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On Thursday evening, as rumors swirled regarding the Brown University gunman, the network's Kaitlan Collins posted on social media, noting the confusion and pointing viewers to her channel's 9pm newscast.

While it is by no means a impeccable news source, her words resonated for numerous observers. It remains one of the outlets where one can locate grounded and mostly reliable reporting – especially during breaking news situations such as the one developing close to a New Hampshire storage facility.

A Precarious State Amid a Business Struggle

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

Regardless of who wins, the destiny of CNN has been drawn into a major game of mergers and acquisitions, not as a question of what serves the news-consuming public.

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

The speculation about the future owner of Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – fails to grasp a more important point.

“It is often framed as a business story with key players as the main characters, but there is very little discussion of the common good,” Pickard added.

The Additional Element: Political Influence

The network's predicament is further muddied by Donald Trump’s views about a network he has consistently labeled as perhaps his main “fake news” adversary.

Think back to the chants of “CNN sucks!” at the president’s rallies, his administration's retaliatory suspension of reporter Jim Acosta’s press credentials, or his sparring with Collins in press briefings.

Trump now asserts that CNN needs new ownership. You can read that as ownership that will shield him from criticism and scrutiny. That is part of why he appears to favor Paramount Skydance, which has made a unsolicited offer.

He has grounds to prefer that company more. For one thing, it is run by David Ellison, son of the ally of Trump Larry Ellison, one of the world’s richest people.

Paramount, owner of CBS News, also recently appointed the right-leaning Bari Weiss, known for her “anti-woke” beliefs, as the editor-in-chief of that venerable news network.

A Future of Continued Uncertainty

Notably, if Netflix is successful, CNN and other cable outlets would first be separated into a separate entity. That would be a relief to many at the network, but it’s far from a secure position. That arrangement could set up CNN for another sale. The cycle continues.

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

“Either merger would be bad for the country, and both should be challenged by anti-trust authorities,” Wu stated.

The Core Problem and a Way Ahead

Regardless of the resolution regarding CNN, the larger issue remains.

“What we have now is a profoundly system hostile to democracy, but we must resist a sense of powerlessness,” Pickard emphasized. Policy decisions – originating in the 1930s and 1940s – helped to create this profit-obsessed monster, and revised policy decisions can fix it.

Will that happen in an era where the top communications regulator refuses to acknowledge that the agency is independent? Overhaul is very unlikely now, but that should not imply it will be impossible forever.

Measures that strengthen independent news organizations, aid local journalism, fund public media, and prevent the accumulation of media power in very few hands are not only possible – they are vital for a robust democracy.

Regarding media ownership, larger is not superior. And news organizations like CNN cannot be tools in the newest merger game.