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On Thursday evening, 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 channel's 9pm newscast.

Even though the network is hardly a impeccable news source, her statement rang true to many. It is one of the broadcasters where there exists grounded and mostly reliable reporting – notably during breaking news situations such as the one developing in the vicinity of a New Hampshire storage facility.

A Vulnerable State Amid a Corporate Tug-of-War

However CNN, now 45 years old, finds itself in a uncertain situation as two giant media corporations vie for ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the fate of CNN has been drawn into a high-risk game of mergers and acquisitions, not as a question of what helps the information-seeking public.

“This represents another instance of the deep structural problems with roots in decades of governmental choices,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a academic specializing in media policy at the Penn.

The conjecture about which company will control Warner Bros Discovery – could it be Netflix or Paramount Skydance? – misses a more important point.

“It gets presented as a business story with influential figures as the central actors, but there is scant discussion of the societal benefit,” Pickard added.

The Additional Factor: Donald Trump

This situation is made more complex by Donald Trump’s longstanding stance about a network he has frequently denounced as perhaps his main “fake news” foe.

Think back to the chants of “CNN sucks!” at his rallies, his administration's retaliatory withdrawal of reporter Jim Acosta’s press credentials, or his sparring with Collins in official meetings.

Trump now claims that CNN needs new ownership. This can be interpreted as ownership that will insulate him from journalistic oversight. That is a factor in why he appears to come down on the side of Paramount Skydance, which has made a aggressive takeover attempt.

He has grounds to like that suitor more. For one thing, it is led 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 placed the right-leaning Bari Weiss, famous for her “anti-woke” beliefs, as the top editor of that storied news network.

A Possibility of More Turmoil

Significantly, if Netflix prevails, CNN and other cable outlets would first be spun off into a independent unit. This might be a relief to many at the network, but it’s not exactly a guarantee of stability. That setup could position CNN for yet another acquisition. The cycle continues.

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

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

The Fundamental Issue and a Way Ahead

Whatever happens in this situation, the bigger problem remains.

“Our current system is a profoundly structure that undermines democracy, but we ought not succumb to learned helplessness,” Pickard emphasized. Regulatory choices – dating back to the 1930s and 1940s – helped to foster this overly commercial monster, and different policy decisions can tackle it.

Can reform occur in an era where the top communications regulator refuses to acknowledge that the agency is independent? Reform is a distant prospect now, but that should not imply it will be impossible forever.

Policies that strengthen independent news organizations, bolster local journalism, fund public media, and prevent the concentration of media power in a handful of hands are achievable – they are necessary for a functioning democracy.

When it comes to media ownership, larger is not superior. And news organizations including CNN shouldn’t be pawns in the latest corporate chess match.