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Late Thursday, amid swirling speculation about an incident at Brown University, the network's Kaitlan Collins posted on social media, highlighting the uncertainty and guiding the public to her channel's 9pm newscast.

Although it is by no means a flawless news source, her message resonated for numerous observers. It is one of the broadcasters where one can locate grounded and mostly reliable reporting – especially during breaking news situations like the one developing in the vicinity of a New Hampshire storage facility.

An Uncertain State Amid a High-Stakes Battle

But the news network, now 45 years old, finds itself in a precarious position as two huge media empires battle over ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the future of CNN has become part of a major game of mergers and acquisitions, instead of as a question of what helps the information-seeking public.

“Here is one more case of the fundamental flaws with origins in many years of regulatory actions,” said Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the University of Pennsylvania.

The conjecture about who will own Warner Bros Discovery – will it be Netflix or Paramount Skydance? – overlooks a broader point.

“It is often framed as a corporate drama with powerful individuals as the main characters, but there is hardly any discussion of the common good,” Pickard added.

A Further Layer: Donald Trump

This situation is complicated by Donald Trump’s opinions about a network he has consistently labeled as perhaps his primary “fake news” foe.

Remember the cries of “CNN sucks!” at Trump's rallies, his team's disciplinary suspension of reporter Jim Acosta’s press credentials, or his clashes with Collins in press briefings.

Trump now claims that the network requires new ownership. This can be interpreted as ownership that will insulate him from negative coverage and examination. That is part of why he seems to support Paramount Skydance, which has made a hostile bid.

Trump has reason to prefer that bidder 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, parent of CBS News, also recently installed the right-leaning Bari Weiss, noted for her “anti-woke” beliefs, as the editor-in-chief of that venerable news network.

An Outcome of Further Instability

Significantly, if Netflix prevails, CNN and other cable outlets would first be separated into a standalone company. Such a move could be a welcome development to many at the network, but it’s not exactly a safe harbor. That arrangement could set up CNN for yet another acquisition. It never ends.

In the view of Timothy Wu, a lot of this is a violation of antitrust statutes, anyway. The influential voice of big tech’s dominance recently argued that anti-trust laws should prohibit both deals.

“Either merger would be detrimental to the country, and both should be challenged by the government,” Wu recently wrote.

The Core Problem and a Way Ahead

Whatever happens with this particular battle, the bigger problem persists.

“Our current system is a highly anti-democratic system, but we ought not succumb to the belief that change is impossible,” Pickard noted. Policy decisions – originating in the 1930s and 1940s – helped to build this overly commercial monster, and revised policy decisions can address it.

Can reform occur in an era where the Federal Communications Commission chair won’t even affirm that the agency is independent? Change is a distant prospect now, but that should not imply it will not happen in the future.

Measures that strengthen independent news organizations, bolster local journalism, subsidize public media, and outlaw the consolidation of media power in a handful of hands are not only possible – they are vital for a functioning democracy.

When it comes to media ownership, size does not equal quality. And news organizations like CNN cannot be pieces in the newest merger game.