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Late Thursday, amid swirling speculation concerning a shooting at Brown University, the network's Kaitlan Collins posted on social media, noting the confusion and guiding the public to her channel's 9pm newscast.

While the network is hardly a flawless news source, her statement resonated for numerous observers. It stands as one of the broadcasters where one can locate fact-based and generally reliable reporting – especially during crises like the one unfolding close to a New Hampshire storage facility.

An Uncertain State During a High-Stakes Struggle

However CNN, now 45 years old, finds itself in a uncertain situation as two massive media conglomerates compete for ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the future of CNN has been drawn into a high-risk game of mergers and acquisitions, rather than as a question of what benefits the news-consuming public.

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

The speculation about who will own Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – overlooks a more important point.

“The narrative is crafted as a financial tale with key players as the central actors, but there is scant discussion of the societal benefit,” Pickard said.

A Further Factor: The Former President

This situation is further muddied by Donald Trump’s longstanding stance about a network he has frequently denounced as perhaps his main “fake news” antagonist.

Think back to the chants of “CNN sucks!” at Trump's 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 the network requires new ownership. This can be interpreted as ownership that will shield him from negative coverage and examination. That is one reason why he seems to come down on the side of Paramount Skydance, which has made a aggressive takeover attempt.

There is a basis to favor that company 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, owner of CBS News, also recently installed the conservative Bari Weiss, known for her “anti-woke” beliefs, as the lead editor of that historic news network.

An Outcome of Further Instability

Notably, if Netflix is successful, CNN and other cable outlets would first be separated into a standalone company. This might be a relief to many at the network, but it’s hardly a safe harbor. That structure could set up CNN for a future sale. The cycle continues.

If you ask Timothy Wu, a great deal of this is a violation of antitrust statutes, anyway. The influential voice of big tech’s dominance recently argued that competition laws should prohibit both deals.

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

The Core Problem and a Way Ahead

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

“Our current system is a highly anti-democratic system, but we shouldn’t give in to learned helplessness,” Pickard emphasized. Policy decisions – originating in the 1930s and 1940s – helped to foster this hyper-commercialized monster, and revised policy decisions can tackle it.

Is this likely in an era where the top communications regulator won’t even affirm that the agency is independent? Change is highly improbable now, but that doesn’t mean it will be impossible forever.

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

When it comes to media ownership, larger is not superior. And news organizations like CNN shouldn’t be tools in the newest merger game.