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This past Thursday night, amid swirling speculation concerning an incident at Brown University, CNN’s Kaitlan Collins used social media, highlighting the uncertainty and guiding the public to her network’s 9pm newscast.

Even though CNN is certainly not a perfect news source, her message rang true to many. It is one of the broadcasters where there exists fact-based and largely trustworthy reporting – notably during breaking news situations such as the one unfolding close to a New Hampshire storage facility.

An Uncertain State During a High-Stakes Struggle

Yet CNN, now four and a half decades old, finds itself in a uncertain state as two huge media corporations battle over ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the fate of CNN has become part of a major game of mergers and acquisitions, instead of as a question of what helps the news-consuming public.

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

The speculation about who will own Warner Bros Discovery – will it be Netflix or Paramount Skydance? – misses a more important point.

“The narrative is crafted as a business story with key players as the protagonists, but there is hardly any discussion of the societal benefit,” Pickard explained.

The Additional Layer: Political Influence

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

Think back to the shouts of “CNN sucks!” at his rallies, his team's disciplinary withdrawal of reporter Jim Acosta’s press credentials, or his sparring with Collins in press briefings.

Trump now asserts that CNN needs new ownership. This can be interpreted as ownership that will protect him from journalistic oversight. That is a factor in why he appears to support Paramount Skydance, which has made a hostile bid.

There is a basis to favor that company more. For one thing, it is run by David Ellison, son of the ally of Trump Larry Ellison, one of the world’s richest people.

Paramount, owner of CBS News, also recently appointed the right-leaning Bari Weiss, famous for her “anti-woke” beliefs, as the top editor of that venerable news network.

An Outcome of Continued Instability

Significantly, if Netflix is successful, 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 secure position. That structure could position CNN for another sale. There is no finish line.

According to Timothy Wu, much of this is against the law, anyway. The well-known analyst of big tech’s dominance stated that anti-trust laws should prohibit both deals.

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

The Fundamental Problem and a Path Forward

Regardless of the resolution with this particular battle, the underlying crisis endures.

“Our current system is a highly anti-democratic system, but we must resist the belief that change is impossible,” Pickard noted. Regulatory choices – originating in the 1930s and 1940s – helped to foster this profit-obsessed monster, and different policy decisions can tackle it.

Is this likely in an era where the top communications regulator won’t even affirm that the agency is independent? Reform is very unlikely now, but that doesn’t mean it will not happen in the future.

Initiatives that strengthen independent news organizations, aid local journalism, fund public media, and outlaw the accumulation of media power in very few hands are within reach – they are essential for a functioning democracy.

In the world of media ownership, larger is not superior. And news organizations such as CNN cannot be pawns in the newest corporate chess match.