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On Thursday evening, amid swirling speculation concerning a shooting at Brown University, CNN’s Kaitlan Collins posted on social media, noting the confusion and pointing viewers to her network’s 9pm newscast.

Although the network is hardly a impeccable news source, her message resonated for numerous observers. It stands as one of the organizations where one can locate fact-based and generally dependable reporting – notably during crises like the one unfolding in the vicinity of a New Hampshire storage facility.

A Vulnerable Position During a Corporate Tug-of-War

Yet CNN, now four and a half decades old, finds itself in a precarious situation as two giant media corporations battle over ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the destiny of CNN has been drawn into a major game of mergers and acquisitions, rather than as a question of what benefits the news-consuming public.

“This is yet another example of the profound systemic issues with origins in many years of policy decisions,” said Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the Pennsylvania University.

The speculation about who will own Warner Bros Discovery – will it be Netflix or Paramount Skydance? – fails to grasp a more important point.

“The narrative is crafted as a corporate drama with key players as the main characters, but there is scant discussion of the common good,” Pickard said.

The Complicating Element: Donald Trump

This situation is made more complex by Donald Trump’s opinions about a network he has frequently denounced as perhaps his chief “fake news” antagonist.

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

Trump now says that CNN needs new ownership. Many see this as a desire for ownership that will shield him from criticism and scrutiny. That is part of why he seems to support Paramount Skydance, which has made a hostile bid.

Trump has reason to like that company more. For one thing, it is led by David Ellison, son of the ally of Trump Larry Ellison, one of the world’s richest people.

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

A Possibility of Further Turmoil

It is important to note, if Netflix wins, CNN and other cable outlets would first be carved out into a independent unit. Such a move could be a relief to many at the network, but it’s far from a safe harbor. That setup could set up CNN for another sale. It never ends.

If you ask Timothy Wu, much of this is illegal, anyway. The well-known analyst of big tech’s dominance wrote recently that competition laws should block both deals.

“Each proposed deal would be harmful to the country, and both should be challenged by anti-trust authorities,” Wu recently wrote.

The Bigger Problem and a Way Ahead

Whatever happens with this particular battle, the larger issue remains.

“What we have now is a very anti-democratic system, but we must resist a sense of powerlessness,” Pickard emphasized. Regulatory choices – from the 1930s and 1940s – helped to create this overly commercial monster, and new policy decisions can address it.

Is this likely in an era where the top communications regulator will not confirm that the agency is independent? Overhaul is highly improbable now, but that is not to say it will not happen in the future.

Policies that strengthen independent news organizations, aid local journalism, finance public media, and prohibit the concentration of media power in a handful of hands are within reach – they are necessary for a robust democracy.

Regarding media ownership, size does not equal quality. And news organizations such as CNN must not be pawns in the latest merger game.