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On Thursday evening, while unconfirmed reports spread concerning the Brown University gunman, the network's Kaitlan Collins took to social media, noting the confusion and directing people to her network’s 9pm newscast.

Although the network is hardly a impeccable news source, her message rang true to many. It is one of the outlets where one can locate reality-based and mostly reliable reporting – notably during breaking news situations such as the one developing close to a New Hampshire storage facility.

An Uncertain State During a Business Struggle

Yet the news network, now four and a half decades old, finds itself in a vulnerable situation as two giant media empires vie for ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the future of CNN has turned into a high-risk game of mergers and acquisitions, instead of as a question of what helps the information-seeking public.

“This represents another instance of the deep structural problems with origins in many years of governmental choices,” noted Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the University of Pennsylvania.

The conjecture about the future owner of Warner Bros Discovery – will it be Netflix or Paramount Skydance? – misses a larger point.

“It gets presented as a financial tale with key players as the central actors, but there is hardly any discussion of the societal benefit,” Pickard added.

A Further Layer: Donald Trump

This situation is further muddied by Donald Trump’s opinions about a network he has frequently denounced as perhaps his chief “fake news” foe.

Remember the chants of “CNN sucks!” at the president’s rallies, his team's disciplinary withdrawal of reporter Jim Acosta’s press credentials, or his sparring with Collins in official meetings.

Trump now claims that CNN needs new ownership. This can be interpreted as ownership that will protect him from negative coverage and examination. That is one reason why he appears to favor Paramount Skydance, which has made a hostile bid.

He has grounds to favor 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, parent of CBS News, also recently installed the right-leaning Bari Weiss, famous for her “anti-woke” beliefs, as the editor-in-chief of that storied news network.

A Possibility of Continued Instability

Notably, if Netflix wins, CNN and other cable outlets would first be separated 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. The cycle continues.

If you ask Timothy Wu, a lot of this is against the law, anyway. The prominent critic of big tech’s dominance stated that anti-trust laws should prohibit both deals.

“Each proposed deal would be harmful to the country, and both should be opposed by the government,” Wu stated.

The Core Issue and a Path Forward

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

“The present media landscape is a profoundly system hostile to democracy, but we shouldn’t give in to learned helplessness,” Pickard said. Regulatory choices – dating back to the 1930s and 1940s – helped to build this overly commercial monster, and new policy decisions can fix it.

Will that happen in an era where the Federal Communications Commission chair will not confirm that the agency is independent? Overhaul is a distant prospect now, but that doesn’t mean it will never happen.

Measures that strengthen independent news organizations, bolster local journalism, subsidize public media, and prevent the accumulation of media power in a handful of hands are achievable – they are essential for a healthy democracy.

When it comes to media ownership, size does not equal quality. And news organizations like CNN shouldn’t be tools in the latest corporate chess match.