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Late Thursday, as rumors swirled about the Brown University gunman, the network's Kaitlan Collins posted on social media, highlighting the uncertainty and directing people to her network’s 9pm newscast.

Although it is by no means a perfect news source, her statement resonated for a lot of people. It stands as one of the outlets where you can find reality-based and mostly trustworthy reporting – notably during fast-moving events such as the one developing near a New Hampshire storage facility.

An Uncertain Situation Amid a Corporate Tug-of-War

But CNN, now 45 years old, finds itself in a vulnerable situation as two massive media empires battle over ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the destiny of CNN has turned into a high-risk game of business acquisition, not as a question of what benefits the news-consuming public.

“Here is one more case of the profound systemic issues with origins in many years of regulatory actions,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a academic specializing in media policy at the University of Pennsylvania.

The conjecture about who will own Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – fails to grasp a larger point.

“It gets presented as a business story with powerful individuals as the protagonists, but there is hardly any discussion of the societal benefit,” Pickard added.

The Additional Layer: Donald Trump

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

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

Trump now says that CNN needs new ownership. Many see this as a desire for ownership that will shield 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 favor that company more. For one thing, it is led by David Ellison, son of the Trump-friendly Larry Ellison, one of the world’s richest people.

Paramount, owner of CBS News, also recently placed the right-leaning Bari Weiss, noted for her “anti-woke” beliefs, as the top editor of that historic news network.

A Future of Further Instability

It is important to note, if Netflix is successful, CNN and other cable outlets would first be carved out into a independent unit. This might be a welcome development to many at the network, but it’s far from a guarantee of stability. That setup could set up CNN for a future sale. There is no finish line.

According to Timothy Wu, a great deal of this is a violation of antitrust statutes, anyway. The well-known analyst of big tech’s dominance recently argued that competition laws should prohibit both deals.

“Both acquisition attempts would be detrimental to the country, and both should be challenged by regulators,” Wu recently wrote.

The Fundamental Problem and a Path Forward

Regardless of the resolution regarding CNN, the larger issue remains.

“What we have now is a profoundly system hostile to democracy, but we must resist the belief that change is impossible,” Pickard said. Regulatory choices – originating in the 1930s and 1940s – helped to create this hyper-commercialized monster, and revised policy decisions can address it.

Will that happen in an era where the top communications regulator won’t even affirm that the agency is independent? Overhaul is very unlikely now, but that should not imply it will never happen.

Measures that support independent news organizations, reinforce local journalism, finance public media, and outlaw the concentration of media power in a handful of hands are not only possible – they are vital for a robust democracy.

In the world of media ownership, larger is not superior. And news organizations like CNN must not be pieces in the newest merger game.