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On Thursday evening, while unconfirmed reports spread about a shooting at Brown University, the network's Kaitlan Collins used social media, noting the confusion and pointing viewers to her network’s 9pm newscast.

Although CNN is certainly not a flawless news source, her message resonated to many. It remains one of the broadcasters where there exists fact-based and generally reliable reporting – particularly during fast-moving events like the one developing near a New Hampshire storage facility.

A Precarious Situation During a Business Struggle

Yet the news network, now 45 years old, 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 destiny of CNN has turned into a high-risk game of corporate ownership, rather than as a question of what helps the news-consuming public.

“This represents another instance of the profound systemic issues with origins in many years of regulatory actions,” noted Victor Pickard, author of “Democracy Without Journalism?” and a professor of media policy at the Pennsylvania University.

The speculation about who will own Warner Bros Discovery – could it be Netflix or Paramount Skydance? – overlooks a broader point.

“The narrative is crafted as a financial tale with influential figures as the protagonists, but there is scant discussion of the societal benefit,” Pickard said.

The Complicating Factor: Political Influence

This situation is complicated by Donald Trump’s views about a network he has long portrayed as perhaps his chief “fake news” adversary.

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

Trump now claims that CNN needs new ownership. This can be interpreted as ownership that will protect him from negative coverage and examination. That is part of why he appears to favor Paramount Skydance, which has made a aggressive takeover attempt.

He has grounds to prefer that company more. For one thing, it is controlled by David Ellison, son of the pro-Trump Larry Ellison, one of the world’s richest people.

The company, owner of CBS News, also recently placed the conservative Bari Weiss, famous for her “anti-woke” beliefs, as the editor-in-chief of that historic news network.

An Outcome of Continued Instability

Notably, if Netflix prevails, CNN and other cable outlets would first be carved out into a independent unit. Such a move could be a relief to many at the network, but it’s not exactly a safe harbor. That setup could pave the way for CNN for another sale. It never ends.

In the view of Timothy Wu, a great deal of this is a violation of antitrust statutes, anyway. The prominent critic of big tech’s dominance stated that anti-trust laws should block both deals.

“Either merger would be bad for the country, and both should be contested by the government,” Wu recently wrote.

The Bigger Challenge and a Way Ahead

No matter the outcome regarding CNN, the bigger problem endures.

“The present media landscape is a highly structure that undermines democracy, but we ought not succumb to learned helplessness,” Pickard noted. Government actions – dating back to the 1930s and 1940s – helped to foster this overly commercial monster, and new policy decisions can fix it.

Can reform occur in an era where the Federal Communications Commission chair will not confirm that the agency is independent? Reform is a distant prospect now, but that should not imply it will never happen.

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

In the world of media ownership, larger is not superior. And news organizations like CNN must not be pieces in the most recent merger game.