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Late Thursday, while unconfirmed reports spread regarding a shooting at Brown University, the network's Kaitlan Collins posted on social media, highlighting the uncertainty and pointing viewers to her network’s 9pm newscast.

While the network is hardly a impeccable news source, her statement rang true to many. It stands as one of the outlets where you can find grounded and mostly dependable reporting – especially during crises such as the one taking place near a New Hampshire storage facility.

A Precarious Situation Amid a High-Stakes Struggle

However CNN, now four and a half decades old, finds itself in a vulnerable state as two massive media conglomerates battle over ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the fate of CNN has been drawn into a high-stakes game of mergers and acquisitions, not as a question of what benefits the information-seeking public.

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

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

“It is often framed as a business story with powerful individuals as the main characters, but there is hardly any discussion of the common good,” Pickard added.

The Complicating Element: Political Influence

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

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

Trump now asserts 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 hostile bid.

He has grounds to favor that suitor more. For one thing, it is run by David Ellison, son of the pro-Trump Larry Ellison, one of the world’s richest people.

The company, owner of CBS News, also recently installed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the editor-in-chief of that historic news network.

A Future of More Uncertainty

It is important to note, if Netflix wins, CNN and other cable outlets would first be carved out into a independent unit. That would be a relief to many at the network, but it’s far from a guarantee of stability. That setup could pave the way for CNN for another sale. There is no finish line.

According to Timothy Wu, a lot of this is a violation of antitrust statutes, anyway. The prominent critic of big tech’s dominance wrote recently that anti-trust laws should prohibit both deals.

“Either merger would be detrimental to the country, and both should be opposed by the government,” Wu stated.

The Core Problem and a Path Forward

No matter the outcome regarding CNN, the larger issue remains.

“Our current system is a highly structure that undermines democracy, but we ought not succumb to learned helplessness,” Pickard noted. Regulatory choices – dating back to the 1930s and 1940s – helped to foster this hyper-commercialized monster, and revised policy decisions can fix it.

Is this likely in an era where the top communications regulator will not confirm that the agency is independent? Overhaul is highly improbable now, but that doesn’t mean it will not happen in the future.

Policies that bolster independent news organizations, reinforce local journalism, fund public media, and prevent the consolidation of media power in very few hands are not only possible – they are essential for a healthy democracy.

Regarding media ownership, larger is not superior. And news organizations such as CNN cannot be pieces in the latest merger game.