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Late Thursday, as rumors swirled regarding a shooting at Brown University, the network's Kaitlan Collins took to social media, highlighting the uncertainty and pointing viewers to her channel's 9pm newscast.

While the network is hardly a perfect news source, her statement seemed accurate for numerous observers. It is one of the organizations where there exists fact-based and generally trustworthy reporting – especially during crises such as the one taking place in the vicinity of a New Hampshire storage facility.

An Uncertain Position Amid a Business Struggle

However CNN, now four and a half decades old, finds itself in a vulnerable position as two giant media conglomerates compete for ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the fate of CNN has turned into a major game of mergers and acquisitions, not as a question of what serves the information-seeking public.

“This is yet another example of the fundamental flaws with origins in decades of policy decisions,” stated Victor Pickard, author of “Democracy Without Journalism?” and a media policy professor at the University of Pennsylvania.

The debate about the future owner of Warner Bros Discovery – could it be Netflix or Paramount Skydance? – overlooks a broader point.

“The narrative is crafted as a business story with influential figures as the main characters, but there is hardly any discussion of the societal benefit,” Pickard added.

A Further Element: Donald Trump

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

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

Trump now asserts that CNN needs new ownership. This can be interpreted as ownership that will shield him from criticism and scrutiny. That is one reason why he appears to support Paramount Skydance, which has made a unsolicited offer.

There is a basis to favor that company 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, parent 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 Further Instability

Significantly, if Netflix wins, CNN and other cable outlets would first be spun off into a independent unit. This might be a relief to many at the network, but it’s not exactly a guarantee of stability. That setup could set up CNN for yet another acquisition. It never ends.

In the view of Timothy Wu, a lot of this is a violation of antitrust statutes, anyway. The influential voice of big tech’s dominance wrote recently that competition laws should block both deals.

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

The Fundamental Challenge and a Way Ahead

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

“Our current system is a profoundly anti-democratic system, but we shouldn’t give in to the belief that change is impossible,” Pickard noted. Regulatory choices – from the 1930s and 1940s – helped to build this profit-obsessed monster, and new policy decisions can tackle it.

Will that happen in an era where the top communications regulator refuses to acknowledge that the agency is independent? Reform is highly improbable now, but that is not to say it will not happen in the future.

Initiatives that support independent news organizations, bolster local journalism, subsidize public media, and prevent the concentration of media power in too few hands are within reach – they are vital for a robust democracy.

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