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Late Thursday, while unconfirmed reports spread concerning an incident at Brown University, the network's Kaitlan Collins used social media, highlighting the uncertainty and pointing viewers to her channel's 9pm newscast.

While it is by no means a flawless news source, her statement rang true to many. It stands as one of the organizations where one can locate reality-based and largely reliable reporting – especially during fast-moving events like the one developing near a New Hampshire storage facility.

An Uncertain Situation During a Business Battle

Yet the news network, now middle-aged, finds itself in a vulnerable position as two giant media corporations compete for ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the fate of CNN has become part of a major game of mergers and acquisitions, instead of as a question of what serves the news-consuming public.

“Here is one more case of the fundamental flaws with origins in decades of policy decisions,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the Penn.

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

“It is often framed as a corporate drama with key players as the protagonists, but there is scant discussion of the societal benefit,” Pickard added.

A Further Element: Political Influence

The CNN scenario is further muddied by Donald Trump’s longstanding stance about a network he has long portrayed as perhaps his main “fake news” antagonist.

Recall the chants of “CNN sucks!” at Trump's rallies, his administration’s punitive suspension of reporter Jim Acosta’s press credentials, or his clashes with Collins in White House briefings.

Trump now says that the network requires new ownership. Many see this as a desire for ownership that will insulate him from negative coverage and examination. That is a factor in why he appears to support Paramount Skydance, which has made a hostile bid.

There is a basis to prefer that bidder 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, owner of CBS News, also recently installed the conservative Bari Weiss, known for her “anti-woke” beliefs, as the lead editor of that venerable news network.

A Future of More Uncertainty

Notably, if Netflix prevails, CNN and other cable outlets would first be separated into a standalone company. This might be a relief to many at the network, but it’s not exactly a safe harbor. That structure could pave the way for CNN for yet another acquisition. It never ends.

According to Timothy Wu, much of this is against the law, anyway. The influential voice of big tech’s dominance wrote recently that anti-trust laws should prohibit both deals.

“Both acquisition attempts would be detrimental to the country, and both should be challenged by the government,” Wu stated.

The Fundamental Challenge and a Path Forward

Regardless of the resolution in this situation, the underlying crisis remains.

“Our current system is a profoundly anti-democratic system, but we ought not succumb to a sense of powerlessness,” Pickard emphasized. Regulatory choices – originating in the 1930s and 1940s – helped to build this hyper-commercialized monster, and new policy decisions can tackle it.

Can reform occur in an era where the top communications regulator refuses to acknowledge that the agency is independent? Overhaul is highly improbable now, but that should not imply it will not happen in the future.

Initiatives that support independent news organizations, bolster local journalism, subsidize public media, and prevent the consolidation of media power in a handful of hands are achievable – they are essential for a robust democracy.

Regarding media ownership, bigger isn’t better. And news organizations such as CNN must not be pawns in the latest corporate chess match.