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This past Thursday night, as rumors swirled about the Brown University gunman, CNN’s Kaitlan Collins used social media, highlighting the uncertainty and guiding the public to her channel's 9pm newscast.

Although CNN is certainly not a impeccable news source, her message resonated for numerous observers. It stands as one of the broadcasters where there exists reality-based and largely trustworthy reporting – notably during fast-moving events like the one taking place in the vicinity of a New Hampshire storage facility.

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

However the news network, now four and a half decades old, finds itself in a precarious state as two giant media empires vie for ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the fate of CNN has turned into a high-risk game of corporate ownership, instead of as a question of what benefits the information-seeking public.

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

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

“It is often framed as a financial tale with influential figures as the main characters, but there is hardly any discussion of the common good,” Pickard added.

The Complicating Layer: The Former President

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

Think back to the shouts of “CNN sucks!” at his rallies, his administration's retaliatory suspension of reporter Jim Acosta’s press credentials, or his clashes with Collins in press briefings.

Trump now says that the network requires new ownership. You can read that as ownership that will protect him from criticism and scrutiny. That is a factor in why he appears to come down on the side of Paramount Skydance, which has made a unsolicited offer.

He has grounds to like that company more. For one thing, it is led 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 right-leaning Bari Weiss, noted for her “anti-woke” beliefs, as the editor-in-chief of that storied news network.

A Future of More Uncertainty

It is important to note, if Netflix prevails, CNN and other cable outlets would first be carved out into a independent unit. This might be a welcome development to many at the network, but it’s hardly a guarantee of stability. That setup could position CNN for a future sale. There is no finish line.

If you ask Timothy Wu, a great deal of this is against the law, anyway. The prominent critic of big tech’s dominance recently argued that anti-trust laws should block both deals.

“Both acquisition attempts would be detrimental to the country, and both should be challenged by regulators,” Wu argued.

The Fundamental Problem and a Path Forward

Whatever happens regarding CNN, the underlying crisis remains.

“Our current system is a very system hostile to democracy, but we must resist the belief that change is impossible,” Pickard emphasized. Government actions – from the 1930s and 1940s – helped to create this hyper-commercialized monster, and new 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 a distant prospect now, but that is not to say it will never happen.

Measures that support independent news organizations, reinforce local journalism, fund public media, and prohibit the concentration of media power in a handful of hands are within reach – they are vital for a robust democracy.

Regarding media ownership, bigger isn’t better. And news organizations including CNN shouldn’t be pieces in the latest merger game.