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Late Thursday, as rumors swirled concerning a shooting at Brown University, the network's Kaitlan Collins took to social media, highlighting the uncertainty and pointing viewers to her network’s 9pm newscast.

Even though the network is hardly a impeccable news source, her message resonated to many. It is one of the organizations where one can locate grounded and largely trustworthy reporting – notably during breaking news situations such as the one unfolding close to a New Hampshire storage facility.

A Precarious State Amid a Corporate Battle

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

No matter the result, the fate of CNN has turned into a major game of business acquisition, rather than as a question of what serves the information-seeking public.

“Here is one more case of the profound systemic issues with origins in many years of regulatory actions,” said Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the University of Pennsylvania.

The speculation about the future owner of Warner Bros Discovery – could it be Netflix or Paramount Skydance? – fails to grasp a more important point.

“It is often framed as a corporate drama with powerful individuals as the central actors, but there is hardly any discussion of the societal benefit,” Pickard explained.

A Further Layer: Donald Trump

The CNN scenario is complicated by Donald Trump’s views about a network he has frequently denounced as perhaps his chief “fake news” foe.

Remember the cries of “CNN sucks!” at his rallies, his administration's retaliatory withdrawal of reporter Jim Acosta’s press credentials, or his clashes with Collins in official meetings.

Trump now asserts that CNN needs new ownership. Many see this as a desire for ownership that will shield him from journalistic oversight. That is part of why he appears to come down on the side of Paramount Skydance, which has made a unsolicited offer.

There is a basis to prefer that bidder 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 appointed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the lead editor of that historic news network.

A Possibility of Further Uncertainty

It is important to note, if Netflix is successful, CNN and other cable outlets would first be spun off into a standalone company. Such a move could be a relief to many at the network, but it’s hardly a safe harbor. That setup could position CNN for a future sale. There is no finish line.

According to Timothy Wu, much of this is against the law, anyway. The prominent critic of big tech’s dominance wrote recently that anti-trust laws should disallow both deals.

“Both acquisition attempts would be detrimental to the country, and both should be contested by regulators,” Wu recently wrote.

The Bigger Problem and a Potential Solution

Whatever happens regarding CNN, the larger issue persists.

“The present media landscape is a profoundly anti-democratic system, but we shouldn’t give in to the belief that change is impossible,” Pickard noted. Regulatory choices – dating back to the 1930s and 1940s – helped to create this profit-obsessed monster, and different policy decisions can fix it.

Will that happen in an era where the Federal Communications Commission chair will not confirm that the agency is independent? Overhaul is highly improbable now, but that doesn’t mean it will never happen.

Policies that support independent news organizations, aid local journalism, finance public media, and prohibit the accumulation of media power in very few hands are within reach – they are vital for a healthy democracy.

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