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This past Thursday night, amid swirling speculation about the Brown University gunman, the network's Kaitlan Collins used social media, noting the confusion and directing people to her network’s 9pm newscast.

Although it is by no means a impeccable news source, her message rang true to many. It remains one of the outlets where there exists reality-based and generally reliable reporting – notably during breaking news situations like the one unfolding near a New Hampshire storage facility.

A Vulnerable Position During a High-Stakes Struggle

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

No matter the result, the fate of CNN has become part of a high-stakes game of business acquisition, rather than as a question of what serves the news-consuming public.

“This represents another instance of the profound systemic issues with roots in decades of regulatory actions,” said Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the Pennsylvania University.

The speculation about which company will control Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – misses a more important point.

“The narrative is crafted as a corporate drama with key players as the central actors, but there is scant discussion of the public interest,” Pickard added.

A Further Element: Political Influence

The network's predicament is complicated by Donald Trump’s views about a network he has consistently labeled as perhaps his primary “fake news” foe.

Think back to the chants of “CNN sucks!” at the president’s rallies, his administration's retaliatory suspension of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in official meetings.

Trump now asserts that the network requires new ownership. This can be interpreted as ownership that will insulate him from journalistic oversight. That is a factor in why he seems to support Paramount Skydance, which has made a unsolicited offer.

There is a basis to prefer 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 placed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the editor-in-chief of that storied news network.

A Possibility of Continued Turmoil

Significantly, if Netflix wins, CNN and other cable outlets would first be spun off into a independent unit. That would be a relief to many at the network, but it’s not exactly a safe harbor. That arrangement could position CNN for yet another acquisition. It never ends.

If you ask Timothy Wu, a great deal of this is illegal, anyway. The influential voice of big tech’s dominance recently argued that anti-trust laws should prohibit both deals.

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

The Bigger Challenge and a Way Ahead

No matter the outcome in this situation, the underlying crisis remains.

“The present media landscape is a very anti-democratic system, but we shouldn’t give in to learned helplessness,” Pickard noted. Government actions – from the 1930s and 1940s – helped to build this overly commercial monster, and revised policy decisions can tackle it.

Will that happen in an era where the head of the FCC refuses to acknowledge that the agency is independent? Reform is very unlikely now, but that doesn’t mean it will not happen in the future.

Measures that strengthen independent news organizations, bolster local journalism, finance public media, and outlaw the concentration of media power in too few hands are not only possible – they are essential for a robust democracy.

When it comes to media ownership, size does not equal quality. And news organizations like CNN cannot be pieces in the newest merger game.