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This past Thursday night, as rumors swirled about the Brown University gunman, the network's Kaitlan Collins posted on social media, pointing out the conflicting information and guiding the public to her network’s 9pm newscast.

Although CNN is certainly not a flawless news source, her message rang true to many. It remains one of the broadcasters where one can locate grounded and largely trustworthy reporting – particularly during breaking news situations such as the one unfolding in the vicinity of a New Hampshire storage facility.

A Precarious State Amid a Corporate Struggle

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

Whatever the outcome, the fate of CNN has been drawn into a high-stakes game of mergers and acquisitions, not as a question of what benefits the news-consuming public.

“This represents another instance of the fundamental flaws with origins in decades of governmental choices,” said Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the Penn.

The speculation about the future owner of Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – overlooks a larger point.

“It gets presented as a financial tale with influential figures as the main characters, but there is very little discussion of the societal benefit,” Pickard added.

A Further Layer: Donald Trump

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

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

Trump now says that the network requires new ownership. This can be interpreted as ownership that will shield him from criticism and scrutiny. That is a factor in why he appears to favor Paramount Skydance, which has made a hostile bid.

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

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

A Future of More Turmoil

Notably, if Netflix wins, CNN and other cable outlets would first be carved out into a standalone company. That would be a relief to many at the network, but it’s not exactly a guarantee of stability. That setup could set up CNN for another sale. There is no finish line.

According to 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 prohibit both deals.

“Both acquisition attempts would be harmful to the country, and both should be opposed by the government,” Wu recently wrote.

The Core Problem and a Way Ahead

No matter the outcome regarding CNN, the underlying crisis persists.

“What we have now is a very system hostile to democracy, but we shouldn’t give in to learned helplessness,” Pickard emphasized. Policy decisions – originating in the 1930s and 1940s – helped to create this profit-obsessed monster, and revised policy decisions can address it.

Can reform occur in an era where the Federal Communications Commission chair will not confirm that the agency is independent? Change is very unlikely now, but that doesn’t mean it will not happen in the future.

Policies that support independent news organizations, reinforce local journalism, fund public media, and prohibit the consolidation of media power in very few hands are achievable – they are essential for a healthy democracy.

When it comes to media ownership, larger is not superior. And news organizations like CNN must not be tools in the newest acquisition battle.