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On Thursday evening, amid swirling speculation about the Brown University gunman, CNN’s Kaitlan Collins posted on social media, pointing out the conflicting information and guiding the public to her channel's 9pm newscast.

Although it is by no means a impeccable news source, her message rang true for numerous observers. It is one of the broadcasters where you can find fact-based and largely trustworthy reporting – particularly during fast-moving events such as the one taking place close to a New Hampshire storage facility.

An Uncertain State During a Corporate Struggle

However CNN, now middle-aged, finds itself in a uncertain situation as two huge media conglomerates vie for ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the fate of CNN has become part of a high-stakes game of corporate ownership, instead of as a question of what benefits the information-seeking public.

“This represents another instance of the profound systemic issues with roots in decades of governmental choices,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a academic specializing in media policy at the Pennsylvania University.

The speculation about who will own Warner Bros Discovery – will it be Netflix or Paramount Skydance? – fails to grasp a broader point.

“It gets presented as a business story with key players as the main characters, but there is very little discussion of the public interest,” Pickard explained.

The Complicating Element: Political Influence

The CNN scenario is made more complex by Donald Trump’s opinions about a network he has long portrayed as perhaps his primary “fake news” antagonist.

Remember the shouts of “CNN sucks!” at his rallies, his administration's retaliatory withdrawal of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in press briefings.

Trump now asserts that the network requires new ownership. This can be interpreted as ownership that will protect him from negative coverage and examination. That is part of why he appears to favor Paramount Skydance, which has made a aggressive takeover attempt.

Trump has reason to prefer that company 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, parent of CBS News, also recently installed the right-leaning Bari Weiss, famous for her “anti-woke” beliefs, as the top editor of that historic news network.

A Possibility of More Instability

It is important to note, if Netflix wins, CNN and other cable outlets would first be carved out into a separate entity. That would be a relief to many at the network, but it’s far from a guarantee of stability. That setup could position CNN for a future sale. The cycle continues.

If you ask Timothy Wu, much of this is against the law, anyway. The well-known analyst of big tech’s dominance stated that anti-trust laws should prohibit both deals.

“Either merger would be detrimental to the country, and both should be challenged by regulators,” Wu argued.

The Bigger Problem and a Path Forward

Whatever happens in this situation, the larger issue endures.

“What we have now is a profoundly anti-democratic system, but we shouldn’t give in to the belief that change is impossible,” Pickard said. Regulatory choices – from the 1930s and 1940s – helped to build this overly commercial monster, and different policy decisions can address it.

Is this likely in an era where the Federal Communications Commission chair refuses to acknowledge that the agency is independent? Change is highly improbable now, but that should not imply it will not happen in the future.

Initiatives that strengthen independent news organizations, bolster local journalism, subsidize public media, and outlaw the accumulation of media power in a handful of hands are achievable – they are vital for a functioning democracy.

In the world of media ownership, bigger isn’t better. And news organizations including CNN shouldn’t be pawns in the most recent corporate chess match.