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Late Thursday, while unconfirmed reports spread concerning a shooting at Brown University, CNN’s Kaitlan Collins posted on social media, noting the confusion and guiding the public to her network’s 9pm newscast.

Although the network is hardly a perfect news source, her statement seemed accurate for numerous observers. It is one of the organizations where there exists grounded and mostly dependable reporting – especially during crises like the one developing in the vicinity of a New Hampshire storage facility.

A Precarious State Amid a High-Stakes Struggle

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

Regardless of who wins, the fate of CNN has become part of a major game of mergers and acquisitions, not as a question of what serves the news-consuming public.

“This is yet another example of the deep structural problems with origins in many years of governmental choices,” said Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the University of Pennsylvania.

The conjecture about which company will control Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – overlooks a more important point.

“It is often framed as a corporate drama with powerful individuals as the central actors, but there is hardly any discussion of the public interest,” Pickard said.

A Further Element: Donald Trump

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” foe.

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

Trump now says that CNN needs new ownership. Many see this as a desire for ownership that will shield him from negative coverage and examination. That is one reason why he appears to come down on the side of Paramount Skydance, which has made a hostile bid.

There is a basis to favor that company more. For one thing, it is controlled by David Ellison, son of the Trump-friendly 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 lead editor of that storied news network.

A Possibility of Further Turmoil

Notably, if Netflix prevails, CNN and other cable outlets would first be spun off into a standalone company. That would be a relief to many at the network, but it’s hardly a safe harbor. That structure could pave the way for CNN for a future 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 wrote recently that anti-trust laws should disallow both deals.

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

The Bigger Problem and a Potential Solution

Whatever happens in this situation, the underlying crisis endures.

“Our current system is a very system hostile to democracy, but we ought not succumb to the belief that change is impossible,” Pickard noted. Policy decisions – originating in the 1930s and 1940s – helped to build this hyper-commercialized monster, and new policy decisions can tackle it.

Is this likely in an era where the Federal Communications Commission chair won’t even affirm that the agency is independent? Change is highly improbable now, but that doesn’t mean it will be impossible forever.

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

When it comes to media ownership, size does not equal quality. And news organizations such as CNN cannot be tools in the newest corporate chess match.