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This past Thursday night, amid swirling speculation concerning an incident at Brown University, CNN’s Kaitlan Collins took to social media, pointing out the conflicting information and directing people to her channel's 9pm newscast.

Even though CNN is certainly not a impeccable news source, her message rang true for numerous observers. It is one of the organizations where you can find reality-based and mostly trustworthy reporting – notably during crises like the one unfolding in the vicinity of a New Hampshire storage facility.

An Uncertain Position During a Business Struggle

But CNN, now four and a half decades old, finds itself in a precarious situation as two huge media conglomerates compete for ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the destiny of CNN has turned into a major game of corporate ownership, not as a question of what helps the news-consuming public.

“This is yet another example of the profound systemic issues with origins in decades of policy decisions,” said Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the Penn.

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

“It gets presented as a financial tale with powerful individuals as the central actors, but there is very little discussion of the public interest,” Pickard added.

The Additional Element: Donald Trump

This situation is complicated by Donald Trump’s opinions about a network he has long portrayed as perhaps his chief “fake news” foe.

Recall the chants of “CNN sucks!” at the president’s rallies, his administration’s punitive revocation of reporter Jim Acosta’s press credentials, or his sparring with Collins in White House briefings.

Trump now claims 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 seems to favor Paramount Skydance, which has made a unsolicited offer.

Trump has reason to favor that bidder more. For one thing, it is led by David Ellison, son of the pro-Trump Larry Ellison, one of the world’s richest people.

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

An Outcome of Continued Uncertainty

Notably, 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 secure position. That arrangement could pave the way for CNN for another sale. There is no finish line.

If you ask Timothy Wu, a great deal of this is a violation of antitrust statutes, anyway. The well-known analyst of big tech’s dominance recently argued that competition laws should disallow both deals.

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

The Core Issue and a Way Ahead

Regardless of the resolution regarding CNN, the bigger problem remains.

“Our current system is a highly anti-democratic system, but we ought not succumb to a sense of powerlessness,” Pickard noted. Regulatory choices – dating back to the 1930s and 1940s – helped to create this overly commercial monster, and revised policy decisions can address it.

Will that happen in an era where the head of the FCC won’t even affirm that the agency is independent? Overhaul is a distant prospect now, but that is not to say it will not happen in the future.

Policies that bolster independent news organizations, reinforce local journalism, subsidize public media, and outlaw the concentration of media power in too few hands are within reach – they are essential for a functioning democracy.

In the world of media ownership, bigger isn’t better. And news organizations such as CNN shouldn’t be tools in the latest acquisition battle.