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On Thursday evening, while unconfirmed reports spread regarding 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.

Even though the network is hardly a impeccable news source, her statement resonated to many. It is one of the broadcasters where there exists reality-based and generally trustworthy reporting – notably during crises such as the one developing close to a New Hampshire storage facility.

An Uncertain Situation Amid a Business Battle

But CNN, now four and a half decades old, 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 become part of a major game of mergers and acquisitions, rather than as a question of what benefits the news-consuming public.

“Here is one more case of the fundamental flaws with roots in many years of governmental choices,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a academic specializing in media policy at the University of Pennsylvania.

The speculation about which company will control Warner Bros Discovery – could it be Netflix or Paramount Skydance? – fails to grasp a broader point.

“It gets presented as a business story with powerful individuals as the main characters, but there is very little discussion of the common good,” Pickard added.

The Additional Factor: Political Influence

This situation is complicated by Donald Trump’s longstanding stance about a network he has long portrayed as perhaps his primary “fake news” foe.

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

Trump now says that CNN needs new ownership. This can be interpreted as ownership that will protect him from journalistic oversight. That is one reason 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 run by David Ellison, son of the ally of Trump Larry Ellison, one of the world’s richest people.

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

An Outcome of Continued Uncertainty

Significantly, if Netflix is successful, CNN and other cable outlets would first be separated into a separate entity. This might be a welcome development to many at the network, but it’s hardly a guarantee of stability. That structure could pave the way for CNN for another sale. There is no finish line.

If you ask Timothy Wu, a lot of this is a violation of antitrust statutes, anyway. The well-known analyst of big tech’s dominance stated that competition laws should block both deals.

“Each proposed deal would be harmful to the country, and both should be contested by regulators,” Wu stated.

The Bigger Challenge and a Potential Solution

No matter the outcome in this situation, the bigger problem remains.

“What we have now is a highly system hostile to democracy, but we must resist a sense of powerlessness,” Pickard noted. Regulatory choices – originating in the 1930s and 1940s – helped to foster this overly commercial monster, and new policy decisions can fix it.

Will that happen in an era where the head of the FCC will not confirm that the agency is independent? Reform is very unlikely now, but that is not to say it will not happen in the future.

Policies that bolster independent news organizations, reinforce local journalism, subsidize public media, and outlaw the consolidation of media power in very few hands are achievable – they are necessary for a functioning democracy.

In the world of media ownership, larger is not superior. And news organizations including CNN must not be pawns in the latest corporate chess match.