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On Thursday evening, amid swirling speculation regarding an incident at Brown University, the network's Kaitlan Collins used social media, highlighting the uncertainty and directing people to her network’s 9pm newscast.

While CNN is certainly not a flawless news source, her statement seemed accurate for a lot of people. It is one of the organizations where one can locate reality-based and largely trustworthy reporting – especially during crises such as the one developing in the vicinity of a New Hampshire storage facility.

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

But the news network, now four and a half decades old, finds itself in a vulnerable state as two giant media empires battle over ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the fate of CNN has turned into a major game of corporate ownership, rather than as a question of what benefits the information-seeking public.

“Here is one more case of the profound systemic issues with origins in decades of policy decisions,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the Pennsylvania University.

The conjecture about which company will control Warner Bros Discovery – will it be Netflix or Paramount Skydance? – fails to grasp a broader point.

“It is often framed as a business story with influential figures as the central actors, but there is very little discussion of the public interest,” Pickard explained.

The Additional Factor: Donald Trump

This situation is made more complex by Donald Trump’s longstanding stance about a network he has consistently labeled as perhaps his main “fake news” antagonist.

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

Trump now asserts that the network requires new ownership. Many see this as a desire for ownership that will shield him from negative coverage and examination. That is part of why he appears to support Paramount Skydance, which has made a aggressive takeover attempt.

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

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

An Outcome of More Uncertainty

Notably, if Netflix wins, CNN and other cable outlets would first be carved out into a standalone company. This might be a welcome development to many at the network, but it’s far from a secure position. That arrangement could position CNN for another 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 stated that competition laws should block both deals.

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

The Fundamental Problem and a Way Ahead

No matter the outcome regarding CNN, the underlying crisis persists.

“Our current system is a very anti-democratic system, but we must resist a sense of powerlessness,” Pickard said. Policy decisions – originating in the 1930s and 1940s – helped to build this overly commercial monster, and new policy decisions can fix it.

Can reform occur in an era where the top communications regulator will not confirm that the agency is independent? Reform is highly improbable now, but that should not imply it will not happen in the future.

Policies that support independent news organizations, aid local journalism, fund public media, and prohibit the concentration of media power in too few hands are within reach – they are necessary for a healthy democracy.

Regarding media ownership, bigger isn’t better. And news organizations like CNN must not be pawns in the newest corporate chess match.