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Late Thursday, amid swirling speculation regarding a shooting at Brown University, the network's Kaitlan Collins used social media, highlighting the uncertainty and guiding the public to her network’s 9pm newscast.

Even though the network is hardly a impeccable news source, her message rang true for numerous observers. It remains one of the organizations where one can locate grounded and mostly trustworthy reporting – especially during breaking news situations such as the one unfolding close to a New Hampshire storage facility.

A Precarious State During a Corporate Battle

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

Whatever the outcome, the future of CNN has turned into a major 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 policy decisions,” stated Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in 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.

“It gets presented as a financial tale with influential figures as the central actors, but there is scant discussion of the public interest,” Pickard said.

The Complicating Factor: Political Influence

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

Remember the cries of “CNN sucks!” at the president’s rallies, his administration's retaliatory withdrawal of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in press briefings.

Trump now claims that CNN needs new ownership. This can be interpreted as ownership that will shield him from negative coverage and examination. That is a factor in why he seems to come down on the side of Paramount Skydance, which has made a unsolicited offer.

There is a basis to favor that company 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.

The company, owner of CBS News, also recently installed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the editor-in-chief of that venerable news network.

An Outcome of Continued Instability

Notably, if Netflix prevails, CNN and other cable outlets would first be carved out into a separate entity. This might be a relief to many at the network, but it’s hardly a safe harbor. That structure could pave the way for CNN for a future sale. The cycle continues.

If you ask Timothy Wu, a great deal of this is against the law, anyway. The well-known analyst of big tech’s dominance wrote recently that anti-trust laws should prohibit both deals.

“Either merger would be detrimental to the country, and both should be opposed by anti-trust authorities,” Wu recently wrote.

The Bigger Issue and a Path Forward

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

“Our current system is a highly anti-democratic system, but we must resist the belief that change is impossible,” Pickard said. Regulatory choices – dating back to the 1930s and 1940s – helped to foster this overly commercial monster, and different policy decisions can address it.

Is this likely in an era where the head of the FCC will not confirm that the agency is independent? Overhaul is highly improbable now, but that should not imply it will never happen.

Measures that support independent news organizations, aid local journalism, subsidize public media, and outlaw the consolidation of media power in very few hands are not only possible – they are essential for a robust democracy.

Regarding media ownership, larger is not superior. And news organizations including CNN cannot be pawns in the most recent merger game.