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Late Thursday, while unconfirmed reports spread about an incident at Brown University, CNN’s Kaitlan Collins took to social media, pointing out the conflicting information and pointing viewers to her channel's 9pm newscast.

While the network is hardly a flawless news source, her statement resonated for a lot of people. It is one of the organizations where there exists reality-based and generally reliable reporting – notably during breaking news situations such as the one taking place close to a New Hampshire storage facility.

A Vulnerable Situation Amid a High-Stakes Battle

But the news network, now middle-aged, finds itself in a uncertain situation as two huge media conglomerates battle over ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the future of CNN has turned into a high-stakes game of business acquisition, not as a question of what helps the news-consuming public.

“This is yet another example of the fundamental flaws with origins in decades of regulatory actions,” noted Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the University of Pennsylvania.

The debate about who will own Warner Bros Discovery – will it be Netflix or Paramount Skydance? – overlooks a larger point.

“It is often framed as a business story with powerful individuals as the main characters, but there is scant discussion of the public interest,” Pickard explained.

The Additional Element: Donald Trump

The CNN scenario is made more complex by Donald Trump’s views about a network he has frequently denounced as perhaps his primary “fake news” foe.

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

Trump now claims that CNN needs new ownership. This can be interpreted as ownership that will protect him from negative coverage and examination. That is a factor in why he seems to come down on the side of Paramount Skydance, which has made a hostile bid.

There is a basis to like that suitor more. For one thing, it is run by David Ellison, son of the Trump-friendly Larry Ellison, one of the world’s richest people.

Paramount, owner of CBS News, also recently appointed the right-leaning Bari Weiss, noted for her “anti-woke” beliefs, as the lead editor of that storied news network.

A Possibility of Further Instability

Notably, if Netflix wins, 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 guarantee of stability. That arrangement could position CNN for another sale. It never ends.

According to Timothy Wu, a great deal of this is a violation of antitrust statutes, anyway. The influential voice of big tech’s dominance wrote recently that anti-trust laws should prohibit both deals.

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

The Core Problem and a Potential Solution

Whatever happens in this situation, the bigger problem persists.

“What we have now is a highly structure that undermines democracy, but we ought not succumb to the belief that change is impossible,” Pickard emphasized. Policy decisions – originating in the 1930s and 1940s – helped to foster this overly commercial monster, and different policy decisions can tackle it.

Will that happen in an era where the head of the FCC will not confirm that the agency is independent? Overhaul is very unlikely now, but that is not to say it will never happen.

Policies that strengthen independent news organizations, bolster local journalism, subsidize public media, and outlaw the consolidation of media power in very few hands are not only possible – they are necessary for a functioning democracy.

Regarding media ownership, larger is not superior. And news organizations including CNN shouldn’t be pawns in the most recent acquisition battle.