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On Thursday evening, while unconfirmed reports spread concerning a shooting at Brown University, the network's Kaitlan Collins posted on social media, noting the confusion and pointing viewers to her channel's 9pm newscast.

Even though it is by no means a flawless news source, her message rang true for numerous observers. It is one of the organizations where there exists reality-based and largely dependable reporting – especially during fast-moving events like the one unfolding close to a New Hampshire storage facility.

A Precarious Situation During a Corporate Tug-of-War

But CNN, now four and a half decades old, finds itself in a precarious position as two giant media conglomerates battle over ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the destiny of CNN has become part of a major game of business acquisition, rather than as a question of what helps the news-consuming public.

“This represents another instance of the deep structural problems with roots in many years of regulatory actions,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the University of Pennsylvania.

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

“The narrative is crafted as a business story with powerful individuals as the main characters, but there is hardly any discussion of the common good,” Pickard added.

The Complicating Element: Donald Trump

The network's predicament is made more complex by Donald Trump’s views about a network he has long portrayed as perhaps his main “fake news” adversary.

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

Trump now asserts that CNN needs new ownership. You can read that as ownership that will protect him from journalistic oversight. That is part of why he appears to come down on the side of Paramount Skydance, which has made a hostile bid.

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 appointed the conservative Bari Weiss, famous for her “anti-woke” beliefs, as the top editor of that venerable news network.

A Future of More Instability

Significantly, 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 secure position. That structure could set up CNN for yet another acquisition. There is no finish line.

If you ask Timothy Wu, much of this is illegal, anyway. The prominent critic of big tech’s dominance stated that anti-trust laws should disallow both deals.

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

The Bigger Challenge and a Path Forward

Regardless of the resolution with this particular battle, the underlying crisis endures.

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

Is this likely in an era where the Federal Communications Commission chair refuses to acknowledge that the agency is independent? Reform is very unlikely now, but that should not imply it will be impossible forever.

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

In the world of media ownership, larger is not superior. And news organizations such as CNN shouldn’t be tools in the newest merger game.