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On Thursday evening, as rumors swirled concerning the Brown University gunman, CNN’s Kaitlan Collins posted on social media, highlighting the uncertainty and directing people to her channel's 9pm newscast.

While the network is hardly a impeccable news source, her statement rang true for a lot of people. It stands as one of the broadcasters where there exists fact-based and generally trustworthy reporting – notably during fast-moving events such as the one developing in the vicinity of a New Hampshire storage facility.

An Uncertain Position During a Business Battle

However CNN, now four and a half decades old, finds itself in a vulnerable position as two giant media empires compete for ownership of its parent company, Warner Bros Discovery.

Regardless of who wins, the destiny of CNN has become part of a high-risk game of mergers and acquisitions, not as a question of what helps the news-consuming public.

“Here is one more case of the profound systemic issues with roots in many years of regulatory actions,” said Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the Penn.

The speculation about who will own Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – misses a broader point.

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

A Further Element: Political Influence

The CNN scenario is further muddied by Donald Trump’s opinions about a network he has frequently denounced as perhaps his primary “fake news” adversary.

Recall the shouts of “CNN sucks!” at the president’s rallies, his administration’s punitive revocation of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in press briefings.

Trump now says that CNN needs new ownership. This can be interpreted as 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 bidder more. For one thing, it is run by David Ellison, son of the ally of Trump Larry Ellison, one of the world’s richest people.

Paramount, owner of CBS News, also recently appointed the conservative Bari Weiss, known for her “anti-woke” beliefs, as the top editor of that storied news network.

An Outcome of Continued Instability

Significantly, if Netflix prevails, CNN and other cable outlets would first be separated into a separate entity. This might be a relief to many at the network, but it’s hardly a secure position. That setup could position CNN for yet another acquisition. The cycle continues.

If you ask Timothy Wu, much of this is illegal, anyway. The prominent critic of big tech’s dominance stated that anti-trust laws should prohibit both deals.

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

The Bigger Problem and a Potential Solution

Whatever happens with this particular battle, the bigger problem persists.

“The present media landscape is a highly system hostile to democracy, but we ought not succumb to a sense of powerlessness,” Pickard emphasized. Policy decisions – from the 1930s and 1940s – helped to foster this hyper-commercialized monster, and new policy decisions can fix it.

Will that happen in an era where the top communications regulator won’t even affirm that the agency is independent? Overhaul is very unlikely now, but that should not imply it will never happen.

Policies that strengthen independent news organizations, reinforce local journalism, fund public media, and prohibit the accumulation of media power in too few hands are not only possible – they are vital for a robust democracy.

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