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Late Thursday, amid swirling speculation regarding an incident at Brown University, the network's Kaitlan Collins took to social media, highlighting the uncertainty and directing people to her network’s 9pm newscast.

Although it is by no means a impeccable news source, her statement resonated for numerous observers. It stands as one of the broadcasters where one can locate grounded and largely dependable reporting – particularly during fast-moving events such as the one developing close to a New Hampshire storage facility.

An Uncertain Situation During a Corporate Battle

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

Whatever the outcome, the fate of CNN has become part of a high-stakes game of mergers and acquisitions, not as a question of what benefits the news-consuming public.

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

The speculation about the future owner of Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – overlooks a larger point.

“It is often framed as a corporate drama with key players as the protagonists, but there is scant discussion of the public interest,” Pickard said.

The Additional Factor: The Former President

The network's predicament is made more complex by Donald Trump’s longstanding stance about a network he has long portrayed as perhaps his main “fake news” antagonist.

Remember the shouts of “CNN sucks!” at his rallies, his administration’s punitive suspension of reporter Jim Acosta’s press credentials, or his sparring with Collins in official meetings.

Trump now claims that CNN needs new ownership. Many see this as a desire for ownership that will insulate him from journalistic oversight. That is one reason why he appears to support Paramount Skydance, which has made a aggressive takeover attempt.

He has grounds to prefer that company more. For one thing, it is controlled by David Ellison, son of the pro-Trump Larry Ellison, one of the world’s richest people.

Paramount, owner 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.

A Future of Continued Instability

It is important to note, if Netflix is successful, CNN and other cable outlets would first be separated into a independent unit. That would be a welcome development to many at the network, but it’s far from a safe harbor. That structure could pave the way for CNN for another sale. The cycle continues.

In the view of Timothy Wu, a great deal of this is illegal, anyway. The influential voice of big tech’s dominance stated that competition laws should disallow both deals.

“Both acquisition attempts would be harmful to the country, and both should be contested by anti-trust authorities,” Wu recently wrote.

The Fundamental Problem and a Potential Solution

Whatever happens regarding CNN, the underlying crisis remains.

“The present media landscape is a highly structure that undermines democracy, but we shouldn’t give in to learned helplessness,” Pickard said. Government actions – 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 highly improbable now, but that should not imply it will never happen.

Measures that support independent news organizations, reinforce local journalism, finance public media, and outlaw the accumulation of media power in a handful of hands are within reach – they are necessary for a healthy democracy.

Regarding media ownership, bigger isn’t better. And news organizations including CNN must not be pawns in the latest acquisition battle.