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On Thursday evening, amid swirling speculation about the Brown University gunman, the network's Kaitlan Collins posted on social media, noting the confusion and directing people to her network’s 9pm newscast.

Even though it is by no means a perfect news source, her message resonated for numerous observers. It remains one of the organizations where there exists fact-based and generally reliable reporting – especially during fast-moving events such as the one developing in the vicinity of a New Hampshire storage facility.

An Uncertain State Amid a High-Stakes Battle

But the news network, now four and a half decades old, finds itself in a uncertain situation as two giant media empires vie for ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the fate of CNN has turned into a high-risk game of corporate ownership, rather than as a question of what benefits the information-seeking public.

“This represents another instance of the deep structural problems with origins in many years of regulatory actions,” said Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the Pennsylvania University.

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

“It is often framed as a business story with powerful individuals as the central actors, but there is scant discussion of the public interest,” Pickard explained.

The Additional Factor: Donald Trump

The network's predicament is further muddied by Donald Trump’s longstanding stance about a network he has frequently denounced as perhaps his chief “fake news” foe.

Think back to the chants of “CNN sucks!” at his rallies, his team's disciplinary revocation of reporter Jim Acosta’s press credentials, or his sparring with Collins in press 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 favor Paramount Skydance, which has made a aggressive takeover attempt.

He has grounds to favor that bidder more. For one thing, it is controlled 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, known for her “anti-woke” beliefs, as the lead editor of that historic news network.

An Outcome of More Instability

Significantly, if Netflix wins, CNN and other cable outlets would first be carved out into a independent unit. Such a move could be a relief to many at the network, but it’s not exactly a guarantee of stability. That arrangement could set up CNN for a future sale. The cycle continues.

If you ask Timothy Wu, a lot of this is illegal, anyway. The prominent critic of big tech’s dominance wrote recently that competition laws should disallow both deals.

“Both acquisition attempts would be bad for the country, and both should be contested by the government,” Wu stated.

The Fundamental Challenge and a Way Ahead

No matter the outcome in this situation, the bigger problem persists.

“The present media landscape is a highly anti-democratic system, but we must resist the belief that change is impossible,” Pickard said. Regulatory choices – originating in the 1930s and 1940s – helped to build this overly commercial monster, and different policy decisions can fix it.

Is this likely in an era where the Federal Communications Commission chair refuses to acknowledge that the agency is independent? Change is a distant prospect now, but that doesn’t mean it will never happen.

Policies that strengthen independent news organizations, bolster local journalism, finance public media, and prevent the concentration of media power in too few hands are achievable – they are essential for a robust democracy.

Regarding media ownership, size does not equal quality. And news organizations such as CNN must not be tools in the latest acquisition battle.