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On Thursday evening, as rumors swirled regarding an incident at Brown University, the network's Kaitlan Collins used social media, noting the confusion and pointing viewers to her network’s 9pm newscast.

Even though CNN is certainly not a impeccable news source, her message rang true for a lot of people. It remains one of the organizations where you can find reality-based and mostly dependable reporting – particularly during fast-moving events such as the one unfolding near a New Hampshire storage facility.

An Uncertain Position Amid a High-Stakes Tug-of-War

But CNN, now middle-aged, finds itself in a vulnerable position as two massive media corporations vie for ownership of its parent company, Warner Bros Discovery.

No matter the result, the future of CNN has been drawn into a high-stakes game of corporate ownership, 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 decades of governmental choices,” noted Victor Pickard, author of “Democracy Without Journalism?” and a media policy professor at the Penn.

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

“It gets presented as a financial tale with influential figures as the central actors, but there is hardly any discussion of the common good,” Pickard explained.

The Additional Layer: Donald Trump

This situation is further muddied by Donald Trump’s opinions about a network he has frequently denounced as perhaps his primary “fake news” adversary.

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

Trump now says that CNN needs new ownership. This can be interpreted as ownership that will insulate him from negative coverage and examination. That is part of why he seems to come down on the side of Paramount Skydance, which has made a unsolicited offer.

Trump has reason to prefer that bidder more. For one thing, it is run by David Ellison, son of the ally of Trump Larry Ellison, one of the world’s richest people.

Paramount, parent of CBS News, also recently appointed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the lead editor of that venerable news network.

A Possibility of Further Turmoil

Significantly, if Netflix prevails, CNN and other cable outlets would first be carved out into a independent unit. Such a move could be a welcome development to many at the network, but it’s not exactly a guarantee of stability. That setup could position CNN for a future sale. It never ends.

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

“Each proposed deal would be bad for the country, and both should be contested by the government,” Wu argued.

The Bigger Issue and a Potential Solution

Regardless of the resolution with this particular battle, the larger issue remains.

“What we have now is a very structure that undermines democracy, but we shouldn’t give in to a sense of powerlessness,” Pickard emphasized. Regulatory choices – from the 1930s and 1940s – helped to create this overly commercial monster, and different policy decisions can fix it.

Will that happen in an era where the top communications regulator refuses to acknowledge that the agency is independent? Reform is a distant prospect now, but that should not imply it will be impossible forever.

Initiatives that support independent news organizations, bolster local journalism, finance public media, and prevent the accumulation of media power in too few hands are not only possible – they are vital for a healthy democracy.

In the world of media ownership, larger is not superior. And news organizations such as CNN shouldn’t be pawns in the most recent corporate chess match.