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On Thursday evening, as rumors swirled concerning an incident at Brown University, the network's Kaitlan Collins posted on social media, noting the confusion and guiding the public to her network’s 9pm newscast.

While the network is hardly a perfect news source, her message rang true to many. It stands as one of the organizations where there exists fact-based and largely dependable reporting – especially during fast-moving events such as the one developing in the vicinity of a New Hampshire storage facility.

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

But CNN, now 45 years old, finds itself in a precarious situation as two massive media corporations vie for ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the fate of CNN has been drawn into a high-risk game of corporate ownership, not as a question of what benefits the news-consuming public.

“This represents another instance of the fundamental flaws with roots in decades 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 which company will control Warner Bros Discovery – could it be Netflix or Paramount Skydance? – misses a larger point.

“It gets presented as a corporate drama with influential figures as the main characters, but there is scant discussion of the societal benefit,” Pickard explained.

A Further Factor: The Former President

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

Remember the chants of “CNN sucks!” at his rallies, his team's disciplinary 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. Many see this as a desire for ownership that will shield him from journalistic oversight. That is part of why he appears to favor Paramount Skydance, which has made a unsolicited offer.

There is a basis to favor that bidder more. For one thing, it is controlled by David Ellison, son of the ally of Trump Larry Ellison, one of the world’s richest people.

The company, owner of CBS News, also recently placed the conservative Bari Weiss, famous for her “anti-woke” beliefs, as the editor-in-chief of that venerable news network.

A Possibility of More Turmoil

Significantly, if Netflix wins, CNN and other cable outlets would first be carved out into a independent unit. That would be a welcome development to many at the network, but it’s hardly a secure position. That arrangement could position CNN for another sale. It never ends.

If you ask Timothy Wu, a lot of this is against the law, anyway. The prominent critic of big tech’s dominance stated that competition laws should disallow both deals.

“Either merger would be bad for the country, and both should be contested by regulators,” Wu recently wrote.

The Core Issue and a Path Forward

No matter the outcome with this particular battle, the bigger problem persists.

“What we have now is a profoundly anti-democratic system, but we shouldn’t give in to a sense of powerlessness,” Pickard said. Government actions – from the 1930s and 1940s – helped to build this overly commercial monster, and revised policy decisions can address it.

Is this likely in an era where the top communications regulator will not confirm that the agency is independent? Overhaul is very unlikely now, but that should not imply it will be impossible forever.

Policies that strengthen independent news organizations, reinforce local journalism, subsidize public media, and prevent the consolidation of media power in too few hands are achievable – they are necessary for a healthy democracy.

When it comes to media ownership, size does not equal quality. And news organizations including CNN must not be pieces in the latest corporate chess match.