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This past Thursday night, as rumors swirled about the Brown University gunman, the network's Kaitlan Collins used social media, noting the confusion and guiding the public to her channel's 9pm newscast.

While it is by no means a impeccable news source, her statement rang true for numerous observers. It is one of the broadcasters where there exists fact-based and largely reliable reporting – notably during fast-moving events like the one taking place in the vicinity of a New Hampshire storage facility.

A Vulnerable State Amid a High-Stakes Struggle

However the news network, now four and a half decades old, finds itself in a vulnerable state as two giant media corporations compete for ownership of its parent company, Warner Bros Discovery.

Regardless of who wins, the destiny of CNN has turned into a major game of business acquisition, rather than as a question of what benefits the news-consuming public.

“This is yet another example of the fundamental flaws with roots in decades of regulatory actions,” stated Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the Pennsylvania University.

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

“It is often framed as a corporate drama with powerful individuals as the central actors, but there is very little discussion of the public interest,” Pickard added.

The Complicating Factor: The Former President

This situation is further muddied by Donald Trump’s opinions about a network he has consistently labeled as perhaps his chief “fake news” adversary.

Remember the chants of “CNN sucks!” at his rallies, his team's disciplinary withdrawal of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in official meetings.

Trump now says that CNN needs new ownership. You can read that as ownership that will protect him from negative coverage and examination. That is a factor in why he appears to favor Paramount Skydance, which has made a hostile bid.

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

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

A Possibility of Continued Instability

Notably, if Netflix prevails, CNN and other cable outlets would first be separated into a standalone company. Such a move could be a relief to many at the network, but it’s hardly a secure position. That arrangement could pave the way for CNN for yet another acquisition. There is no finish line.

If you ask Timothy Wu, much of this is a violation of antitrust statutes, anyway. The influential voice of big tech’s dominance stated that anti-trust laws should block both deals.

“Both acquisition attempts would be bad for the country, and both should be contested by regulators,” Wu recently wrote.

The Bigger Challenge and a Way Ahead

Whatever happens regarding CNN, the underlying crisis endures.

“The present media landscape is a very 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 foster this profit-obsessed monster, and revised policy decisions can address it.

Is this likely in an era where the top communications regulator refuses to acknowledge that the agency is independent? Overhaul is a distant prospect now, but that is not to say it will be impossible forever.

Initiatives that support independent news organizations, reinforce local journalism, finance public media, and prevent the concentration of media power in too few hands are within reach – they are essential for a healthy democracy.

When it comes to media ownership, bigger isn’t better. And news organizations like CNN cannot be pawns in the newest merger game.