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Late Thursday, as rumors swirled regarding the Brown University gunman, the network's Kaitlan Collins took to social media, highlighting the uncertainty and directing people to her channel's 9pm newscast.

Although the network is hardly a impeccable news source, her message resonated for numerous observers. It is one of the organizations where you can find grounded and largely dependable reporting – notably during breaking news situations such as the one taking place near a New Hampshire storage facility.

An Uncertain Position Amid a Corporate Battle

Yet the news network, now four and a half decades old, finds itself in a uncertain situation as two huge media empires vie for ownership of its parent company, Warner Bros Discovery.

No matter the result, the fate of CNN has turned into a major game of mergers and acquisitions, instead of as a question of what serves the information-seeking public.

“This represents another instance of the fundamental flaws with roots in many years of governmental choices,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the Penn.

The conjecture about the future owner of Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – overlooks a broader point.

“The narrative is crafted as a financial tale with influential figures as the main characters, but there is hardly any discussion of the societal benefit,” Pickard explained.

A Further Element: Donald Trump

The network's predicament is made more complex by Donald Trump’s opinions about a network he has long portrayed as perhaps his primary “fake news” adversary.

Recall the cries of “CNN sucks!” at his rallies, his administration’s punitive suspension of reporter Jim Acosta’s press credentials, or his sparring with Collins in press briefings.

Trump now claims that the network requires new ownership. This can be interpreted as ownership that will protect him from criticism and scrutiny. That is a factor in why he seems to come down on the side of Paramount Skydance, which has made a unsolicited offer.

Trump has reason 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.

The company, owner of CBS News, also recently appointed 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

Significantly, if Netflix wins, CNN and other cable outlets would first be spun off into a standalone company. That would be a relief to many at the network, but it’s far from a safe harbor. That setup could pave the way for CNN for another sale. The cycle continues.

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 block both deals.

“Both acquisition attempts would be harmful to the country, and both should be challenged by regulators,” Wu argued.

The Bigger Problem and a Way Ahead

Whatever happens regarding CNN, the underlying crisis endures.

“The present media landscape is a profoundly system hostile to democracy, but we ought not succumb to the belief that change is impossible,” Pickard said. Government actions – dating back to the 1930s and 1940s – helped to foster this hyper-commercialized monster, and revised policy decisions can address it.

Will that happen in an era where the head of the FCC refuses to acknowledge that the agency is independent? Reform is very unlikely now, but that is not to say it will not happen in the future.

Policies that bolster independent news organizations, reinforce local journalism, finance public media, and prohibit the accumulation of media power in a handful of hands are not only possible – they are necessary for a functioning democracy.

Regarding media ownership, larger is not superior. And news organizations such as CNN cannot be tools in the newest acquisition battle.