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This past Thursday night, amid swirling speculation concerning the Brown University gunman, the network's Kaitlan Collins took to social media, highlighting the uncertainty and directing people to her network’s 9pm newscast.

Although CNN is certainly not a flawless news source, her message rang true for numerous observers. It remains one of the outlets where one can locate fact-based and largely trustworthy reporting – especially during breaking news situations like the one developing near a New Hampshire storage facility.

A Precarious State During a Business Battle

However CNN, now 45 years old, finds itself in a vulnerable situation as two massive media corporations vie for ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the future of CNN has become part of a major game of mergers and acquisitions, not as a question of what serves the information-seeking public.

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

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

“It is often framed as a financial tale with influential figures as the main characters, but there is very little discussion of the common good,” Pickard said.

A Further Factor: Donald Trump

This situation is complicated by Donald Trump’s opinions about a network he has long portrayed as perhaps his main “fake news” foe.

Remember the shouts of “CNN sucks!” at his rallies, his administration's retaliatory revocation of reporter Jim Acosta’s press credentials, or his clashes with Collins in press briefings.

Trump now claims that the network requires new ownership. Many see this as a desire for ownership that will protect him from negative coverage and examination. That is one reason why he seems to come down on the side of Paramount Skydance, which has made a unsolicited offer.

Trump has reason to prefer that company 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, parent of CBS News, also recently installed the conservative Bari Weiss, famous for her “anti-woke” beliefs, as the lead editor of that venerable news network.

A Possibility of Continued Uncertainty

Significantly, if Netflix prevails, CNN and other cable outlets would first be spun off into a separate entity. This might be a relief to many at the network, but it’s far from a secure position. That setup could pave the way for CNN for a future sale. It never ends.

In the view of Timothy Wu, much of this is illegal, anyway. The prominent critic of big tech’s dominance stated that competition laws should block both deals.

“Both acquisition attempts would be bad for the country, and both should be opposed by anti-trust authorities,” Wu stated.

The Core Issue and a Potential Solution

Whatever happens with this particular battle, the larger issue persists.

“Our current system is a very structure that undermines democracy, but we must resist learned helplessness,” Pickard noted. Regulatory choices – originating in the 1930s and 1940s – helped to create this profit-obsessed monster, and different policy decisions can tackle it.

Will that happen in an era where the head of the FCC refuses to acknowledge that the agency is independent? Change is highly improbable now, but that is not to say it will not happen in the future.

Initiatives that support independent news organizations, bolster local journalism, subsidize public media, and prohibit the concentration of media power in very few hands are not only possible – they are vital for a healthy democracy.

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