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This past Thursday night, while unconfirmed reports spread about the Brown University gunman, CNN’s Kaitlan Collins took to social media, noting the confusion and guiding the public to her network’s 9pm newscast.

While it is by no means a flawless news source, her statement rang true for a lot of people. It remains one of the outlets where there exists reality-based and largely dependable reporting – especially during crises like the one developing close to a New Hampshire storage facility.

An Uncertain Position Amid a Corporate Battle

Yet the news network, now four and a half decades old, finds itself in a precarious state as two massive media empires vie for ownership of its parent company, Warner Bros Discovery.

Regardless of who wins, the fate of CNN has turned into a major game of mergers and acquisitions, instead of as a question of what helps the information-seeking public.

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

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

“The narrative is crafted as a business story with key players as the protagonists, but there is very little discussion of the societal benefit,” Pickard added.

A Further Layer: The Former President

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

Remember the cries of “CNN sucks!” at his rallies, his administration's retaliatory 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. Many see this as a desire for ownership that will insulate him from criticism and scrutiny. That is part of why he appears to come down on the side of Paramount Skydance, which has made a aggressive takeover attempt.

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

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

A Possibility of More Uncertainty

Notably, if Netflix prevails, CNN and other cable outlets would first be spun off into a standalone company. Such a move could be a welcome development to many at the network, but it’s far from a guarantee of stability. That structure could set up CNN for another sale. The cycle continues.

According to Timothy Wu, a lot of this is against the law, anyway. The influential voice of big tech’s dominance recently argued that competition laws should prohibit both deals.

“Both acquisition attempts would be harmful to the country, and both should be challenged by the government,” Wu argued.

The Core Issue and a Potential Solution

No matter the outcome regarding CNN, the bigger problem persists.

“The present media landscape is a highly system hostile to democracy, but we must resist the belief that change is impossible,” Pickard noted. Policy decisions – from the 1930s and 1940s – helped to build this overly commercial monster, and different policy decisions can address it.

Will that happen in an era where the head of the FCC won’t even affirm that the agency is independent? Overhaul is very unlikely now, but that should not imply it will be impossible forever.

Measures that support independent news organizations, bolster local journalism, finance public media, and prevent the concentration of media power in too few hands are within reach – they are necessary for a healthy democracy.

In the world of media ownership, bigger isn’t better. And news organizations like CNN shouldn’t be pawns in the latest acquisition battle.