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Late Thursday, as rumors swirled regarding the Brown University gunman, CNN’s Kaitlan Collins took to social media, noting the confusion and directing people to her network’s 9pm newscast.

Even though the network is hardly a impeccable news source, her statement resonated for a lot of people. It is one of the outlets where one can locate reality-based and mostly dependable reporting – particularly during breaking news situations such as the one taking place near a New Hampshire storage facility.

A Precarious Situation During a High-Stakes Tug-of-War

Yet the news network, now four and a half decades old, finds itself in a uncertain position as two huge media conglomerates battle over ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the future of CNN has become part of a high-stakes game of mergers and acquisitions, not as a question of what serves the news-consuming public.

“Here is one more case of the profound systemic issues with roots in decades of policy decisions,” said Victor Pickard, writer of “Democracy Without Journalism?” and a academic specializing in media policy at the Penn.

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

“It is often framed as a corporate drama with key players as the main characters, but there is very little discussion of the public interest,” Pickard said.

The Complicating Element: Political Influence

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

Think back to the chants of “CNN sucks!” at the president’s rallies, his administration’s punitive suspension of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in official meetings.

Trump now claims that the network requires new ownership. This can be interpreted as ownership that will protect him from criticism and scrutiny. That is one reason why he appears to come down on the side of Paramount Skydance, which has made a unsolicited offer.

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

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

A Future of Continued Instability

It is important to note, if Netflix is successful, CNN and other cable outlets would first be carved out into a independent unit. That would be a welcome development to many at the network, but it’s not exactly a guarantee of stability. That structure could set up CNN for a future sale. There is no finish line.

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

“Each proposed deal would be harmful to the country, and both should be challenged by regulators,” Wu recently wrote.

The Core Issue and a Path Forward

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

“What we have now is a very structure that undermines democracy, but we ought not succumb to the belief that change is impossible,” Pickard said. Government actions – dating back to the 1930s and 1940s – helped to foster this hyper-commercialized monster, and different policy decisions can address it.

Is this likely in an era where the head of the FCC refuses to acknowledge that the agency is independent? Reform is very unlikely now, but that doesn’t mean it will be impossible forever.

Policies that strengthen independent news organizations, reinforce local journalism, finance public media, and prevent the accumulation of media power in a handful of hands are not only possible – they are necessary for a functioning democracy.

Regarding media ownership, size does not equal quality. And news organizations including CNN must not be pieces in the most recent acquisition battle.