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This past Thursday night, amid swirling speculation about a shooting at Brown University, the network's Kaitlan Collins took to social media, pointing out the conflicting information and pointing viewers to her network’s 9pm newscast.

Although the network is hardly a flawless news source, her statement rang true for numerous observers. It stands as one of the broadcasters where one can locate reality-based and generally trustworthy reporting – especially during fast-moving events like the one unfolding close to a New Hampshire storage facility.

A Vulnerable Position Amid a High-Stakes Tug-of-War

Yet the news network, now middle-aged, finds itself in a uncertain position as two massive media corporations vie for ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the fate of CNN has turned into a major game of business acquisition, instead of as a question of what benefits the news-consuming public.

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

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

“It is often framed as a financial tale with influential figures as the central actors, but there is scant discussion of the common good,” Pickard explained.

The Complicating Layer: The Former President

The network's predicament is further muddied by Donald Trump’s views about a network he has consistently labeled as perhaps his primary “fake news” antagonist.

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

Trump now asserts that CNN needs new ownership. You can read that as ownership that will shield him from criticism and scrutiny. That is a factor in why he seems to favor Paramount Skydance, which has made a unsolicited offer.

There is a basis to like that bidder 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, known for her “anti-woke” beliefs, as the top editor of that storied news network.

A Future of More Uncertainty

Significantly, if Netflix wins, CNN and other cable outlets would first be separated into a separate entity. This might be a welcome development to many at the network, but it’s far from a safe harbor. That setup could pave the way for CNN for another sale. The cycle continues.

If you ask Timothy Wu, a lot of this is against the law, anyway. The well-known analyst of big tech’s dominance wrote recently that competition laws should prohibit both deals.

“Both acquisition attempts would be bad for the country, and both should be challenged by regulators,” Wu argued.

The Bigger Challenge and a Way Ahead

No matter the outcome regarding CNN, the underlying crisis endures.

“Our current system is a very anti-democratic system, but we must resist learned helplessness,” Pickard noted. Regulatory choices – originating in the 1930s and 1940s – helped to build this overly commercial monster, and new policy decisions can fix it.

Is this likely in an era where the top communications regulator will not confirm that the agency is independent? Overhaul is very unlikely now, but that doesn’t mean it will not happen in the future.

Measures that bolster independent news organizations, bolster local journalism, subsidize public media, and prevent the concentration of media power in too few hands are not only possible – they are necessary for a functioning democracy.

Regarding media ownership, size does not equal quality. And news organizations including CNN cannot be pawns in the most recent corporate chess match.