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This past Thursday night, while unconfirmed reports spread about an incident at Brown University, the network's Kaitlan Collins posted on social media, pointing out the conflicting information and guiding the public to her channel's 9pm newscast.

Although it is by no means a impeccable news source, her statement rang true to many. It remains one of the outlets where you can find reality-based and generally reliable reporting – particularly during crises such as the one developing in the vicinity of a New Hampshire storage facility.

A Precarious State During a Business Battle

Yet CNN, now 45 years old, finds itself in a uncertain position as two giant media corporations battle over ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the destiny of CNN has been drawn into a major game of mergers and acquisitions, not as a question of what benefits the news-consuming public.

“This is yet another example of the fundamental flaws with origins in many years of governmental choices,” said Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the University of Pennsylvania.

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

“It gets presented as a business story with key players as the central actors, but there is hardly any discussion of the common good,” Pickard said.

The Additional Element: Political Influence

The network's predicament is complicated by Donald Trump’s longstanding stance about a network he has consistently labeled as perhaps his main “fake news” antagonist.

Recall the cries of “CNN sucks!” at his rallies, his administration’s punitive suspension of reporter Jim Acosta’s press credentials, or his sparring with Collins in press briefings.

Trump now claims that CNN needs new ownership. This can be interpreted as ownership that will insulate him from journalistic oversight. That is a factor in why he appears to favor Paramount Skydance, which has made a aggressive takeover attempt.

He has grounds to favor 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.

Paramount, 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.

A Possibility of More Instability

It is important to note, if Netflix prevails, CNN and other cable outlets would first be separated into a independent unit. Such a move could be a relief to many at the network, but it’s hardly a secure position. That arrangement could set up CNN for another sale. There is no finish line.

According to Timothy Wu, a great deal of this is a violation of antitrust statutes, anyway. The well-known analyst of big tech’s dominance stated that competition laws should disallow both deals.

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

The Core Challenge and a Path Forward

No matter the outcome regarding CNN, the larger issue remains.

“What we have now is a profoundly anti-democratic system, but we must resist learned helplessness,” Pickard said. Regulatory choices – dating back to the 1930s and 1940s – helped to foster this profit-obsessed monster, and new policy decisions can address it.

Can reform occur in an era where the top communications regulator will not confirm that the agency is independent? Reform is a distant prospect now, but that is not to say it will not happen in the future.

Initiatives that strengthen independent news organizations, aid local journalism, finance public media, and prevent the concentration of media power in a handful of hands are achievable – they are necessary for a healthy democracy.

Regarding media ownership, larger is not superior. And news organizations including CNN shouldn’t be tools in the most recent acquisition battle.