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This past Thursday night, while unconfirmed reports spread concerning a shooting at Brown University, CNN’s Kaitlan Collins posted on social media, pointing out the conflicting information and guiding the public to her channel's 9pm newscast.

While CNN is certainly not a perfect news source, her words seemed accurate for numerous observers. It stands as one of the broadcasters where you can find reality-based and largely dependable reporting – especially during crises like the one taking place near a New Hampshire storage facility.

An Uncertain Situation During a Business Struggle

Yet the news network, now 45 years old, finds itself in a uncertain position as two huge media empires compete for ownership of its parent company, Warner Bros Discovery.

Regardless of who wins, the fate of CNN has turned into a major game of mergers and acquisitions, rather than as a question of what benefits the information-seeking public.

“This is yet another example of the fundamental flaws with origins in many years of governmental choices,” noted Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the Penn.

The conjecture 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 business story with influential figures as the main characters, but there is very little discussion of the societal benefit,” Pickard added.

A Further Element: The Former President

The network's predicament is further muddied by Donald Trump’s views about a network he has consistently labeled as perhaps his main “fake news” foe.

Remember the chants of “CNN sucks!” at the president’s rallies, his team's disciplinary revocation of reporter Jim Acosta’s press credentials, or his sparring with Collins in White House briefings.

Trump now says that the network requires new ownership. Many see this as a desire for ownership that will insulate him from journalistic oversight. That is part of why he seems to support Paramount Skydance, which has made a unsolicited offer.

He has grounds to favor that suitor 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 top editor of that storied news network.

A Possibility of Continued Instability

Significantly, if Netflix wins, CNN and other cable outlets would first be separated into a independent unit. That would be a relief to many at the network, but it’s not exactly a safe harbor. That structure could position CNN for yet another acquisition. It never ends.

If you ask Timothy Wu, much of this is illegal, anyway. The influential voice of big tech’s dominance stated that competition laws should block both deals.

“Each proposed deal would be detrimental to the country, and both should be contested by the government,” Wu argued.

The Fundamental Issue and a Way Ahead

Whatever happens regarding CNN, the underlying crisis persists.

“The present media landscape is a very anti-democratic system, but we ought not succumb to the belief that change is impossible,” Pickard noted. Regulatory choices – dating back to the 1930s and 1940s – helped to build this profit-obsessed monster, and new policy decisions can address it.

Can reform occur in an era where the head of the FCC won’t even affirm that the agency is independent? Overhaul is highly improbable now, but that should not imply it will never happen.

Policies that bolster independent news organizations, aid local journalism, fund public media, and prevent the concentration of media power in very few hands are achievable – they are essential for a functioning democracy.

Regarding media ownership, size does not equal quality. And news organizations such as CNN shouldn’t be pieces in the latest acquisition battle.