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

Even though it is by no means a perfect news source, her statement resonated for numerous observers. It stands as one of the outlets where one can locate grounded and generally trustworthy reporting – especially during crises like the one taking place near a New Hampshire storage facility.

A Precarious State During a Corporate Tug-of-War

But 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 destiny of CNN has become part of a major game of corporate ownership, instead of as a question of what benefits the news-consuming public.

“This represents another instance of the fundamental flaws with origins in many years of regulatory actions,” noted Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the University of Pennsylvania.

The conjecture about who will own 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 powerful individuals as the central actors, but there is scant discussion of the societal benefit,” Pickard said.

The Complicating Layer: The Former President

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

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

Trump now claims that the network requires new ownership. This can be interpreted as ownership that will insulate him from journalistic oversight. That is one reason why he appears to support Paramount Skydance, which has made a unsolicited offer.

He has grounds to favor 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.

The company, owner of CBS News, also recently installed the conservative Bari Weiss, known for her “anti-woke” beliefs, as the lead editor of that venerable news network.

An Outcome of Continued Instability

Significantly, if Netflix wins, CNN and other cable outlets would first be spun off into a separate entity. This might be a relief to many at the network, but it’s hardly a secure position. That setup could position CNN for a future sale. It never ends.

According to Timothy Wu, a great deal of this is a violation of antitrust statutes, anyway. The prominent critic of big tech’s dominance stated that anti-trust laws should prohibit both deals.

“Either merger would be harmful to the country, and both should be contested by the government,” Wu recently wrote.

The Core Issue and a Potential Solution

Regardless of the resolution regarding CNN, the larger issue persists.

“Our current system is a very system hostile to democracy, but we ought not succumb to a sense of powerlessness,” Pickard noted. Policy decisions – dating back to the 1930s and 1940s – helped to create this overly commercial monster, and different policy decisions can address it.

Is this likely in an era where the Federal Communications Commission chair won’t even affirm that the agency is independent? Overhaul is very unlikely now, but that doesn’t mean it will not happen in the future.

Policies that bolster independent news organizations, reinforce local journalism, subsidize public media, and outlaw the accumulation of media power in too few hands are not only possible – they are necessary for a healthy democracy.

In the world of media ownership, size does not equal quality. And news organizations including CNN shouldn’t be pieces in the most recent acquisition battle.