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

Even though CNN is certainly not a perfect news source, her words resonated for numerous observers. It stands as one of the broadcasters where you can find grounded and generally trustworthy reporting – especially during fast-moving events like the one developing near a New Hampshire storage facility.

An Uncertain Situation During a Business Tug-of-War

However the news network, now four and a half decades old, finds itself in a precarious position as two massive media conglomerates compete for ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the fate of CNN has been drawn into a high-stakes game of business acquisition, not as a question of what benefits the news-consuming public.

“This is yet another example of the fundamental flaws with origins in decades of regulatory actions,” noted Victor Pickard, author of “Democracy Without Journalism?” and a media policy professor at the Penn.

The speculation about the future owner of Warner Bros Discovery – could 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 main characters, but there is hardly any discussion of the common good,” Pickard added.

The Complicating Layer: Political Influence

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

Remember the chants of “CNN sucks!” at Trump's rallies, his administration’s punitive suspension of reporter Jim Acosta’s press credentials, or his clashes with Collins in press briefings.

Trump now claims that the network requires new ownership. Many see this as a desire for ownership that will insulate him from criticism and scrutiny. That is one reason why he seems to favor Paramount Skydance, which has made a hostile bid.

He has grounds to like that bidder more. For one thing, it is led by David Ellison, son of the Trump-friendly Larry Ellison, one of the world’s richest people.

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

A Future of More Uncertainty

Notably, if Netflix is successful, CNN and other cable outlets would first be separated into a independent unit. That would be a welcome development to many at the network, but it’s hardly a guarantee of stability. That structure could position CNN for another sale. There is no finish line.

If you ask Timothy Wu, much of this is a violation of antitrust statutes, anyway. The influential voice of big tech’s dominance recently argued that anti-trust laws should disallow both deals.

“Either merger would be bad for the country, and both should be opposed by the government,” Wu stated.

The Core Challenge and a Way Ahead

Whatever happens in this situation, the bigger problem endures.

“Our current system is a profoundly structure that undermines democracy, but we shouldn’t give in to the belief that change is impossible,” Pickard said. Regulatory choices – originating in the 1930s and 1940s – helped to build this profit-obsessed monster, and revised policy decisions can fix it.

Can reform occur in an era where the head of the FCC will not confirm that the agency is independent? Overhaul is very unlikely now, but that doesn’t mean it will be impossible forever.

Policies that strengthen independent news organizations, aid local journalism, finance public media, and prevent the accumulation of media power in a handful of hands are within reach – they are essential for a healthy democracy.

When it comes to media ownership, size does not equal quality. And news organizations like CNN must not be tools in the latest corporate chess match.