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On Thursday evening, while unconfirmed reports spread about an incident at Brown University, CNN’s Kaitlan Collins took to social media, noting the confusion and directing people to her network’s 9pm newscast.

Although it is by no means a flawless news source, her words seemed accurate to many. It is one of the outlets where one can locate fact-based and generally dependable reporting – especially during crises like the one unfolding near a New Hampshire storage facility.

A Vulnerable State During a High-Stakes Tug-of-War

Yet CNN, now 45 years old, finds itself in a vulnerable state as two huge media empires compete for ownership of its parent company, Warner Bros Discovery.

No matter the result, the destiny of CNN has become part of a major game of business acquisition, not as a question of what helps the information-seeking public.

“This represents another instance of the profound systemic issues with origins in decades of regulatory actions,” stated Victor Pickard, writer of “Democracy Without Journalism?” and a academic specializing in media policy at the Penn.

The speculation about the future owner of Warner Bros Discovery – will it be Netflix or Paramount Skydance? – fails to grasp a larger point.

“It gets presented as a corporate drama with powerful individuals as the protagonists, but there is very little discussion of the societal benefit,” Pickard said.

The Complicating Layer: The Former President

The CNN scenario is complicated by Donald Trump’s views about a network he has long portrayed as perhaps his main “fake news” adversary.

Remember the chants of “CNN sucks!” at Trump's rallies, his team's disciplinary revocation of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in press briefings.

Trump now says that CNN needs new ownership. Many see this as a desire for ownership that will protect him from criticism and scrutiny. That is one reason why he seems to support Paramount Skydance, which has made a aggressive takeover attempt.

There is a basis to like that suitor more. For one thing, it is controlled by David Ellison, son of the pro-Trump Larry Ellison, one of the world’s richest people.

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

A Possibility of Further Uncertainty

It is important to note, if Netflix is successful, CNN and other cable outlets would first be carved out into a independent unit. That would be a relief to many at the network, but it’s hardly a guarantee of stability. That arrangement could set up CNN for another sale. There is no finish line.

In the view of Timothy Wu, much of this is a violation of antitrust statutes, anyway. The influential voice of big tech’s dominance stated that anti-trust laws should disallow both deals.

“Either merger would be harmful to the country, and both should be contested by anti-trust authorities,” Wu stated.

The Core Challenge and a Way Ahead

Whatever happens regarding CNN, the bigger problem remains.

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

Is this likely in an era where the Federal Communications Commission chair will not confirm that the agency is independent? Overhaul is highly improbable now, but that doesn’t mean it will never happen.

Measures that bolster independent news organizations, reinforce local journalism, fund public media, and outlaw the accumulation of media power in very few hands are achievable – they are necessary for a robust democracy.

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