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On Thursday evening, while unconfirmed reports spread concerning the Brown University gunman, the network's Kaitlan Collins posted on social media, pointing out the conflicting information and directing people to her channel's 9pm newscast.

Although the network is hardly a impeccable news source, her words rang true for numerous observers. It stands as one of the broadcasters where there exists grounded and largely trustworthy reporting – especially during crises like the one developing near a New Hampshire storage facility.

A Vulnerable State Amid a Corporate Tug-of-War

However CNN, now four and a half decades old, finds itself in a uncertain position as two giant media conglomerates compete for ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the fate of CNN has turned into a high-stakes game of business acquisition, rather than as a question of what serves the news-consuming public.

“This is yet another example of the profound systemic issues with roots in decades of governmental choices,” said Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the Penn.

The debate about the future owner of Warner Bros Discovery – will it be Netflix or Paramount Skydance? – fails to grasp a broader point.

“It gets presented as a corporate drama with powerful individuals as the protagonists, but there is very little discussion of the common good,” Pickard added.

The Additional Factor: The Former President

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

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

Trump now says 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 aggressive takeover attempt.

There is a basis to favor that suitor 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, owner of CBS News, also recently installed the conservative Bari Weiss, known for her “anti-woke” beliefs, as the editor-in-chief of that storied news network.

A Possibility of Further Instability

It is important to note, if Netflix is successful, CNN and other cable outlets would first be separated into a separate entity. Such a move could be a relief to many at the network, but it’s not exactly a safe harbor. That arrangement could set up CNN for yet another acquisition. There is no finish line.

According to Timothy Wu, much of this is a violation of antitrust statutes, anyway. The prominent critic of big tech’s dominance stated that competition laws should block both deals.

“Both acquisition attempts would be bad for the country, and both should be challenged by the government,” Wu recently wrote.

The Fundamental Issue and a Way Ahead

No matter the outcome in this situation, the underlying crisis remains.

“The present media landscape is a profoundly structure that undermines democracy, but we must resist learned helplessness,” Pickard said. Regulatory choices – originating in the 1930s and 1940s – helped to create this profit-obsessed monster, and revised policy decisions can address it.

Will that happen in an era where the top communications regulator refuses to acknowledge that the agency is independent? Overhaul is highly improbable now, but that is not to say it will never happen.

Initiatives that bolster independent news organizations, reinforce local journalism, fund public media, and prohibit the consolidation of media power in very few hands are within reach – they are necessary for a healthy democracy.

Regarding media ownership, larger is not superior. And news organizations including CNN must not be tools in the most recent merger game.