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Late Thursday, as rumors swirled regarding a shooting at Brown University, the network's Kaitlan Collins took to social media, highlighting the uncertainty and guiding the public to her channel's 9pm newscast.

Although it is by no means a perfect news source, her words rang true for numerous observers. It remains one of the outlets where there exists reality-based and generally reliable reporting – notably during breaking news situations like the one developing close to a New Hampshire storage facility.

An Uncertain State During a High-Stakes Battle

However CNN, now middle-aged, finds itself in a uncertain situation as two massive media conglomerates compete for ownership of its parent company, Warner Bros Discovery.

Regardless of who wins, the future of CNN has become part of a high-risk game of mergers and acquisitions, not as a question of what serves the information-seeking public.

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

The speculation about which company will control Warner Bros Discovery – could it be Netflix or Paramount Skydance? – misses a larger point.

“It gets presented as a business story with influential figures as the main characters, but there is scant discussion of the public interest,” Pickard explained.

The Additional Layer: The Former President

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

Think back to the shouts of “CNN sucks!” at his rallies, his administration’s punitive suspension of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in official meetings.

Trump now claims that the network requires new ownership. Many see this as a desire for ownership that will protect him from journalistic oversight. That is a factor in why he appears to favor Paramount Skydance, which has made a hostile bid.

He has grounds to like that bidder more. For one thing, it is run 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 placed the conservative Bari Weiss, known for her “anti-woke” beliefs, as the editor-in-chief of that storied news network.

A Possibility of Continued Instability

It is important to note, if Netflix prevails, CNN and other cable outlets would first be separated into a standalone company. This might be a relief to many at the network, but it’s hardly a secure position. That setup could pave the way for CNN for another sale. It never ends.

In the view of Timothy Wu, much of this is illegal, anyway. The prominent critic of big tech’s dominance stated that anti-trust laws should block both deals.

“Both acquisition attempts would be detrimental to the country, and both should be opposed by the government,” Wu argued.

The Fundamental Problem and a Potential Solution

Whatever happens with this particular battle, the underlying crisis endures.

“What we have now is a profoundly structure that undermines democracy, but we ought not succumb to the belief that change is impossible,” Pickard emphasized. Regulatory choices – 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 head of the FCC refuses to acknowledge that the agency is independent? Change is highly improbable now, but that is not to say it will not happen in the future.

Policies that strengthen independent news organizations, bolster local journalism, fund public media, and prohibit the accumulation of media power in too few hands are within reach – they are essential for a healthy democracy.

In the world of media ownership, size does not equal quality. And news organizations including CNN cannot be tools in the newest corporate chess match.