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

While CNN is certainly not a impeccable news source, her statement resonated for numerous observers. It remains one of the outlets where you can find grounded and generally reliable reporting – notably during breaking news situations like the one developing near a New Hampshire storage facility.

A Precarious Position During a Business Tug-of-War

However the news network, now 45 years old, finds itself in a precarious situation as two massive media conglomerates battle over ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the future of CNN has turned into a high-stakes game of mergers and acquisitions, rather than as a question of what benefits the news-consuming public.

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

The conjecture about the future owner of Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – misses a broader point.

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

A Further Factor: The Former President

The network's predicament is further muddied by Donald Trump’s views about a network he has long portrayed as perhaps his primary “fake news” foe.

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

Trump now says 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 seems to come down on the side of Paramount Skydance, which has made a unsolicited offer.

There is a basis to prefer that bidder 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 appointed the conservative Bari Weiss, famous for her “anti-woke” beliefs, as the top editor of that storied news network.

An Outcome of Further Instability

Notably, if Netflix is successful, CNN and other cable outlets would first be separated into a separate entity. This might be a relief to many at the network, but it’s not exactly a guarantee of stability. That setup could pave the way for CNN for a future sale. It never ends.

If you ask Timothy Wu, much of this is against the law, anyway. The well-known analyst of big tech’s dominance stated that competition laws should block both deals.

“Either merger would be bad for the country, and both should be contested by anti-trust authorities,” Wu stated.

The Fundamental Problem and a Way Ahead

No matter the outcome in this situation, the underlying crisis endures.

“The present media landscape is a highly anti-democratic system, but we shouldn’t give in to learned helplessness,” Pickard emphasized. Regulatory choices – dating back to the 1930s and 1940s – helped to build this hyper-commercialized monster, and revised policy decisions can address it.

Will that happen in an era where the Federal Communications Commission chair will not confirm that the agency is independent? Overhaul is highly improbable now, but that should not imply it will be impossible forever.

Initiatives that strengthen independent news organizations, aid local journalism, subsidize public media, and prevent the concentration of media power in too few hands are achievable – they are vital for a functioning democracy.

In the world of media ownership, size does not equal quality. And news organizations including CNN must not be pawns in the latest acquisition battle.