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Late Thursday, amid swirling speculation regarding the Brown University gunman, the network's Kaitlan Collins used social media, noting the confusion and pointing viewers to her channel's 9pm newscast.

While it is by no means a flawless news source, her words rang true for numerous observers. It stands as one of the organizations where one can locate grounded and largely trustworthy reporting – especially during crises like the one developing near a New Hampshire storage facility.

An Uncertain State During a High-Stakes Battle

But CNN, now middle-aged, finds itself in a vulnerable position as two giant media conglomerates battle over ownership of its parent company, Warner Bros Discovery.

Regardless of who wins, the fate of CNN has become part of a high-stakes game of business acquisition, not as a question of what serves the information-seeking public.

“This is yet another example of the fundamental flaws with origins in decades of regulatory actions,” stated Victor Pickard, author of “Democracy Without Journalism?” and a media policy professor at the Pennsylvania University.

The debate about which company will control Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – misses a broader point.

“It is often framed as a financial tale with influential figures as the main characters, but there is scant discussion of the societal benefit,” Pickard said.

The Complicating Layer: Donald Trump

The CNN scenario is complicated by Donald Trump’s longstanding stance about a network he has frequently denounced as perhaps his chief “fake news” adversary.

Remember the shouts of “CNN sucks!” at the president’s rallies, his team's disciplinary revocation 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 protect him from criticism and scrutiny. That is part of why he appears to favor Paramount Skydance, which has made a aggressive takeover attempt.

Trump has reason to favor that bidder more. For one thing, it is run by David Ellison, son of the pro-Trump Larry Ellison, one of the world’s richest people.

The company, parent of CBS News, also recently appointed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the top editor of that historic news network.

A Possibility of Continued Uncertainty

Notably, if Netflix is successful, CNN and other cable outlets would first be carved out into a independent unit. This might be a relief to many at the network, but it’s hardly a secure position. That setup could set up CNN for a future sale. The cycle continues.

In the view of Timothy Wu, a lot of this is a violation of antitrust statutes, anyway. The influential voice of big tech’s dominance wrote recently that competition laws should disallow both deals.

“Each proposed deal would be bad for the country, and both should be challenged by regulators,” Wu recently wrote.

The Fundamental Problem and a Path Forward

Regardless of the resolution in this situation, the larger issue persists.

“The present media landscape is a very structure that undermines democracy, but we must resist a sense of powerlessness,” Pickard said. Regulatory choices – from the 1930s and 1940s – helped to create 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 highly improbable now, but that should not imply it will not happen in the future.

Policies that support independent news organizations, reinforce 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.

When it comes to media ownership, bigger isn’t better. And news organizations including CNN shouldn’t be pawns in the most recent acquisition battle.