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This past Thursday night, as rumors swirled concerning an incident at Brown University, the network's Kaitlan Collins took to social media, pointing out the conflicting information and guiding the public to her network’s 9pm newscast.

While it is by no means a impeccable news source, her message resonated to many. It is one of the outlets where there exists reality-based and generally reliable reporting – especially during breaking news situations like the one developing close to a New Hampshire storage facility.

A Precarious Situation Amid a Business Tug-of-War

Yet the news network, now four and a half decades old, finds itself in a vulnerable position as two huge media conglomerates vie for ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the destiny of CNN has become part of a high-stakes game of business acquisition, rather than as a question of what serves the news-consuming public.

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

The debate about who will own Warner Bros Discovery – could it be Netflix or Paramount Skydance? – overlooks a broader point.

“The narrative is crafted as a financial tale with key players as the protagonists, but there is very little discussion of the societal benefit,” Pickard said.

The Additional Factor: The Former President

The CNN scenario is made more complex by Donald Trump’s opinions about a network he has long portrayed as perhaps his main “fake news” antagonist.

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

Trump now says that CNN needs new ownership. This can be interpreted as ownership that will shield him from negative coverage and examination. That is part of why he appears to come down on the side of Paramount Skydance, which has made a hostile bid.

Trump has reason to favor that company more. For one thing, it is run by David Ellison, son of the pro-Trump Larry Ellison, one of the world’s richest people.

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

A Future of Continued Uncertainty

Significantly, if Netflix prevails, CNN and other cable outlets would first be separated into a separate entity. Such a move could be a welcome development to many at the network, but it’s far from a secure position. That structure could pave the way for CNN for a future sale. There is no finish line.

According to Timothy Wu, a lot of this is against the law, anyway. The influential voice 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 challenged by anti-trust authorities,” Wu argued.

The Core Issue and a Way Ahead

Whatever happens regarding CNN, the underlying crisis remains.

“What we have now is a profoundly structure that undermines democracy, but we ought not succumb to a sense of powerlessness,” Pickard noted. Government actions – originating in the 1930s and 1940s – helped to build this profit-obsessed monster, and new policy decisions can tackle it.

Will that happen in an era where the head of the FCC won’t even affirm that the agency is independent? Change is highly improbable now, but that should not imply it will be impossible forever.

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

Regarding media ownership, larger is not superior. And news organizations like CNN cannot be pawns in the newest acquisition battle.