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Late Thursday, amid swirling speculation concerning a shooting at Brown University, the network's Kaitlan Collins took to social media, highlighting the uncertainty and guiding the public to her network’s 9pm newscast.

Although the network is hardly a flawless news source, her words rang true to many. It stands as one of the broadcasters where there exists grounded and generally trustworthy reporting – notably during crises such as the one developing in the vicinity of a New Hampshire storage facility.

A Vulnerable Position During a Corporate Tug-of-War

However CNN, now 45 years old, finds itself in a uncertain position as two giant media empires vie for ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the destiny of CNN has turned into a high-risk game of mergers and acquisitions, not as a question of what benefits the news-consuming public.

“This represents another instance of the deep structural problems with origins in decades of governmental choices,” stated Victor Pickard, author of “Democracy Without Journalism?” and a media policy professor at the Penn.

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

“The narrative is crafted as a business story with influential figures as the central actors, but there is hardly any discussion of the societal benefit,” Pickard added.

The Additional Element: The Former President

This situation is further muddied by Donald Trump’s views about a network he has long portrayed as perhaps his primary “fake news” adversary.

Recall the chants of “CNN sucks!” at his rallies, his administration's retaliatory revocation of reporter Jim Acosta’s press credentials, or his sparring 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 a factor in why he appears to come down on the side of Paramount Skydance, which has made a unsolicited offer.

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

The company, owner of CBS News, also recently appointed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the lead editor of that venerable news network.

An Outcome of Further Uncertainty

It is important to note, if Netflix wins, CNN and other cable outlets would first be carved out into a standalone company. This might be a relief to many at the network, but it’s not exactly a safe harbor. That structure could set up CNN for another sale. There is no finish line.

In the view of Timothy Wu, a lot of this is against the law, anyway. The well-known analyst of big tech’s dominance stated that anti-trust laws should disallow both deals.

“Both acquisition attempts would be bad for the country, and both should be challenged by the government,” Wu argued.

The Fundamental Problem and a Path Forward

Whatever happens with this particular battle, the larger issue persists.

“Our current system is a profoundly anti-democratic system, but we must resist a sense of powerlessness,” Pickard emphasized. Regulatory choices – originating in the 1930s and 1940s – helped to build this hyper-commercialized monster, and different policy decisions can fix it.

Will that happen in an era where the top communications regulator will not confirm that the agency is independent? Reform is highly improbable now, but that should not imply it will be impossible forever.

Initiatives that support independent news organizations, reinforce local journalism, finance public media, and prohibit the consolidation of media power in too few hands are achievable – they are necessary for a robust democracy.

Regarding media ownership, bigger isn’t better. And news organizations like CNN shouldn’t be pieces in the newest merger game.