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This past Thursday night, as rumors swirled concerning the Brown University gunman, the network's Kaitlan Collins posted on social media, noting the confusion and guiding the public to her network’s 9pm newscast.

Even though CNN is certainly not a flawless news source, her statement rang true to many. It is one of the organizations where you can find fact-based and generally reliable reporting – notably during fast-moving events like the one developing near a New Hampshire storage facility.

A Vulnerable State Amid a High-Stakes Battle

However the news network, now middle-aged, finds itself in a uncertain state as two massive media conglomerates battle over ownership of its parent company, Warner Bros Discovery.

Regardless of who wins, the future of CNN has become part of a major game of mergers and acquisitions, not as a question of what helps the news-consuming public.

“This is yet another example of the profound systemic issues 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 – could it be Netflix or Paramount Skydance? – fails to grasp a broader point.

“It gets presented as a corporate drama with key players as the main characters, but there is scant discussion of the societal benefit,” Pickard explained.

The Additional Factor: The Former President

The CNN scenario is further muddied by Donald Trump’s opinions about a network he has long portrayed as perhaps his chief “fake news” antagonist.

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

Trump now says that the network requires new ownership. You can read that as ownership that will insulate him from journalistic oversight. That is one reason why he seems to come down on the side of Paramount Skydance, which has made a aggressive takeover attempt.

Trump has reason to favor that bidder 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 placed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the editor-in-chief of that venerable news network.

An Outcome of More Instability

It is important to note, if Netflix is successful, CNN and other cable outlets would first be separated into a independent unit. Such a move could be a welcome development to many at the network, but it’s hardly a secure position. That structure could set up CNN for another sale. It never ends.

If you ask Timothy Wu, a lot of this is against the law, anyway. The well-known analyst of big tech’s dominance recently argued that competition laws should disallow both deals.

“Either merger would be bad for the country, and both should be challenged by anti-trust authorities,” Wu argued.

The Core Issue and a Path Forward

Whatever happens in this situation, the larger issue remains.

“The present media landscape is a very structure that undermines democracy, but we shouldn’t give in to the belief that change is impossible,” Pickard said. Government actions – originating in the 1930s and 1940s – helped to create this hyper-commercialized monster, and revised policy decisions can fix it.

Will that happen in an era where the Federal Communications Commission chair refuses to acknowledge that the agency is independent? Overhaul is a distant prospect now, but that should not imply it will never happen.

Initiatives that bolster independent news organizations, bolster local journalism, fund public media, and prevent the consolidation of media power in too few hands are achievable – they are essential for a healthy democracy.

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