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Late Thursday, while unconfirmed reports spread regarding an incident at Brown University, CNN’s Kaitlan Collins took to social media, pointing out the conflicting information and guiding the public to her channel's 9pm newscast.

Even though it is by no means a flawless news source, her message rang true for a lot of people. It stands as one of the broadcasters where you can find grounded and mostly trustworthy reporting – notably during fast-moving events such as the one taking place in the vicinity of a New Hampshire storage facility.

A Vulnerable Situation During a Business Battle

However the news network, now middle-aged, finds itself in a precarious situation as two massive media corporations vie for ownership of its parent company, Warner Bros Discovery.

Regardless of who wins, the fate of CNN has turned into a major game of mergers and acquisitions, instead of as a question of what benefits the information-seeking public.

“This represents another instance of the profound systemic issues with roots in many years of governmental choices,” said Victor Pickard, writer of “Democracy Without Journalism?” and a academic specializing in media policy at the University of Pennsylvania.

The speculation about who will own Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – fails to grasp a broader point.

“The narrative is crafted as a business story with key players as the central actors, but there is very little discussion of the societal benefit,” Pickard said.

The Complicating Element: Donald Trump

The CNN scenario is made more complex by Donald Trump’s opinions about a network he has long portrayed as perhaps his primary “fake news” antagonist.

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

Trump now asserts that CNN needs new ownership. Many see this as a desire for ownership that will insulate him from journalistic oversight. That is part of why he seems to favor Paramount Skydance, which has made a hostile bid.

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

Paramount, parent of CBS News, also recently appointed the right-leaning Bari Weiss, noted for her “anti-woke” beliefs, as the lead editor of that historic news network.

A Possibility of Continued Instability

Significantly, if Netflix is successful, CNN and other cable outlets would first be carved out into a separate entity. This might be a welcome development to many at the network, but it’s not exactly a secure position. That arrangement could position CNN for a future sale. It never ends.

According to Timothy Wu, a great deal of this is illegal, anyway. The well-known analyst of big tech’s dominance stated that anti-trust laws should prohibit both deals.

“Each proposed deal would be bad for the country, and both should be challenged by regulators,” Wu argued.

The Core Problem and a Way Ahead

Whatever happens regarding CNN, the bigger problem persists.

“The present media landscape is a profoundly system hostile to democracy, but we shouldn’t give in to a sense of powerlessness,” Pickard emphasized. Policy decisions – originating in the 1930s and 1940s – helped to create this overly commercial monster, and different policy decisions can address it.

Will that happen in an era where the Federal Communications Commission chair will not confirm that the agency is independent? Change is very unlikely now, but that doesn’t mean it will never happen.

Measures that support independent news organizations, reinforce local journalism, fund public media, and prevent the accumulation of media power in very few hands are achievable – they are necessary for a functioning democracy.

Regarding media ownership, size does not equal quality. And news organizations such as CNN cannot be tools in the latest merger game.