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

While the network is hardly a perfect news source, her message seemed accurate to many. It is one of the outlets where you can find fact-based and largely reliable reporting – especially during breaking news situations like the one developing in the vicinity of a New Hampshire storage facility.

An Uncertain Situation During a High-Stakes Battle

However the news network, now middle-aged, finds itself in a vulnerable state as two huge media empires battle over ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the fate of CNN has become part of a high-risk game of mergers and acquisitions, instead of as a question of what helps the news-consuming public.

“Here is one more case of the profound systemic issues with origins in many years of regulatory actions,” noted Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the University of Pennsylvania.

The debate 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 powerful individuals as the protagonists, but there is hardly any discussion of the public interest,” Pickard explained.

A Further Factor: Donald Trump

The network's predicament is further muddied by Donald Trump’s views about a network he has consistently labeled as perhaps his main “fake news” antagonist.

Think back to the shouts of “CNN sucks!” at Trump's rallies, his administration's retaliatory withdrawal of reporter Jim Acosta’s press credentials, or his clashes with Collins in official meetings.

Trump now claims that CNN needs new ownership. You can read that as ownership that will protect him from criticism and scrutiny. That is part of why he seems to favor Paramount Skydance, which has made a hostile bid.

He has grounds to like that suitor 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 appointed the right-leaning Bari Weiss, famous for her “anti-woke” beliefs, as the lead editor of that storied news network.

An Outcome of Continued Uncertainty

It is important to note, if Netflix prevails, CNN and other cable outlets would first be spun off into a independent unit. This might be a relief to many at the network, but it’s hardly a guarantee of stability. That arrangement could pave the way for CNN for a future sale. It never ends.

In the view of Timothy Wu, much of this is a violation of antitrust statutes, anyway. The influential voice of big tech’s dominance recently argued that competition laws should prohibit both deals.

“Either merger would be harmful to the country, and both should be opposed by anti-trust authorities,” Wu stated.

The Core Problem and a Potential Solution

Regardless of the resolution with this particular battle, the bigger problem endures.

“Our current system is a highly anti-democratic system, but we ought not succumb to learned helplessness,” Pickard said. Policy decisions – dating back to the 1930s and 1940s – helped to build this hyper-commercialized monster, and different policy decisions can tackle it.

Can reform occur in an era where the head of the FCC won’t even affirm that the agency is independent? Overhaul is highly improbable now, but that should not imply it will be impossible forever.

Policies that strengthen independent news organizations, bolster local journalism, finance public media, and prohibit the accumulation of media power in a handful of hands are achievable – they are necessary for a healthy democracy.

In the world of media ownership, bigger isn’t better. And news organizations such as CNN shouldn’t be tools in the newest corporate chess match.