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On Thursday evening, amid swirling speculation concerning an incident at Brown University, the network's Kaitlan Collins used social media, noting the confusion and pointing viewers to her network’s 9pm newscast.

Even though the network is hardly a flawless news source, her statement resonated to many. It is one of the broadcasters where one can locate grounded and largely dependable reporting – especially during fast-moving events like the one unfolding near a New Hampshire storage facility.

A Vulnerable Situation Amid a Business Battle

Yet the news network, now four and a half decades old, finds itself in a precarious state as two giant media empires vie for ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the future of CNN has turned into a high-risk 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,” stated Victor Pickard, author of “Democracy Without Journalism?” and a professor of media policy at the Penn.

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

“It is often framed as a business story with powerful individuals as the protagonists, but there is very little discussion of the societal benefit,” Pickard explained.

The Complicating Element: Donald Trump

This situation is complicated by Donald Trump’s longstanding stance about a network he has frequently denounced as perhaps his primary “fake news” foe.

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

Trump now claims that CNN needs new ownership. You can read that as ownership that will insulate him from criticism and scrutiny. That is part of why he appears to support Paramount Skydance, which has made a hostile bid.

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

Paramount, parent of CBS News, also recently placed the conservative Bari Weiss, known for her “anti-woke” beliefs, as the top editor of that venerable news network.

A Possibility of Continued Uncertainty

It is important to note, if Netflix wins, CNN and other cable outlets would first be carved out into a independent unit. Such a move could be a welcome development to many at the network, but it’s far from a safe harbor. That setup could set up CNN for a future sale. There is no finish line.

If you ask Timothy Wu, a lot of this is illegal, anyway. The influential voice of big tech’s dominance wrote recently that competition laws should block both deals.

“Both acquisition attempts would be harmful to the country, and both should be opposed by anti-trust authorities,” Wu argued.

The Bigger Problem and a Potential Solution

Whatever happens with this particular battle, the bigger problem persists.

“Our current system is a highly system hostile to democracy, but we ought not succumb to learned helplessness,” Pickard said. Government actions – dating back to 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 head of the FCC will not confirm that the agency is independent? Reform is very unlikely now, but that is not to say it will not happen in the future.

Policies that strengthen independent news organizations, aid local journalism, finance public media, and prevent the concentration 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 shouldn’t be pieces in the newest corporate chess match.