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This past Thursday night, as rumors swirled about 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.

Even though CNN is certainly not a perfect news source, her statement rang true for numerous observers. It is one of the broadcasters where there exists grounded and largely dependable reporting – especially during breaking news situations like the one developing in the vicinity of a New Hampshire storage facility.

A Precarious Position Amid a Business Struggle

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

No matter the result, the destiny of CNN has turned into a high-risk game of business acquisition, not as a question of what benefits the information-seeking public.

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

The conjecture about the future owner of Warner Bros Discovery – could it be Netflix or Paramount Skydance? – misses a larger point.

“It gets presented as a corporate drama with influential figures as the protagonists, but there is scant discussion of the public interest,” Pickard added.

The Additional Factor: Donald Trump

This situation is made more complex by Donald Trump’s views about a network he has frequently denounced as perhaps his chief “fake news” antagonist.

Think back to the shouts of “CNN sucks!” at his rallies, his team's disciplinary suspension of reporter Jim Acosta’s press credentials, or his sparring with Collins in official meetings.

Trump now claims that CNN needs new ownership. This can be interpreted as ownership that will insulate him from criticism and scrutiny. That is part of why he seems to support 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 Trump-friendly Larry Ellison, one of the world’s richest people.

Paramount, owner of CBS News, also recently installed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the top editor of that storied news network.

A Future of Continued Instability

Notably, if Netflix wins, CNN and other cable outlets would first be separated into a independent unit. Such a move could be a welcome development to many at the network, but it’s far from a guarantee of stability. That structure could pave the way for CNN for yet another acquisition. It never ends.

In the view of Timothy Wu, much of this is illegal, anyway. The influential voice of big tech’s dominance recently argued that competition laws should disallow both deals.

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

The Fundamental Challenge and a Way Ahead

Regardless of the resolution in this situation, the bigger problem endures.

“Our current system is a highly anti-democratic system, but we shouldn’t give in to learned helplessness,” Pickard emphasized. Regulatory choices – dating back to the 1930s and 1940s – helped to create this profit-obsessed monster, and revised policy decisions can address it.

Is this likely in an era where the top communications regulator will not confirm that the agency is independent? Change is highly improbable now, but that should not imply it will not happen in the future.

Initiatives that bolster independent news organizations, aid local journalism, finance public media, and prohibit the concentration of media power in a handful of hands are within reach – they are vital for a healthy democracy.

Regarding media ownership, size does not equal quality. And news organizations such as CNN shouldn’t be pawns in the latest corporate chess match.