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Late Thursday, as rumors swirled concerning a shooting at Brown University, CNN’s Kaitlan Collins posted on social media, pointing out the conflicting information and guiding the public to her channel's 9pm newscast.

Even though CNN is certainly not a perfect news source, her words rang true for numerous observers. It is one of the outlets where you can find grounded and mostly trustworthy reporting – notably during fast-moving events like the one taking place in the vicinity of a New Hampshire storage facility.

A Vulnerable State During a Business Tug-of-War

However CNN, now four and a half decades old, finds itself in a vulnerable situation as two giant media corporations battle over ownership of its parent company, Warner Bros Discovery.

No matter the result, the destiny of CNN has turned into a high-risk game of business acquisition, not as a question of what helps the information-seeking public.

“Here is one more case of the fundamental flaws with origins in decades of regulatory actions,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the University of Pennsylvania.

The speculation about which company will control Warner Bros Discovery – will it be Netflix or Paramount Skydance? – overlooks a broader point.

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

The Additional Element: The Former President

The CNN scenario is made more complex by Donald Trump’s views about a network he has consistently labeled as perhaps his primary “fake news” antagonist.

Remember the cries of “CNN sucks!” at his rallies, his administration’s punitive suspension of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in press briefings.

Trump now claims that the network requires new ownership. You can read that as ownership that will protect him from negative coverage and examination. That is part of why he seems to favor Paramount Skydance, which has made a unsolicited offer.

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

Paramount, owner of CBS News, also recently installed the right-leaning Bari Weiss, known for her “anti-woke” beliefs, as the top editor of that venerable news network.

An Outcome of More Turmoil

It is important to note, if Netflix is successful, CNN and other cable outlets would first be carved out into a standalone company. Such a move could be a welcome development to many at the network, but it’s hardly a safe harbor. That structure could set up CNN for another sale. It never ends.

If you ask Timothy Wu, a great deal of this is against the law, anyway. The well-known analyst of big tech’s dominance stated that competition laws should block both deals.

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

The Fundamental Challenge and a Path Forward

Regardless of the resolution with this particular battle, the larger issue persists.

“What we have now is a highly structure that undermines democracy, but we shouldn’t give in to a sense of powerlessness,” Pickard noted. Government actions – originating in the 1930s and 1940s – helped to create this hyper-commercialized monster, and different policy decisions can address it.

Can reform occur in an era where the top communications regulator won’t even affirm that the agency is independent? Overhaul is a distant prospect now, but that doesn’t mean it will not happen in the future.

Policies that bolster independent news organizations, reinforce local journalism, subsidize public media, and prohibit the accumulation of media power in very few hands are not only possible – they are essential for a robust democracy.

When it comes to media ownership, bigger isn’t better. And news organizations like CNN cannot be tools in the latest acquisition battle.