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On Thursday evening, amid swirling speculation regarding the Brown University gunman, the network's Kaitlan Collins posted on social media, pointing out the conflicting information and pointing viewers to her channel's 9pm newscast.

While CNN is certainly not a impeccable news source, her message rang true to many. It stands as one of the broadcasters where you can find fact-based and generally dependable reporting – particularly during fast-moving events such as the one taking place in the vicinity of a New Hampshire storage facility.

A Precarious State Amid a High-Stakes Struggle

Yet the news network, now four and a half decades old, finds itself in a precarious state as two giant media corporations vie for ownership of its parent company, Warner Bros Discovery.

No matter the result, the fate of CNN has turned into a major game of business acquisition, not as a question of what helps the information-seeking public.

“Here is one more case of the fundamental flaws with origins in decades of governmental choices,” said Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the Penn.

The speculation about which company will control Warner Bros Discovery – could it be Netflix or Paramount Skydance? – overlooks a broader point.

“It is often framed as a business story with key players as the central actors, but there is scant discussion of the common good,” Pickard said.

The Additional Element: The Former President

The network's predicament is further muddied by Donald Trump’s opinions about a network he has frequently denounced as perhaps his main “fake news” antagonist.

Remember the cries of “CNN sucks!” at the president’s rallies, his administration’s punitive revocation of reporter Jim Acosta’s press credentials, or his clashes with Collins in official meetings.

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 one reason why he seems to support Paramount Skydance, which has made a unsolicited offer.

He has grounds to like that suitor 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 appointed the conservative Bari Weiss, famous for her “anti-woke” beliefs, as the editor-in-chief of that historic news network.

A Future of Further Instability

It is important to note, if Netflix wins, CNN and other cable outlets would first be spun off into a standalone company. This might be a relief to many at the network, but it’s hardly a secure position. That setup could set up CNN for a future sale. The cycle continues.

In the view of Timothy Wu, a great deal of this is illegal, anyway. The prominent critic of big tech’s dominance recently argued that competition laws should prohibit both deals.

“Each proposed deal would be harmful to the country, and both should be contested by anti-trust authorities,” Wu stated.

The Fundamental Problem and a Way Ahead

Regardless of the resolution regarding CNN, the underlying crisis endures.

“The present media landscape is a very anti-democratic system, but we shouldn’t give in to a sense of powerlessness,” Pickard said. Policy decisions – dating back to the 1930s and 1940s – helped to create this hyper-commercialized monster, and different policy decisions can address it.

Will that happen in an era where the Federal Communications Commission chair refuses to acknowledge that the agency is independent? Overhaul is a distant prospect now, but that should not imply it will not happen in the future.

Initiatives that support independent news organizations, aid local journalism, subsidize public media, and outlaw the consolidation of media power in too few hands are not only possible – they are vital for a functioning democracy.

When it comes to media ownership, larger is not superior. And news organizations including CNN must not be tools in the latest corporate chess match.