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This past Thursday night, while unconfirmed reports spread concerning a shooting at Brown University, the network's Kaitlan Collins took to social media, highlighting the uncertainty and pointing viewers to her channel's 9pm newscast.

Although the network is hardly a flawless news source, her words rang true to many. It remains one of the broadcasters where one can locate reality-based and mostly reliable reporting – especially during fast-moving events like the one taking place close to a New Hampshire storage facility.

A Vulnerable Position Amid a High-Stakes Battle

However the news network, now middle-aged, finds itself in a precarious situation as two giant media empires vie for ownership of its parent company, Warner Bros Discovery.

Regardless of who wins, the destiny of CNN has been drawn into a high-risk game of mergers and acquisitions, not as a question of what serves the information-seeking public.

“Here is one more case of the deep structural problems with roots in decades of regulatory actions,” said Victor Pickard, author of “Democracy Without Journalism?” and a media policy professor at the Pennsylvania University.

The debate about which company will control Warner Bros Discovery – could it be Netflix or Paramount Skydance? – fails to grasp a larger point.

“It is often framed as a financial tale with influential figures as the protagonists, but there is hardly any discussion of the common good,” Pickard added.

The Additional Element: Political Influence

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

Think back to the shouts of “CNN sucks!” at his rallies, his administration's retaliatory suspension of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in official meetings.

Trump now asserts that CNN needs new ownership. Many see this as a desire for ownership that will protect him from criticism and scrutiny. That is part of why he seems to support Paramount Skydance, which has made a hostile bid.

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

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

An Outcome of More Uncertainty

It is important to note, if Netflix wins, 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 not exactly a guarantee of stability. That setup could set up CNN for a future sale. The cycle continues.

In the view of Timothy Wu, much of this is illegal, anyway. The prominent critic of big tech’s dominance recently argued that competition laws should disallow both deals.

“Either merger would be detrimental to the country, and both should be contested by anti-trust authorities,” Wu stated.

The Core Problem and a Potential Solution

Regardless of the resolution with this particular battle, the larger issue remains.

“The present media landscape is a profoundly system hostile to democracy, but we shouldn’t give in to learned helplessness,” Pickard noted. Policy decisions – from the 1930s and 1940s – helped to build this overly commercial monster, and different policy decisions can address it.

Can reform occur in an era where the top communications regulator will not confirm that the agency is independent? Change is a distant prospect now, but that doesn’t mean it will be impossible forever.

Policies that strengthen independent news organizations, reinforce local journalism, subsidize public media, and prevent the concentration of media power in too few hands are within reach – they are vital for a functioning democracy.

In the world of media ownership, bigger isn’t better. And news organizations like CNN must not be pawns in the latest merger game.