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Late Thursday, while unconfirmed reports spread regarding an incident at Brown University, CNN’s Kaitlan Collins took to social media, highlighting the uncertainty and directing people to her network’s 9pm newscast.

Even though CNN is certainly not a flawless news source, her words resonated for numerous observers. It stands as one of the broadcasters where one can locate reality-based and mostly trustworthy reporting – notably during breaking news situations such as the one developing near a New Hampshire storage facility.

A Vulnerable State During a Business Struggle

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

Whatever the outcome, the future of CNN has turned into a high-risk game of mergers and acquisitions, instead of as a question of what benefits the information-seeking public.

“This is yet another example of the fundamental flaws with roots in many years of regulatory actions,” noted Victor Pickard, author of “Democracy Without Journalism?” and a professor of media policy at the Pennsylvania University.

The speculation about which company will control Warner Bros Discovery – will it be Netflix or Paramount Skydance? – fails to grasp a larger point.

“The narrative is crafted as a corporate drama with key players as the protagonists, but there is hardly any discussion of the common good,” Pickard explained.

The Additional Element: The Former President

The network's predicament is further muddied by Donald Trump’s longstanding stance about a network he has consistently labeled as perhaps his main “fake news” antagonist.

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

Trump now claims that the network requires new ownership. This can be interpreted as ownership that will shield him from criticism and scrutiny. That is one reason why he appears to support Paramount Skydance, which has made a hostile bid.

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

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

An Outcome of Continued Uncertainty

Notably, if Netflix wins, CNN and other cable outlets would first be spun off into a separate entity. Such a move could be a relief to many at the network, but it’s not exactly a secure position. That structure could set up CNN for another sale. It never ends.

If you ask Timothy Wu, much of this is a violation of antitrust statutes, anyway. The prominent critic of big tech’s dominance recently argued that anti-trust laws should disallow both deals.

“Both acquisition attempts would be bad for the country, and both should be contested by the government,” Wu recently wrote.

The Core Problem and a Way Ahead

Regardless of the resolution regarding CNN, the underlying crisis endures.

“What we have now is a highly system hostile to democracy, but we shouldn’t give in to a sense of powerlessness,” Pickard noted. Policy decisions – originating in the 1930s and 1940s – helped to foster this overly commercial monster, and revised policy decisions can address it.

Can reform occur in an era where the head of the FCC will not confirm that the agency is independent? Reform is highly improbable now, but that should not imply it will never happen.

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

When it comes to media ownership, larger is not superior. And news organizations like CNN cannot be tools in the most recent corporate chess match.