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This past Thursday night, while unconfirmed reports spread regarding the Brown University gunman, the network's Kaitlan Collins posted on social media, noting the confusion and guiding the public to her channel's 9pm newscast.

Although it is by no means a impeccable news source, her words rang true for a lot of people. It stands as one of the broadcasters where there exists grounded and largely trustworthy reporting – especially during fast-moving events like the one developing close to a New Hampshire storage facility.

A Precarious State Amid a Business Battle

But CNN, now middle-aged, finds itself in a vulnerable position as two massive media empires vie for ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the destiny of CNN has been drawn into a high-stakes game of mergers and acquisitions, not as a question of what serves the news-consuming public.

“This is yet another example of the profound systemic issues with roots in decades of regulatory actions,” noted Victor Pickard, author of “Democracy Without Journalism?” and a media policy professor at the Penn.

The speculation about the future owner of Warner Bros Discovery – will it be Netflix or Paramount Skydance? – overlooks a more important point.

“The narrative is crafted as a corporate drama with influential figures as the main characters, but there is scant discussion of the common good,” Pickard added.

The Complicating Element: Donald Trump

The network's predicament is complicated by Donald Trump’s views about a network he has consistently labeled as perhaps his chief “fake news” foe.

Think back to the shouts of “CNN sucks!” at Trump's rallies, his administration's retaliatory suspension of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in White House briefings.

Trump now asserts that CNN needs new ownership. This can be interpreted as ownership that will insulate him from journalistic oversight. That is part of why he seems to support Paramount Skydance, which has made a unsolicited offer.

Trump has reason to favor that suitor more. For one thing, it is led by David Ellison, son of the pro-Trump Larry Ellison, one of the world’s richest people.

The company, parent of CBS News, also recently installed the conservative Bari Weiss, known for her “anti-woke” beliefs, as the editor-in-chief of that historic news network.

An Outcome of Further Instability

Notably, if Netflix is successful, CNN and other cable outlets would first be separated into a separate entity. That would be a welcome development to many at the network, but it’s hardly a secure position. That structure could position CNN for yet another acquisition. It never ends.

If you ask Timothy Wu, much of this is a violation of antitrust statutes, anyway. The well-known analyst of big tech’s dominance recently argued that competition laws should disallow both deals.

“Each proposed deal would be bad for the country, and both should be opposed by the government,” Wu stated.

The Fundamental Problem and a Path Forward

No matter the outcome with this particular battle, the larger issue endures.

“Our current system is a very anti-democratic system, but we must resist learned helplessness,” Pickard noted. Regulatory choices – dating back to the 1930s and 1940s – helped to build this hyper-commercialized monster, and new 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 a distant prospect now, but that is not to say it will not happen in the future.

Initiatives that bolster independent news organizations, aid local journalism, fund 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.

In the world of media ownership, bigger isn’t better. And news organizations like CNN shouldn’t be pieces in the latest merger game.