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This past Thursday night, as rumors swirled concerning a shooting at Brown University, the network's Kaitlan Collins took to social media, noting the confusion and directing people to her channel's 9pm newscast.

Although it is by no means a perfect news source, her statement seemed accurate for numerous observers. It remains one of the organizations where you can find fact-based and generally trustworthy reporting – particularly during breaking news situations like the one unfolding near a New Hampshire storage facility.

An Uncertain State Amid a Corporate Tug-of-War

But the news network, now four and a half decades old, finds itself in a vulnerable situation as two massive media conglomerates battle over ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the future of CNN has become part of a major game of mergers and acquisitions, instead of as a question of what helps the news-consuming public.

“This represents another instance of the fundamental flaws with origins in many years of regulatory actions,” stated Victor Pickard, author of “Democracy Without Journalism?” and a media policy professor at the Pennsylvania University.

The debate about who will own Warner Bros Discovery – could it be Netflix or Paramount Skydance? – misses a larger point.

“It is often framed as a financial tale with influential figures as the main characters, but there is scant discussion of the public interest,” Pickard said.

The Additional Layer: Political Influence

The CNN scenario is complicated by Donald Trump’s longstanding stance about a network he has frequently denounced as perhaps his main “fake news” foe.

Remember the chants of “CNN sucks!” at his rallies, his administration's retaliatory revocation of reporter Jim Acosta’s press credentials, or his clashes with Collins in official meetings.

Trump now asserts that CNN needs new ownership. Many see this as a desire for ownership that will insulate him from journalistic oversight. That is part of why he seems to come down on the side of Paramount Skydance, which has made a aggressive takeover attempt.

There is a basis to prefer that bidder 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.

Paramount, parent of CBS News, also recently appointed the conservative Bari Weiss, famous for her “anti-woke” beliefs, as the top editor of that historic news network.

An Outcome of More Instability

Notably, if Netflix prevails, CNN and other cable outlets would first be carved out into a independent unit. This might be a relief to many at the network, but it’s far from a secure position. That arrangement could position CNN for yet another acquisition. There is no finish line.

According to Timothy Wu, a great deal of this is illegal, anyway. The influential voice of big tech’s dominance stated that anti-trust laws should block both deals.

“Each proposed deal would be detrimental to the country, and both should be contested by anti-trust authorities,” Wu argued.

The Core Issue and a Way Ahead

Whatever happens in this situation, the underlying crisis remains.

“The present media landscape is a very system hostile to democracy, but we ought not succumb to a sense of powerlessness,” Pickard said. Government actions – originating in the 1930s and 1940s – helped to create this hyper-commercialized monster, and different policy decisions can fix it.

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

Policies that support independent news organizations, reinforce local journalism, fund public media, and prevent the concentration of media power in too few hands are not only possible – they are essential for a robust democracy.

When it comes to media ownership, larger is not superior. And news organizations including CNN cannot be tools in the latest merger game.