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This past Thursday night, amid swirling speculation about the Brown University gunman, the network's Kaitlan Collins used social media, pointing out the conflicting information and directing people to her channel's 9pm newscast.

Although it is by no means a perfect news source, her words resonated to many. It remains one of the broadcasters where one can locate reality-based and largely trustworthy reporting – notably during fast-moving events like the one unfolding in the vicinity of a New Hampshire storage facility.

A Vulnerable State During a High-Stakes Battle

However the news network, now middle-aged, finds itself in a precarious state as two giant media corporations battle over ownership of its parent company, Warner Bros Discovery.

No matter the result, the future of CNN has been drawn into a major game of business acquisition, rather than as a question of what helps the information-seeking public.

“This represents another instance of the deep structural problems with roots in decades of governmental choices,” said Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the Penn.

The debate about who will own Warner Bros Discovery – could it be Netflix or Paramount Skydance? – overlooks a broader point.

“The narrative is crafted as a financial tale with key players as the central actors, but there is very little discussion of the common good,” Pickard said.

The Additional Factor: Donald Trump

The CNN scenario is made more complex by Donald Trump’s longstanding stance about a network he has long portrayed as perhaps his primary “fake news” adversary.

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

Trump now claims that CNN needs new ownership. You can read that as ownership that will shield him from negative coverage and examination. That is a factor in why he seems to come down on the side of Paramount Skydance, which has made a aggressive takeover attempt.

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

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

An Outcome of More Instability

Significantly, if Netflix prevails, CNN and other cable outlets would first be separated into a standalone company. This might be a welcome development to many at the network, but it’s not exactly a secure position. That setup could position CNN for a future sale. The cycle continues.

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

“Each proposed deal would be detrimental to the country, and both should be opposed by anti-trust authorities,” Wu stated.

The Bigger Issue and a Way Ahead

Regardless of the resolution in this situation, the larger issue persists.

“The present media landscape is a highly system hostile to democracy, but we ought not succumb to a sense of powerlessness,” Pickard said. Policy decisions – originating in the 1930s and 1940s – helped to build this overly commercial monster, and revised policy decisions can tackle it.

Is this likely in an era where the top communications regulator refuses to acknowledge that the agency is independent? Reform is highly improbable now, but that should not imply it will be impossible forever.

Policies that strengthen independent news organizations, reinforce local journalism, subsidize public media, and outlaw 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 including CNN cannot be pieces in the newest merger game.