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On Thursday evening, as rumors swirled concerning an incident at Brown University, CNN’s Kaitlan Collins posted on social media, highlighting the uncertainty and guiding the public to her channel's 9pm newscast.

Although CNN is certainly not a flawless news source, her message seemed accurate for numerous observers. It remains one of the outlets where one can locate grounded and mostly reliable reporting – especially during fast-moving events such as the one unfolding near a New Hampshire storage facility.

A Precarious State During a Business Struggle

Yet the news network, now middle-aged, finds itself in a precarious situation as two giant media conglomerates vie for ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the future of CNN has become part of a high-risk game of business acquisition, instead of as a question of what serves the information-seeking public.

“This is yet another example of the deep structural problems with origins in many years of policy decisions,” stated Victor Pickard, writer of “Democracy Without Journalism?” and a academic specializing in media policy at the University of Pennsylvania.

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

“It gets presented as a financial tale with key players as the protagonists, but there is hardly any discussion of the public interest,” Pickard explained.

A Further Factor: Donald Trump

The network's predicament is complicated by Donald Trump’s longstanding stance about a network he has long portrayed as perhaps his primary “fake news” foe.

Remember the chants of “CNN sucks!” at the president’s rallies, his administration’s punitive revocation of reporter Jim Acosta’s press credentials, or his sparring with Collins in official meetings.

Trump now says that the network requires new ownership. You can read that as ownership that will insulate him from journalistic oversight. That is a factor in why he appears to support Paramount Skydance, which has made a unsolicited offer.

There is a basis to favor that bidder more. For one thing, it is run 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, famous for her “anti-woke” beliefs, as the top editor of that venerable news network.

An Outcome of More Turmoil

Notably, if Netflix wins, CNN and other cable outlets would first be spun off into a independent unit. This might be a relief to many at the network, but it’s not exactly a secure position. That setup could set up CNN for a future sale. The cycle continues.

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

“Both acquisition attempts would be detrimental to the country, and both should be challenged by anti-trust authorities,” Wu argued.

The Fundamental Problem and a Way Ahead

No matter the outcome in this situation, the bigger problem persists.

“The present media landscape is a very system hostile to democracy, but we ought not succumb to the belief that change is impossible,” Pickard said. Government actions – from the 1930s and 1940s – helped to create this profit-obsessed monster, and new policy decisions can address it.

Will that happen in an era where the Federal Communications Commission chair 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 bolster independent news organizations, reinforce local journalism, fund public media, and prohibit the consolidation of media power in very few hands are within reach – they are necessary for a robust democracy.

When it comes to media ownership, bigger isn’t better. And news organizations including CNN shouldn’t be pawns in the newest acquisition battle.