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On Thursday evening, while unconfirmed reports spread concerning an incident at Brown University, the network's Kaitlan Collins used social media, pointing out the conflicting information and guiding the public to her network’s 9pm newscast.

Even though CNN is certainly not a flawless news source, her words seemed accurate for numerous observers. It remains one of the organizations where there exists grounded and mostly trustworthy reporting – especially during breaking news situations like the one taking place near a New Hampshire storage facility.

A Precarious Situation Amid a Business Battle

Yet CNN, now four and a half decades old, finds itself in a uncertain situation as two huge media corporations compete for ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the future of CNN has turned into a high-risk game of corporate ownership, not as a question of what serves the news-consuming public.

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

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

“It is often framed as a business story with key players as the protagonists, but there is very little discussion of the public interest,” Pickard said.

The Additional Layer: Donald Trump

The CNN scenario is further muddied by Donald Trump’s longstanding stance about a network he has long portrayed as perhaps his chief “fake news” foe.

Think back to the cries of “CNN sucks!” at his rallies, his administration’s punitive suspension of reporter Jim Acosta’s press credentials, or his sparring with Collins in White House briefings.

Trump now claims that CNN needs new ownership. This can be interpreted as ownership that will shield him from journalistic oversight. That is part of why he appears to favor Paramount Skydance, which has made a hostile bid.

There is a basis to prefer that company 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, parent of CBS News, also recently installed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the lead editor of that venerable news network.

A Future of Continued Uncertainty

Significantly, if Netflix wins, CNN and other cable outlets would first be spun off into a independent unit. Such a move could be a relief to many at the network, but it’s not exactly a secure position. That setup could pave the way for CNN for another sale. It never ends.

In the view of Timothy Wu, a great deal of this is against the law, anyway. The influential voice of big tech’s dominance recently argued that competition laws should block both deals.

“Both acquisition attempts would be detrimental to the country, and both should be opposed by regulators,” Wu recently wrote.

The Bigger Challenge and a Potential Solution

Regardless of the resolution with this particular battle, the bigger problem remains.

“What we have now is a very structure that undermines democracy, but we shouldn’t give in to a sense of powerlessness,” Pickard emphasized. Regulatory choices – originating in the 1930s and 1940s – helped to build this profit-obsessed monster, and different policy decisions can tackle it.

Is this likely in an era where the top communications regulator won’t even affirm that the agency is independent? Overhaul is highly improbable now, but that doesn’t mean it will never happen.

Measures that support independent news organizations, bolster local journalism, subsidize public media, and prevent the accumulation of media power in a handful of hands are within reach – they are vital for a healthy democracy.

In the world of media ownership, size does not equal quality. And news organizations like CNN cannot be pawns in the latest corporate chess match.