and a Path Forward

Whatever happens with this particular battle, the underlying crisis endures.

“The present media landscape is a profoundly system hostile to democracy, but we ought not succumb to the belief that change is impossible,” Pickard emphasized. Policy decisions – dating back to the 1930s and 1940s – helped to foster this hyper-commercialized monster, and revised policy decisions can fix it.

Is this likely in an era where the head of the FCC refuses to acknowledge that the agency is independent? Reform is very unlikely now, but that should not imply it will be impossible forever.

Initiatives that support independent news organizations, reinforce local journalism, subsidize public media, and outlaw the consolidation of media power in too few hands are achievable – they are necessary for a functioning democracy.

When it comes to media ownership, bigger isn’t better. And news organizations like CNN shouldn’t be pieces in the latest corporate chess match.