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On Thursday evening, as rumors swirled concerning a shooting at Brown University, the network's Kaitlan Collins used social media, highlighting the uncertainty and directing people to her channel's 9pm newscast.

Even though CNN is certainly not a flawless news source, her message rang true for numerous observers. It remains one of the organizations where there exists fact-based and generally trustworthy reporting – notably during breaking news situations such as the one taking place near a New Hampshire storage facility.

A Vulnerable Position During a Business Tug-of-War

However CNN, now middle-aged, finds itself in a uncertain situation as two huge media corporations battle over ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the fate of CNN has been drawn into a major game of mergers and acquisitions, instead of as a question of what helps the information-seeking public.

“This is yet another example of the fundamental flaws with origins in many years of policy decisions,” said Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the University of Pennsylvania.

The speculation about who will own Warner Bros Discovery – will it be Netflix or Paramount Skydance? – overlooks a more important point.

“The narrative is crafted as a financial tale with powerful individuals as the main characters, but there is scant discussion of the common good,” Pickard said.

A Further Layer: Donald Trump

The network's predicament is complicated by Donald Trump’s longstanding stance about a network he has frequently denounced as perhaps his primary “fake news” antagonist.

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 clashes with Collins in press briefings.

Trump now claims that the network requires new ownership. You can read that as ownership that will shield him from criticism and scrutiny. That is a factor in why he seems to come down on the side of Paramount Skydance, which has made a hostile bid.

There is a basis to like that suitor more. For one thing, it is led 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 installed the conservative Bari Weiss, known for her “anti-woke” beliefs, as the top editor of that venerable news network.

An Outcome of More Turmoil

Notably, if Netflix wins, CNN and other cable outlets would first be spun off into a separate entity. That would be a relief to many at the network, but it’s hardly a guarantee of stability. That structure could pave the way for CNN for yet another acquisition. It never ends.

According to Timothy Wu, much of this is against the law, anyway. The well-known analyst of big tech’s dominance wrote recently that competition laws should block both deals.

“Either merger would be detrimental to the country, and both should be opposed by regulators,” Wu stated.

The Fundamental Issue and a Way Ahead

Whatever happens regarding CNN, the underlying crisis persists.

“The present media landscape is a highly anti-democratic system, but we must resist the belief that change is impossible,” Pickard emphasized. Policy decisions – dating back to the 1930s and 1940s – helped to foster this profit-obsessed monster, and new policy decisions can fix it.

Is this likely in an era where the Federal Communications Commission chair won’t even affirm that the agency is independent? Reform is very unlikely now, but that doesn’t mean it will not happen in the future.

Policies that strengthen independent news organizations, reinforce local journalism, fund public media, and prohibit the accumulation of media power in a handful of hands are achievable – they are essential for a functioning democracy.

Regarding media ownership, larger is not superior. And news organizations such as CNN shouldn’t be pieces in the most recent corporate chess match.