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On Thursday evening, while unconfirmed reports spread concerning an incident at Brown University, the network's Kaitlan Collins took to social media, highlighting the uncertainty and pointing viewers to her network’s 9pm newscast.

Even though the network is hardly a impeccable news source, her message resonated to many. It is one of the organizations where there exists grounded and generally dependable reporting – especially during fast-moving events such as the one taking place in the vicinity of a New Hampshire storage facility.

A Precarious Position Amid a Business Tug-of-War

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

Whatever the outcome, the destiny of CNN has turned into a major game of mergers and acquisitions, instead of as a question of what serves the news-consuming public.

“This is yet another example of the deep structural problems with origins in decades of regulatory actions,” said Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the University of Pennsylvania.

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

“The narrative is crafted as a corporate drama with influential figures as the main characters, but there is scant discussion of the common good,” Pickard added.

The Additional Layer: Donald Trump

The network's predicament is further muddied by Donald Trump’s longstanding stance about a network he has frequently denounced as perhaps his chief “fake news” antagonist.

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

Trump now says that the network requires new ownership. This can be interpreted as ownership that will insulate him from negative coverage and examination. That is one reason why he seems to come down on the side of Paramount Skydance, which has made a unsolicited offer.

There is a basis to prefer 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.

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

An Outcome of Continued Uncertainty

Significantly, if Netflix prevails, CNN and other cable outlets would first be separated into a standalone company. Such a move could be a welcome development to many at the network, but it’s not exactly a safe harbor. That setup could position CNN for yet another acquisition. It never ends.

If you ask Timothy Wu, much of this is a violation of antitrust statutes, anyway. The influential voice of big tech’s dominance stated that competition laws should block both deals.

“Both acquisition attempts would be bad for the country, and both should be challenged by anti-trust authorities,” Wu stated.

The Core Problem and a Way Ahead

Regardless of the resolution regarding CNN, the larger issue endures.

“Our current system is a profoundly system hostile to democracy, but we must resist learned helplessness,” Pickard emphasized. Policy decisions – from the 1930s and 1940s – helped to build this hyper-commercialized monster, and different policy decisions can address it.

Is this likely in an era where the head of the FCC will not confirm that the agency is independent? Reform is highly improbable now, but that doesn’t mean it will never happen.

Policies that bolster independent news organizations, bolster local journalism, subsidize public media, and prevent the accumulation of media power in a handful of hands are not only possible – they are necessary for a robust democracy.

Regarding media ownership, size does not equal quality. And news organizations including CNN shouldn’t be pieces in the latest corporate chess match.