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This past Thursday night, as rumors swirled about the Brown University gunman, the network's Kaitlan Collins posted on social media, pointing out the conflicting information and guiding the public to her channel's 9pm newscast.

While CNN is certainly not a impeccable news source, her words rang true for numerous observers. It is one of the outlets where there exists fact-based and mostly dependable reporting – particularly during fast-moving events such as the one developing near a New Hampshire storage facility.

An Uncertain Position Amid a High-Stakes Battle

Yet CNN, now middle-aged, finds itself in a uncertain position as two huge media empires vie for ownership of its parent company, Warner Bros Discovery.

Regardless of who wins, the fate of CNN has turned into a major game of mergers and acquisitions, rather than as a question of what helps the information-seeking public.

“This represents another instance of the deep structural problems with roots in decades of governmental choices,” said Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the University of Pennsylvania.

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

“It is often framed as a financial tale with powerful individuals as the main characters, but there is scant discussion of the public interest,” Pickard explained.

A Further Factor: The Former President

This situation is further muddied by Donald Trump’s longstanding stance about a network he has frequently denounced as perhaps his chief “fake news” antagonist.

Recall the chants of “CNN sucks!” at his rallies, his administration's retaliatory withdrawal of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in press briefings.

Trump now says that CNN needs new ownership. This can be interpreted as ownership that will insulate him from negative coverage and examination. That is one reason why he seems to support Paramount Skydance, which has made a unsolicited offer.

There is a basis to like that company 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 placed the right-leaning Bari Weiss, known for her “anti-woke” beliefs, as the lead editor of that historic news network.

A Possibility of More Instability

Notably, if Netflix prevails, 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 safe harbor. That setup could set up CNN for another sale. The cycle continues.

If you ask Timothy Wu, a great deal of this is illegal, anyway. The well-known analyst of big tech’s dominance wrote recently that anti-trust laws should prohibit both deals.

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

The Fundamental Problem and a Path Forward

Whatever happens with this particular battle, the underlying crisis endures.

“What we have now is a profoundly system hostile to democracy, but we ought not succumb to learned helplessness,” Pickard noted. Regulatory choices – dating back to the 1930s and 1940s – helped to create this profit-obsessed monster, and new policy decisions can address it.

Is this likely in an era where the top communications regulator will not confirm that the agency is independent? Change is a distant prospect now, but that should not imply it will never happen.

Policies that strengthen independent news organizations, bolster local journalism, fund public media, and outlaw the concentration of media power in a handful of hands are achievable – they are essential for a functioning democracy.

When it comes to media ownership, bigger isn’t better. And news organizations like CNN must not be pawns in the newest acquisition battle.