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On Thursday evening, as rumors swirled about an incident at Brown University, the network's Kaitlan Collins used social media, noting the confusion and directing people to her channel's 9pm newscast.

While it is by no means a flawless news source, her words seemed accurate for a lot of people. It stands as one of the outlets where you can find reality-based and largely dependable reporting – particularly during crises such as the one unfolding in the vicinity of a New Hampshire storage facility.

An Uncertain State Amid a High-Stakes Tug-of-War

However CNN, now middle-aged, finds itself in a uncertain situation as two massive media corporations battle over ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the future of CNN has become part of a major game of business acquisition, instead of as a question of what benefits the information-seeking public.

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

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

“It is often framed as a business story with key players as the central actors, but there is very little discussion of the societal benefit,” Pickard explained.

The Additional Factor: Political Influence

The network's predicament is complicated by Donald Trump’s longstanding stance about a network he has frequently denounced as perhaps his main “fake news” antagonist.

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

Trump now claims that the network requires new ownership. This can be interpreted as ownership that will shield him from negative coverage and examination. That is one reason why he appears to favor Paramount Skydance, which has made a aggressive takeover attempt.

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

The company, owner of CBS News, also recently installed the right-leaning Bari Weiss, noted for her “anti-woke” beliefs, as the lead editor of that venerable news network.

An Outcome of More Instability

Significantly, if Netflix prevails, CNN and other cable outlets would first be spun off into a standalone company. This might be a welcome development to many at the network, but it’s hardly a guarantee of stability. That arrangement could pave the way for CNN for another sale. It never ends.

If you ask Timothy Wu, a lot of this is against the law, anyway. The prominent critic of big tech’s dominance stated that anti-trust laws should disallow both deals.

“Both acquisition attempts would be bad for the country, and both should be opposed by regulators,” Wu argued.

The Fundamental Problem and a Potential Solution

No matter the outcome regarding CNN, the underlying crisis persists.

“Our current system is a profoundly structure that undermines democracy, but we must resist a sense of powerlessness,” Pickard noted. Policy decisions – from the 1930s and 1940s – helped to build this hyper-commercialized monster, and revised policy decisions can address it.

Can reform occur in an era where the top communications regulator refuses to acknowledge that the agency is independent? Reform is a distant prospect now, but that should not imply it will be impossible forever.

Measures that strengthen independent news organizations, bolster local journalism, finance public media, and outlaw the concentration of media power in too few hands are within reach – they are vital for a robust democracy.

In the world of media ownership, bigger isn’t better. And news organizations including CNN shouldn’t be pieces in the latest corporate chess match.