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On Thursday evening, while unconfirmed reports spread concerning a shooting at Brown University, the network's Kaitlan Collins used social media, highlighting the uncertainty and directing people to her channel's 9pm newscast.

Even though the network is hardly a perfect news source, her message rang true for numerous observers. It remains one of the organizations where there exists reality-based and generally reliable reporting – especially during breaking news situations like the one taking place close to a New Hampshire storage facility.

An Uncertain Situation During a High-Stakes Battle

However CNN, now four and a half decades old, finds itself in a precarious position as two massive media empires 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, not as a question of what benefits the information-seeking public.

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

The conjecture about the future owner of Warner Bros Discovery – will it be Netflix or Paramount Skydance? – overlooks a more important point.

“It gets presented as a corporate drama with powerful individuals as the central actors, but there is very little discussion of the societal benefit,” Pickard explained.

The Additional Element: The Former President

The network's predicament is further muddied by Donald Trump’s longstanding stance about a network he has consistently labeled as perhaps his main “fake news” adversary.

Recall the chants of “CNN sucks!” at Trump's rallies, his administration’s punitive revocation of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in press briefings.

Trump now asserts that the network requires new ownership. Many see this as a desire for ownership that will shield him from journalistic oversight. That is one reason why he appears to favor Paramount Skydance, which has made a aggressive takeover attempt.

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

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

A Future of Continued Instability

It is important to note, if Netflix wins, CNN and other cable outlets would first be spun off into a standalone company. This might be a relief to many at the network, but it’s not exactly a secure position. That structure could set up CNN for yet another acquisition. The cycle continues.

If you ask Timothy Wu, a great deal of this is against the law, anyway. The prominent critic of big tech’s dominance stated that anti-trust laws should disallow both deals.

“Either merger would be bad for the country, and both should be contested 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 highly system hostile to democracy, but we must resist a sense of powerlessness,” Pickard said. Regulatory choices – from the 1930s and 1940s – helped to build this hyper-commercialized monster, and revised 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? Reform is a distant prospect now, but that doesn’t mean it will not happen in the future.

Policies that bolster independent news organizations, aid local journalism, fund public media, and prevent the consolidation of media power in a handful of hands are within reach – they are vital for a robust democracy.

Regarding media ownership, size does not equal quality. And news organizations like CNN cannot be pieces in the latest corporate chess match.