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On Thursday evening, while unconfirmed reports spread about an incident at Brown University, the network's Kaitlan Collins posted on social media, highlighting the uncertainty and guiding the public to her network’s 9pm newscast.

Even though the network is hardly a perfect news source, her message resonated to many. It stands as one of the broadcasters where you can find reality-based and mostly reliable reporting – especially during crises such as the one unfolding in the vicinity of a New Hampshire storage facility.

A Vulnerable Situation During a High-Stakes Battle

However the news network, now 45 years old, finds itself in a uncertain state as two huge media conglomerates compete for ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the future of CNN has turned into a high-stakes game of corporate ownership, rather than as a question of what serves the news-consuming public.

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

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

“It is often framed as a business story with influential figures as the central actors, but there is scant discussion of the common good,” Pickard said.

The Additional Factor: The Former President

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

Recall the chants of “CNN sucks!” at Trump's rallies, his team's disciplinary withdrawal of reporter Jim Acosta’s press credentials, or his clashes with Collins in official meetings.

Trump now asserts that the network requires new ownership. Many see this as a desire for ownership that will shield him from journalistic oversight. That is one reason why he appears to come down on the side of Paramount Skydance, which has made a aggressive takeover attempt.

There is a basis to like that suitor more. For one thing, it is run 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 conservative Bari Weiss, noted for her “anti-woke” beliefs, as the editor-in-chief of that venerable news network.

A Future of Further Uncertainty

Significantly, if Netflix is successful, CNN and other cable outlets would first be spun off into a separate entity. That would be a relief to many at the network, but it’s not exactly a secure position. That arrangement could set up CNN for yet another acquisition. The cycle continues.

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

“Each proposed deal would be harmful to the country, and both should be opposed by anti-trust authorities,” Wu recently wrote.

The Core Challenge and a Way Ahead

Regardless of the resolution in this situation, the underlying crisis persists.

“The present media landscape is a highly structure that undermines democracy, but we shouldn’t give in to the belief that change is impossible,” Pickard said. Regulatory choices – originating in the 1930s and 1940s – helped to create this overly commercial monster, and new policy decisions can tackle it.

Can reform occur in an era where the Federal Communications Commission chair will not confirm that the agency is independent? Overhaul is very unlikely now, but that doesn’t mean it will never happen.

Policies that strengthen independent news organizations, reinforce local journalism, fund public media, and prevent the accumulation of media power in too few hands are achievable – they are necessary for a functioning democracy.

When it comes to media ownership, larger is not superior. And news organizations like CNN cannot be pawns in the most recent acquisition battle.