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On Thursday evening, as rumors swirled regarding a shooting at Brown University, the network's Kaitlan Collins posted on social media, pointing out the conflicting information and directing people to her channel's 9pm newscast.

Although CNN is certainly not a impeccable news source, her words rang true to many. It is one of the outlets where there exists fact-based and largely dependable reporting – particularly during breaking news situations like the one taking place close to a New Hampshire storage facility.

An Uncertain Situation Amid a High-Stakes Tug-of-War

However the news network, now 45 years old, finds itself in a precarious situation as two huge media conglomerates compete for ownership of its parent company, Warner Bros Discovery.

No matter the result, the future of CNN has been drawn into a major game of mergers and acquisitions, not as a question of what helps the news-consuming public.

“Here is one more case of the profound systemic issues with roots in decades of regulatory actions,” stated Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the Pennsylvania University.

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

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

A Further Factor: Donald Trump

The network's predicament is further muddied by Donald Trump’s longstanding stance about a network he has long portrayed as perhaps his primary “fake news” antagonist.

Think back to the shouts of “CNN sucks!” at the president’s rallies, his team's disciplinary revocation of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in press briefings.

Trump now claims that CNN needs new ownership. Many see this as a desire for ownership that will protect him from criticism and scrutiny. That is a factor in why he seems to favor Paramount Skydance, which has made a unsolicited offer.

There is a basis to prefer that suitor more. For one thing, it is led by David Ellison, son of the Trump-friendly Larry Ellison, one of the world’s richest people.

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

A Future of Further Instability

It is important to note, if Netflix prevails, CNN and other cable outlets would first be separated into a independent unit. That would be a relief to many at the network, but it’s not exactly a secure position. That setup could pave the way for CNN for another sale. It never ends.

If you ask Timothy Wu, a lot of this is a violation of antitrust statutes, anyway. The influential voice of big tech’s dominance recently argued that competition laws should prohibit both deals.

“Each proposed deal would be detrimental to the country, and both should be contested by regulators,” Wu recently wrote.

The Bigger Challenge and a Way Ahead

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

“Our current system is a profoundly structure that undermines democracy, but we shouldn’t give in to a sense of powerlessness,” Pickard noted. Regulatory choices – from the 1930s and 1940s – helped to create this overly commercial monster, and different policy decisions can address it.

Can reform occur in an era where the Federal Communications Commission chair will not confirm that the agency is independent? Change is highly improbable now, but that is not to say it will be impossible forever.

Policies that strengthen independent news organizations, aid local journalism, fund public media, and outlaw the consolidation of media power in too few hands are within reach – they are essential for a functioning democracy.

In the world of media ownership, larger is not superior. And news organizations such as CNN cannot be tools in the most recent corporate chess match.