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Late Thursday, as rumors swirled concerning a shooting at Brown University, CNN’s Kaitlan Collins posted on social media, highlighting the uncertainty and guiding the public to her channel's 9pm newscast.

Although CNN is certainly not a flawless news source, her words rang true to many. It is one of the outlets where you can find fact-based and generally dependable reporting – particularly during breaking news situations such as the one taking place in the vicinity of a New Hampshire storage facility.

A Precarious Position Amid a High-Stakes Tug-of-War

Yet the news network, now middle-aged, finds itself in a precarious situation as two massive media conglomerates compete for ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the destiny of CNN has been drawn into a high-stakes game of business acquisition, instead of as a question of what helps the information-seeking public.

“This is yet another example of the deep structural problems with origins in many years of governmental choices,” said Victor Pickard, author 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 – is it going to be Netflix or Paramount Skydance? – fails to grasp a larger point.

“It is often framed as a financial tale with key players as the protagonists, but there is very little discussion of the societal benefit,” Pickard explained.

The Additional Layer: Donald Trump

This situation is made more complex by Donald Trump’s opinions about a network he has consistently labeled as perhaps his chief “fake news” adversary.

Recall the cries of “CNN sucks!” at the president’s rallies, his team's disciplinary withdrawal of reporter Jim Acosta’s press credentials, or his clashes with Collins in press 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 appears to support Paramount Skydance, which has made a hostile bid.

There is a basis to favor that suitor more. For one thing, it is controlled by David Ellison, son of the Trump-friendly Larry Ellison, one of the world’s richest people.

Paramount, owner of CBS News, also recently placed the right-leaning Bari Weiss, noted for her “anti-woke” beliefs, as the top editor of that venerable news network.

A Future of Continued Turmoil

It is important to note, if Netflix prevails, CNN and other cable outlets would first be carved out into a standalone company. Such a move could be a relief to many at the network, but it’s hardly a guarantee of stability. That setup could position CNN for yet another acquisition. 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 competition laws should disallow both deals.

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

The Fundamental Challenge and a Path Forward

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

“What we have now is a very anti-democratic system, but we ought not succumb to a sense of powerlessness,” Pickard emphasized. Regulatory choices – from the 1930s and 1940s – helped to foster this profit-obsessed monster, and different policy decisions can address it.

Is this likely 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 never happen.

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

Regarding media ownership, size does not equal quality. And news organizations like CNN must not be pieces in the most recent merger game.