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On Thursday evening, amid swirling speculation concerning a shooting at Brown University, CNN’s Kaitlan Collins took to social media, highlighting the uncertainty and guiding the public to her network’s 9pm newscast.

While the network is hardly a perfect news source, her statement rang true for numerous observers. It is one of the outlets where there exists reality-based and mostly reliable reporting – notably during breaking news situations like the one developing close to a New Hampshire storage facility.

A Vulnerable State During a Business Struggle

However CNN, now middle-aged, finds itself in a vulnerable position as two massive media conglomerates vie for ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the future of CNN has become part of a high-stakes game of mergers and acquisitions, not as a question of what benefits the information-seeking public.

“Here is one more case of the fundamental flaws with roots in many years of regulatory actions,” stated Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the Penn.

The debate about who will own Warner Bros Discovery – could it be Netflix or Paramount Skydance? – fails to grasp a broader point.

“The narrative is crafted as a financial tale with powerful individuals as the main characters, but there is very little discussion of the public interest,” Pickard explained.

A Further Element: Political Influence

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

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

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 favor Paramount Skydance, which has made a aggressive takeover attempt.

He has grounds 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.

The company, owner of CBS News, also recently installed the right-leaning Bari Weiss, known for her “anti-woke” beliefs, as the top editor of that historic news network.

An Outcome of Further Instability

Notably, 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 hardly a secure position. That arrangement could pave the way for CNN for yet another acquisition. It never ends.

In the view of Timothy Wu, a lot of this is against the law, anyway. The prominent critic of big tech’s dominance recently argued that anti-trust laws should disallow both deals.

“Each proposed deal would be bad for the country, and both should be challenged by anti-trust authorities,” Wu recently wrote.

The Bigger Challenge and a Path Forward

Whatever happens with this particular battle, the larger issue endures.

“Our current system is a profoundly anti-democratic system, but we must resist the belief that change is impossible,” Pickard emphasized. Government actions – dating back to the 1930s and 1940s – helped to create this profit-obsessed monster, and different policy decisions can address it.

Will that happen in an era where the top communications regulator won’t even affirm that the agency is independent? Reform is highly improbable now, but that should not imply it will be impossible forever.

Measures that strengthen independent news organizations, reinforce local journalism, finance public media, and prohibit the accumulation of media power in a handful of hands are within reach – they are vital for a functioning democracy.

In the world of media ownership, larger is not superior. And news organizations including CNN cannot be pieces in the most recent corporate chess match.