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This past Thursday night, amid swirling speculation about the Brown University gunman, CNN’s Kaitlan Collins used social media, noting the confusion and guiding the public to her channel's 9pm newscast.

Even though CNN is certainly not a impeccable news source, her words resonated for a lot of people. It stands as one of the organizations where one can locate grounded and generally reliable reporting – especially during breaking news situations like the one taking place near a New Hampshire storage facility.

An Uncertain Situation Amid a Business Battle

But CNN, now middle-aged, finds itself in a uncertain position as two massive media empires compete for ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the destiny of CNN has been drawn into a high-stakes game of mergers and acquisitions, instead of as a question of what benefits 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 professor of media policy at the Pennsylvania University.

The conjecture about the future owner of Warner Bros Discovery – could it be Netflix or Paramount Skydance? – fails to grasp a more important point.

“The narrative is crafted as a business story with influential figures as the main characters, but there is hardly any discussion of the societal benefit,” Pickard said.

The Additional Factor: The Former President

This situation is further muddied by Donald Trump’s opinions about a network he has consistently labeled as perhaps his primary “fake news” adversary.

Recall the chants of “CNN sucks!” at the president’s rallies, his administration’s punitive suspension of reporter Jim Acosta’s press credentials, or his clashes with Collins in official meetings.

Trump now claims that the network requires new ownership. This can be interpreted as ownership that will protect him from journalistic oversight. That is part of why he seems 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 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 right-leaning Bari Weiss, noted for her “anti-woke” beliefs, as the top editor of that storied news network.

An Outcome of More Uncertainty

It is important to note, if Netflix wins, CNN and other cable outlets would first be separated into a independent unit. This might be a relief to many at the network, but it’s hardly a guarantee of stability. That arrangement could pave the way for CNN for a future sale. It never ends.

If you ask Timothy Wu, much of this is a violation of antitrust statutes, anyway. The well-known analyst of big tech’s dominance stated that anti-trust laws should block both deals.

“Either merger would be harmful to the country, and both should be challenged by anti-trust authorities,” Wu stated.

The Core Problem and a Potential Solution

Whatever happens regarding CNN, the underlying crisis endures.

“Our current system is a very system hostile to democracy, but we shouldn’t give in to learned helplessness,” Pickard emphasized. Regulatory choices – originating in the 1930s and 1940s – helped to build this hyper-commercialized monster, and revised policy decisions can tackle it.

Is this likely in an era where the top communications regulator won’t even affirm that the agency is independent? Overhaul is very unlikely now, but that is not to say it will be impossible forever.

Initiatives that strengthen independent news organizations, aid local journalism, subsidize public media, and prohibit the accumulation of media power in very few hands are achievable – they are necessary for a robust democracy.

When it comes to media ownership, larger is not superior. And news organizations like CNN cannot be pawns in the most recent acquisition battle.