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Late Thursday, as rumors swirled regarding the Brown University gunman, the network's Kaitlan Collins took to social media, noting the confusion and directing people to her network’s 9pm newscast.

Even though CNN is certainly not a impeccable news source, her message seemed accurate for numerous observers. It is one of the organizations where one can locate reality-based and generally dependable reporting – notably during fast-moving events such as the one unfolding in the vicinity of a New Hampshire storage facility.

A Precarious State Amid a High-Stakes Struggle

But CNN, now 45 years old, finds itself in a precarious position as two massive media conglomerates vie for ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the destiny of CNN has turned into a high-risk game of mergers and acquisitions, rather than as a question of what serves the information-seeking public.

“This is yet another example of the profound systemic issues with roots in decades of regulatory actions,” stated Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the Penn.

The debate about the future owner of Warner Bros Discovery – could it be Netflix or Paramount Skydance? – overlooks a broader point.

“The narrative is crafted as a corporate drama with key players as the protagonists, but there is very little discussion of the public interest,” Pickard said.

The Complicating Factor: The Former President

The network's predicament is complicated by Donald Trump’s views about a network he has frequently denounced as perhaps his chief “fake news” adversary.

Recall the chants of “CNN sucks!” at the president’s rallies, his administration's retaliatory suspension of reporter Jim Acosta’s press credentials, or his sparring with Collins in press briefings.

Trump now claims that CNN needs new ownership. Many see this as a desire for ownership that will shield him from journalistic oversight. That is a factor in why he appears to come down on the side of Paramount Skydance, which has made a hostile bid.

There is a basis to like that bidder more. For one thing, it is run by David Ellison, son of the pro-Trump Larry Ellison, one of the world’s richest people.

Paramount, parent of CBS News, also recently appointed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the editor-in-chief of that venerable news network.

A Future of Further Turmoil

Significantly, if Netflix wins, CNN and other cable outlets would first be spun off into a separate entity. That would be a welcome development to many at the network, but it’s far from a secure position. That structure could position CNN for another sale. There is no finish line.

In the view of Timothy Wu, much of this is against the law, anyway. The influential voice of big tech’s dominance wrote recently that competition laws should block both deals.

“Either merger would be detrimental to the country, and both should be contested by anti-trust authorities,” Wu argued.

The Bigger Issue and a Potential Solution

No matter the outcome regarding CNN, the bigger problem endures.

“Our current system is a very system hostile to democracy, but we must resist learned helplessness,” Pickard said. Government actions – from the 1930s and 1940s – helped to foster this profit-obsessed monster, and new 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? Overhaul is very unlikely now, but that should not imply it will not happen in the future.

Initiatives that support independent news organizations, aid local journalism, subsidize public media, and prohibit the consolidation of media power in a handful of hands are achievable – they are necessary for a robust democracy.

When it comes to media ownership, larger is not superior. And news organizations including CNN shouldn’t be pawns in the most recent merger game.