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On Thursday evening, amid swirling speculation concerning a shooting at Brown University, the network's Kaitlan Collins used social media, highlighting the uncertainty and directing people to her network’s 9pm newscast.

Even though CNN is certainly not a perfect news source, her message resonated for a lot of people. It stands as one of the broadcasters where one can locate grounded and largely reliable reporting – particularly during breaking news situations like the one developing close to a New Hampshire storage facility.

A Vulnerable State Amid a Business Battle

However the news network, now middle-aged, finds itself in a precarious position as two huge media empires battle over ownership of its parent company, Warner Bros Discovery.

No matter the result, the fate of CNN has been drawn into a high-risk game of business acquisition, rather than as a question of what serves the information-seeking public.

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

The conjecture about which company will control Warner Bros Discovery – could it be Netflix or Paramount Skydance? – overlooks a broader point.

“It is often framed as a financial tale with key players as the central actors, but there is very little discussion of the common good,” Pickard explained.

The Complicating Factor: The Former President

This situation is complicated by Donald Trump’s opinions about a network he has long portrayed as perhaps his main “fake news” foe.

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

Trump now says that CNN needs new ownership. Many see this as a desire for ownership that will shield him from criticism and scrutiny. That is part of why he seems to support Paramount Skydance, which has made a unsolicited offer.

There is a basis to prefer that company 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 installed the conservative Bari Weiss, famous for her “anti-woke” beliefs, as the editor-in-chief of that venerable news network.

A Possibility of Continued Turmoil

Notably, if Netflix wins, CNN and other cable outlets would first be separated into a standalone company. This might be a welcome development to many at the network, but it’s not exactly a safe harbor. That structure could set up CNN for another sale. The cycle continues.

In the view of Timothy Wu, a lot of this is illegal, anyway. The prominent critic of big tech’s dominance stated that competition laws should prohibit both deals.

“Both acquisition attempts would be detrimental to the country, and both should be opposed by the government,” Wu argued.

The Core Issue and a Path Forward

Regardless of the resolution regarding CNN, the bigger problem endures.

“Our current system is a highly anti-democratic system, but we must resist learned helplessness,” Pickard noted. Regulatory choices – from the 1930s and 1940s – helped to foster this hyper-commercialized monster, and different policy decisions can tackle it.

Will that happen in an era where the head of the FCC will not confirm that the agency is independent? Reform is a distant prospect now, but that is not to say it will never happen.

Initiatives that support independent news organizations, bolster local journalism, fund public media, and prohibit the concentration of media power in very few hands are within reach – they are essential for a functioning democracy.

Regarding media ownership, larger is not superior. And news organizations such as CNN shouldn’t be tools in the most recent acquisition battle.