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This past Thursday night, as rumors swirled regarding an incident at Brown University, CNN’s Kaitlan Collins used social media, highlighting the uncertainty and pointing viewers to her channel's 9pm newscast.

Although it is by no means a impeccable news source, her statement seemed accurate for numerous observers. It stands as one of the organizations where one can locate reality-based and largely trustworthy reporting – particularly during breaking news situations like the one unfolding near a New Hampshire storage facility.

A Vulnerable Position Amid a Business Battle

But the news network, now 45 years old, finds itself in a precarious position as two massive media empires battle over ownership of its parent company, Warner Bros Discovery.

No matter the result, the fate of CNN has turned into a high-stakes game of mergers and acquisitions, rather than as a question of what serves the news-consuming public.

“Here is one more case of the deep structural problems with roots in many years of regulatory actions,” stated Victor Pickard, author of “Democracy Without Journalism?” and a media policy professor at the Pennsylvania University.

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

“It is often framed as a business story with key players as the main characters, but there is very little discussion of the public interest,” Pickard explained.

The Complicating Layer: Donald Trump

The CNN scenario is complicated by Donald Trump’s opinions about a network he has frequently denounced as perhaps his main “fake news” adversary.

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

Trump now says that the network requires new ownership. You can read that as ownership that will insulate him from negative coverage and examination. That is part of why he seems to favor Paramount Skydance, which has made a unsolicited offer.

He has grounds to prefer that bidder more. For one thing, it is led by David Ellison, son of the Trump-friendly Larry Ellison, one of the world’s richest people.

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

A Possibility of More Uncertainty

Notably, if Netflix prevails, 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 far from a safe harbor. That structure could pave the way for CNN for yet another acquisition. It never ends.

In the view of Timothy Wu, a great deal of this is illegal, anyway. The well-known analyst of big tech’s dominance wrote recently that anti-trust laws should prohibit both deals.

“Either merger would be bad for the country, and both should be opposed by the government,” Wu argued.

The Fundamental Issue and a Path Forward

No matter the outcome with this particular battle, the larger issue remains.

“The present media landscape is a profoundly system hostile to democracy, but we must resist the belief that change is impossible,” Pickard said. Government actions – originating in the 1930s and 1940s – helped to create this overly commercial monster, and new 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? Change 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, subsidize public media, and prohibit the consolidation of media power in a handful of hands are not only possible – they are necessary for a robust democracy.

When it comes to media ownership, bigger isn’t better. And news organizations such as CNN shouldn’t be pieces in the latest merger game.