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On Thursday evening, while unconfirmed reports spread regarding a shooting at Brown University, CNN’s Kaitlan Collins used social media, highlighting the uncertainty and guiding the public to her channel's 9pm newscast.

Even though CNN is certainly not a impeccable news source, her statement resonated for numerous observers. It remains one of the outlets where one can locate fact-based and largely dependable reporting – particularly during fast-moving events like the one developing in the vicinity of a New Hampshire storage facility.

A Precarious State During a High-Stakes Struggle

However CNN, now four and a half decades old, finds itself in a precarious state as two massive media corporations compete for ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the future of CNN has turned into a high-stakes game of mergers and acquisitions, instead of as a question of what serves the information-seeking public.

“This represents another instance of the deep structural problems with roots in many years of regulatory actions,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a academic specializing in media policy at the Pennsylvania University.

The conjecture about the future owner of Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – overlooks a more important 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 Complicating Element: The Former President

This situation is made more complex by Donald Trump’s opinions about a network he has long portrayed as perhaps his primary “fake news” antagonist.

Think back to the chants of “CNN sucks!” at Trump's rallies, his team's disciplinary withdrawal of reporter Jim Acosta’s press credentials, or his clashes with Collins in official meetings.

Trump now claims that CNN needs new ownership. You can read that as ownership that will shield him from negative coverage and examination. That is one reason why he appears to support Paramount Skydance, which has made a unsolicited offer.

Trump has reason to favor that suitor more. For one thing, it is run 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 placed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the editor-in-chief of that venerable news network.

A Future of More Uncertainty

Notably, if Netflix prevails, CNN and other cable outlets would first be separated into a separate entity. This might be a relief to many at the network, but it’s hardly a safe harbor. That setup could pave the way for CNN for another sale. The cycle continues.

According to Timothy Wu, much of this is a violation of antitrust statutes, anyway. The prominent critic of big tech’s dominance stated that competition laws should disallow both deals.

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

The Fundamental Challenge and a Potential Solution

Whatever happens in this situation, the larger issue persists.

“Our current system is a highly system hostile to democracy, but we shouldn’t give in to a sense of powerlessness,” Pickard emphasized. Government actions – dating back to the 1930s and 1940s – helped to foster this profit-obsessed monster, and revised policy decisions can tackle it.

Can reform occur in an era where the top communications regulator will not confirm that the agency is independent? Change is highly improbable now, but that should not imply it will never happen.

Initiatives that support independent news organizations, aid local journalism, fund public media, and outlaw the accumulation of media power in a handful of hands are not only possible – they are essential for a healthy democracy.

When it comes to media ownership, bigger isn’t better. And news organizations like CNN shouldn’t be tools in the latest acquisition battle.