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This past Thursday night, amid swirling speculation about the Brown University gunman, the network's Kaitlan Collins used social media, highlighting the uncertainty and guiding the public to her channel's 9pm newscast.

Even though it is by no means a impeccable news source, her words seemed accurate for numerous observers. It stands as one of the broadcasters where you can find reality-based and generally reliable reporting – notably during crises such as the one developing close to a New Hampshire storage facility.

An Uncertain Position During a Business Battle

Yet CNN, now 45 years old, finds itself in a vulnerable situation as two giant media empires battle over ownership of its parent company, Warner Bros Discovery.

No matter the result, the destiny of CNN has turned into a major game of corporate ownership, rather than as a question of what serves the news-consuming public.

“This represents another instance of the profound systemic issues with roots in many years of regulatory actions,” noted Victor Pickard, author of “Democracy Without Journalism?” and a media policy professor at the Penn.

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

“The narrative is crafted as a business story with powerful individuals as the main characters, but there is very little discussion of the public interest,” Pickard said.

A Further Factor: The Former President

The network's predicament is further muddied by Donald Trump’s views about a network he has long portrayed as perhaps his primary “fake news” adversary.

Recall the cries of “CNN sucks!” at Trump's rallies, his team's disciplinary suspension of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in press briefings.

Trump now asserts that CNN needs new ownership. Many see this as a desire for ownership that will protect 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 hostile bid.

There is a basis to prefer that company 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.

The company, parent of CBS News, also recently installed the right-leaning Bari Weiss, known for her “anti-woke” beliefs, as the editor-in-chief of that venerable news network.

An Outcome of Continued Uncertainty

Significantly, if Netflix prevails, CNN and other cable outlets would first be spun off into a independent unit. Such a move could be a relief to many at the network, but it’s far from a guarantee of stability. That arrangement could set up CNN for a future sale. It never ends.

In the view of Timothy Wu, a great deal of this is a violation of antitrust statutes, anyway. The prominent critic of big tech’s dominance stated that competition laws should disallow both deals.

“Both acquisition attempts would be detrimental to the country, and both should be contested by the government,” Wu stated.

The Core Issue and a Path Forward

No matter the outcome in this situation, the underlying crisis endures.

“The present media landscape is a very system hostile to democracy, but we ought not succumb to a sense of powerlessness,” Pickard noted. Government actions – dating back to the 1930s and 1940s – helped to build this overly commercial monster, and revised policy decisions can tackle it.

Can reform occur in an era where the top communications regulator refuses to acknowledge that the agency is independent? Reform is very unlikely now, but that should not imply it will never happen.

Measures that support independent news organizations, bolster local journalism, fund public media, and prevent the accumulation of media power in a handful of hands are achievable – they are vital for a robust democracy.

Regarding media ownership, larger is not superior. And news organizations like CNN cannot be tools in the latest acquisition battle.