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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.

Even though it is by no means a flawless news source, her words resonated to many. It is one of the outlets where one can locate reality-based and mostly trustworthy reporting – especially during breaking news situations such as the one taking place near a New Hampshire storage facility.

An Uncertain Situation Amid a Business Tug-of-War

However the news network, now 45 years old, finds itself in a vulnerable state as two massive media conglomerates vie for ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the future of CNN has been drawn into a major game of business acquisition, not as a question of what serves the information-seeking public.

“This is yet another example of the profound systemic issues with origins in decades of policy decisions,” said Victor Pickard, author of “Democracy Without Journalism?” and a professor of media policy at the University of Pennsylvania.

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

“It is often framed as a financial tale with influential figures as the protagonists, but there is very little discussion of the common good,” Pickard explained.

A Further Factor: The Former President

The CNN scenario is further muddied by Donald Trump’s longstanding stance about a network he has consistently labeled as perhaps his primary “fake news” foe.

Think back to the chants of “CNN sucks!” at Trump's rallies, his administration’s punitive revocation of reporter Jim Acosta’s press credentials, or his sparring with Collins in White House briefings.

Trump now asserts that the network requires new ownership. Many see this as a desire for ownership that will protect him from criticism and scrutiny. That is one reason why he appears to favor Paramount Skydance, which has made a aggressive takeover attempt.

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

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

A Possibility of Continued Turmoil

Notably, if Netflix prevails, CNN and other cable outlets would first be carved out into a separate entity. That would be a relief to many at the network, but it’s not exactly a guarantee of stability. That structure could pave the way for CNN for a future sale. There is no finish line.

In the view of Timothy Wu, much of this is a violation of antitrust statutes, anyway. The influential voice of big tech’s dominance wrote recently that competition laws should block both deals.

“Each proposed deal would be detrimental to the country, and both should be challenged by the government,” Wu stated.

The Bigger Challenge and a Way Ahead

Regardless of the resolution regarding CNN, the underlying crisis persists.

“The present media landscape is a very anti-democratic system, but we shouldn’t give in to a sense of powerlessness,” Pickard said. Government actions – originating in the 1930s and 1940s – helped to create this overly commercial monster, and revised policy decisions can address it.

Can reform occur in an era where the Federal Communications Commission chair will not confirm that the agency is independent? Overhaul is very unlikely now, but that is not to say it will be impossible forever.

Measures that strengthen independent news organizations, reinforce local journalism, subsidize public media, and prohibit the consolidation of media power in too few hands are within reach – they are necessary for a functioning democracy.

When it comes to media ownership, larger is not superior. And news organizations including CNN cannot be pieces in the latest acquisition battle.