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This past Thursday night, as rumors swirled regarding an incident at Brown University, the network's Kaitlan Collins posted on social media, pointing out the conflicting information and directing people to her network’s 9pm newscast.

Even though the network is hardly a perfect news source, her message resonated for a lot of people. It remains one of the outlets where you can find reality-based and generally trustworthy reporting – particularly during fast-moving events like the one taking place near a New Hampshire storage facility.

A Precarious State During a Corporate Tug-of-War

Yet CNN, now 45 years old, finds itself in a uncertain position as two massive media empires compete for ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the future of CNN has been drawn into a major game of business acquisition, rather than as a question of what serves the news-consuming public.

“This is yet another example of the profound systemic issues with origins in many years of regulatory actions,” said Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the Pennsylvania University.

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

“The narrative is crafted as a financial tale with influential figures as the central actors, but there is scant discussion of the societal benefit,” Pickard said.

A Further Element: The Former President

This situation is complicated by Donald Trump’s longstanding stance about a network he has frequently denounced as perhaps his chief “fake news” antagonist.

Think back to the shouts of “CNN sucks!” at the president’s rallies, his team's disciplinary revocation of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in official meetings.

Trump now says that the network requires new ownership. You can read that as ownership that will protect him from journalistic oversight. That is a factor in why he appears to favor Paramount Skydance, which has made a aggressive takeover attempt.

Trump has reason to prefer 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.

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

A Possibility of Further Uncertainty

Notably, if Netflix prevails, CNN and other cable outlets would first be carved out into a independent unit. That would be a relief to many at the network, but it’s far from a safe harbor. That arrangement could set up CNN for yet another acquisition. There is no finish line.

If you ask Timothy Wu, much of this is illegal, anyway. The well-known analyst of big tech’s dominance recently argued that anti-trust laws should disallow both deals.

“Both acquisition attempts would be detrimental to the country, and both should be contested by regulators,” Wu argued.

The Core Problem and a Way Ahead

Regardless of the resolution with this particular battle, the bigger problem remains.

“What we have now is a very anti-democratic system, but we must resist learned helplessness,” Pickard noted. Government actions – dating back to the 1930s and 1940s – helped to build this overly commercial monster, and new policy decisions can address it.

Is this likely in an era where the head of the FCC refuses to acknowledge that the agency is independent? Reform is very unlikely now, but that should not imply it will not happen in the future.

Policies that strengthen independent news organizations, aid local journalism, finance public media, and prevent the accumulation of media power in too few hands are within reach – they are vital for a functioning democracy.

Regarding media ownership, larger is not superior. And news organizations such as CNN shouldn’t be tools in the latest acquisition battle.