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Late Thursday, as rumors swirled regarding the Brown University gunman, the network's Kaitlan Collins took to social media, noting the confusion and guiding the public to her channel's 9pm newscast.

Although the network is hardly a flawless news source, her words rang true to many. It is one of the broadcasters where there exists fact-based and generally dependable reporting – especially during crises like the one taking place in the vicinity of a New Hampshire storage facility.

A Precarious State During a Business Struggle

However the news network, now middle-aged, finds itself in a uncertain state as two massive media conglomerates battle over ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the fate of CNN has turned into a high-risk game of business acquisition, instead of as a question of what helps the news-consuming public.

“This represents another instance of the deep structural problems 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? – overlooks a more important point.

“It is often framed as a corporate drama with influential figures as the central actors, but there is scant discussion of the common good,” Pickard added.

The Complicating Factor: Political Influence

This situation is further muddied by Donald Trump’s views about a network he has frequently denounced as perhaps his main “fake news” foe.

Recall the shouts of “CNN sucks!” at Trump's rallies, his administration’s punitive revocation of reporter Jim Acosta’s press credentials, or his clashes with Collins in official meetings.

Trump now asserts that CNN needs new ownership. You can read that as ownership that will shield him from criticism and scrutiny. That is part of why he seems to come down on the side of Paramount Skydance, which has made a aggressive takeover attempt.

Trump has reason to prefer that bidder more. For one thing, it is controlled 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 right-leaning Bari Weiss, famous for her “anti-woke” beliefs, as the lead editor of that storied news network.

A Future of Further Turmoil

Notably, if Netflix wins, CNN and other cable outlets would first be separated into a separate entity. That would be a relief to many at the network, but it’s not exactly a guarantee of stability. That setup could position CNN for yet another acquisition. There is no finish line.

In the view of Timothy Wu, a great deal of this is against the law, anyway. The influential voice of big tech’s dominance wrote recently that competition laws should block both deals.

“Each proposed deal would be harmful to the country, and both should be opposed by anti-trust authorities,” Wu stated.

The Fundamental Issue and a Way Ahead

Whatever happens regarding CNN, the underlying crisis remains.

“Our current system is a highly anti-democratic system, but we ought not succumb to a sense of powerlessness,” Pickard emphasized. Policy decisions – originating in the 1930s and 1940s – helped to create this profit-obsessed monster, and different policy decisions can tackle it.

Is this likely in an era where the top communications regulator won’t even affirm that the agency is independent? Change is highly improbable now, but that should not imply it will never happen.

Measures that strengthen independent news organizations, aid local journalism, finance public media, and outlaw the accumulation of media power in very few hands are achievable – they are vital for a robust democracy.

In the world of media ownership, bigger isn’t better. And news organizations like CNN cannot be pieces in the latest merger game.