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This past Thursday night, while unconfirmed reports spread regarding a shooting at Brown University, the network's Kaitlan Collins posted on social media, pointing out the conflicting information and directing people to her network’s 9pm newscast.

While the network is hardly a flawless news source, her statement rang true to many. It is one of the broadcasters where one can locate reality-based and generally trustworthy reporting – particularly during crises such as the one unfolding in the vicinity of a New Hampshire storage facility.

A Precarious State During a High-Stakes Battle

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

No matter the result, the destiny of CNN has become part of a major game of business acquisition, instead of as a question of what helps the news-consuming public.

“This represents another instance of the profound systemic issues with origins in decades of governmental choices,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the Pennsylvania University.

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

“It is often framed as a corporate drama with influential figures as the protagonists, but there is very little discussion of the societal benefit,” Pickard explained.

The Complicating Element: The Former President

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” adversary.

Think back to the shouts of “CNN sucks!” at his rallies, his administration's retaliatory revocation of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in White House briefings.

Trump now asserts that the network requires new ownership. You can read that as ownership that will protect him from negative coverage and examination. That is a factor in why he appears to come down on the side of Paramount Skydance, which has made a hostile bid.

He has grounds to like that company more. For one thing, it is led by David Ellison, son of the Trump-friendly Larry Ellison, one of the world’s richest people.

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

A Future of Continued Uncertainty

It is important to note, if Netflix prevails, CNN and other cable outlets would first be carved out into a separate entity. That would be a welcome development to many at the network, but it’s hardly a guarantee of stability. That arrangement could position CNN for another sale. There is no finish line.

In the view of Timothy Wu, a lot of this is a violation of antitrust statutes, anyway. The well-known analyst 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 contested by anti-trust authorities,” Wu argued.

The Bigger Issue and a Way Ahead

Whatever happens in this situation, the larger issue remains.

“Our current system is a profoundly structure that undermines democracy, but we must resist learned helplessness,” Pickard noted. Policy decisions – dating back to the 1930s and 1940s – helped to build this hyper-commercialized monster, and new policy decisions can address it.

Is this likely in an era where the top communications regulator will not confirm that the agency is independent? Change is a distant prospect now, but that is not to say it will be impossible forever.

Policies that support independent news organizations, bolster local journalism, finance public media, and prevent the consolidation of media power in very few hands are within reach – they are necessary for a robust democracy.

In the world of media ownership, size does not equal quality. And news organizations like CNN shouldn’t be pieces in the latest merger game.