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Late Thursday, while unconfirmed reports spread about an incident 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 perfect news source, her message rang true for numerous observers. It remains one of the organizations where you can find fact-based and generally dependable reporting – especially during breaking news situations like the one unfolding in the vicinity of a New Hampshire storage facility.

An Uncertain Position Amid a High-Stakes Struggle

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

Whatever the outcome, the fate of CNN has become part of a high-risk game of mergers and acquisitions, rather than as a question of what serves the news-consuming public.

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

The conjecture about who will own Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – fails to grasp a larger point.

“It is often framed as a business story with influential figures as the protagonists, but there is scant discussion of the common good,” Pickard said.

The Additional Layer: Political Influence

The CNN scenario is further muddied by Donald Trump’s views about a network he has frequently denounced as perhaps his chief “fake news” foe.

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

Trump now says that CNN needs new ownership. Many see this as a desire for ownership that will shield him from criticism and scrutiny. That is a factor in why he appears 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 run 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 appointed the right-leaning Bari Weiss, famous for her “anti-woke” beliefs, as the editor-in-chief of that historic news network.

A Possibility of Continued Instability

Significantly, if Netflix is successful, CNN and other cable outlets would first be carved out into a independent unit. That would be a relief to many at the network, but it’s not exactly a secure position. That setup could pave the way for CNN for a future sale. There is no finish line.

If you ask Timothy Wu, a great deal of this is a violation of antitrust statutes, anyway. The influential voice of big tech’s dominance stated that anti-trust laws should block both deals.

“Each proposed deal would be bad for the country, and both should be challenged by regulators,” Wu recently wrote.

The Bigger Issue and a Path Forward

No matter the outcome regarding CNN, the bigger problem remains.

“Our current system is a very anti-democratic system, but we shouldn’t give in to the belief that change is impossible,” Pickard emphasized. Regulatory choices – originating in the 1930s and 1940s – helped to create this overly commercial monster, and different policy decisions can fix it.

Will that happen in an era where the head of the FCC will not confirm that the agency is independent? Overhaul is a distant prospect now, but that should not imply it will be impossible forever.

Policies that strengthen independent news organizations, bolster local journalism, fund public media, and prohibit the accumulation of media power in very few hands are not only possible – they are essential for a healthy democracy.

Regarding media ownership, size does not equal quality. And news organizations such as CNN cannot be tools in the newest merger game.