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On Thursday evening, amid swirling speculation about a shooting at Brown University, CNN’s Kaitlan Collins used social media, noting the confusion and guiding the public to her network’s 9pm newscast.

Even though it is by no means a flawless news source, her words rang true to many. It stands as one of the organizations where you can find fact-based and mostly reliable reporting – particularly during breaking news situations like the one unfolding in the vicinity of a New Hampshire storage facility.

A Precarious State During a Business Battle

However CNN, now four and a half decades old, finds itself in a uncertain position as two massive media corporations battle over ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the future of CNN has been drawn into a high-stakes 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 origins in decades of governmental choices,” noted Victor Pickard, author of “Democracy Without Journalism?” and a media policy professor 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 powerful individuals as the central actors, but there is scant discussion of the societal benefit,” Pickard added.

A Further Layer: Political Influence

The network's predicament is made more complex by Donald Trump’s longstanding stance about a network he has frequently denounced as perhaps his chief “fake news” adversary.

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

Trump now asserts that CNN needs new ownership. Many see this as a desire for ownership that will insulate him from negative coverage and examination. That is part of why he seems to favor Paramount Skydance, which has made a hostile bid.

There is a basis to prefer that suitor 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 appointed the right-leaning Bari Weiss, known for her “anti-woke” beliefs, as the top editor of that venerable news network.

A Future of Continued Turmoil

Significantly, if Netflix prevails, CNN and other cable outlets would first be carved out into a standalone company. That would be a relief to many at the network, but it’s hardly a safe harbor. That setup could position CNN for yet another acquisition. There is no finish line.

In the view of Timothy Wu, a lot 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.

“Each proposed deal would be detrimental to the country, and both should be contested by regulators,” Wu stated.

The Bigger Issue and a Way Ahead

Whatever happens with this particular battle, the larger issue endures.

“The present media landscape is a profoundly system hostile to democracy, but we must resist the belief that change is impossible,” Pickard noted. Regulatory choices – from the 1930s and 1940s – helped to create this overly commercial monster, and different policy decisions can fix it.

Can reform occur in an era where the Federal Communications Commission chair won’t even affirm that the agency is independent? Overhaul is very unlikely now, but that is not to say it will never happen.

Initiatives that strengthen independent news organizations, aid local journalism, finance public media, and outlaw the accumulation of media power in a handful of hands are not only possible – they are necessary for a healthy democracy.

When it comes to media ownership, bigger isn’t better. And news organizations such as CNN must not be pawns in the most recent merger game.