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

While it is by no means a impeccable news source, her statement rang true to many. It is one of the organizations where one can locate fact-based and generally trustworthy reporting – particularly during breaking news situations such as the one developing in the vicinity of a New Hampshire storage facility.

A Vulnerable Position During a Business Battle

Yet the news network, now middle-aged, finds itself in a vulnerable situation as two massive media corporations vie for ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the destiny of CNN has been drawn into a high-stakes game of mergers and acquisitions, not as a question of what helps the information-seeking public.

“This is yet another example of the deep structural problems with origins in many years of regulatory actions,” said Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the Pennsylvania University.

The debate about which company will control Warner Bros Discovery – could it be Netflix or Paramount Skydance? – overlooks a broader point.

“It is often framed as a corporate drama with influential figures as the main characters, but there is very little discussion of the public interest,” Pickard explained.

The Additional Element: Political Influence

The CNN scenario is made more complex by Donald Trump’s views about a network he has consistently labeled as perhaps his main “fake news” antagonist.

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

Trump now asserts that CNN needs new ownership. Many see this as a desire for ownership that will protect him from negative coverage and examination. That is part of why he seems to come down on the side of Paramount Skydance, which has made a aggressive takeover attempt.

Trump has reason to prefer that company more. For one thing, it is led by David Ellison, son of the ally of Trump Larry Ellison, one of the world’s richest people.

Paramount, owner of CBS News, also recently placed the right-leaning Bari Weiss, noted for her “anti-woke” beliefs, as the editor-in-chief of that storied news network.

A Future of Further Turmoil

It is important to note, if Netflix wins, CNN and other cable outlets would first be spun off into a standalone company. This might be a relief to many at the network, but it’s not exactly a guarantee of stability. That structure could set up CNN for another sale. There is no finish line.

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

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

The Core Issue and a Way Ahead

Whatever happens regarding CNN, the larger issue persists.

“What we have now is a profoundly system hostile to democracy, but we must resist learned helplessness,” Pickard said. Regulatory choices – dating back to the 1930s and 1940s – helped to foster this overly commercial monster, and different policy decisions can address it.

Is this likely in an era where the top communications regulator won’t even affirm that the agency is independent? Reform is very unlikely now, but that doesn’t mean it will not happen in the future.

Measures that bolster independent news organizations, aid local journalism, subsidize public media, and prohibit the concentration of media power in a handful of hands are not only possible – they are vital for a robust democracy.

In the world of media ownership, larger is not superior. And news organizations such as CNN cannot be pieces in the newest corporate chess match.