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On Thursday evening, while unconfirmed reports spread concerning an incident at Brown University, the network's Kaitlan Collins used social media, noting the confusion and guiding the public to her network’s 9pm newscast.

While it is by no means a flawless news source, her message resonated for numerous observers. It stands as one of the organizations where you can find grounded and mostly reliable reporting – especially during crises like the one developing close to a New Hampshire storage facility.

A Vulnerable Position During a High-Stakes Tug-of-War

But CNN, now four and a half decades old, finds itself in a vulnerable position as two huge media corporations compete for ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the future of CNN has turned into a high-stakes game of business acquisition, not as a question of what benefits the information-seeking public.

“Here is one more case of the deep structural problems with origins in decades of regulatory actions,” noted Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the Pennsylvania University.

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

“It gets presented as a financial tale with key players as the main characters, but there is hardly any discussion of the societal benefit,” Pickard explained.

A Further Factor: The Former President

The network's predicament is further muddied by Donald Trump’s longstanding stance about a network he has consistently labeled as perhaps his chief “fake news” antagonist.

Remember the cries of “CNN sucks!” at Trump's rallies, his administration's retaliatory revocation of reporter Jim Acosta’s press credentials, or his clashes with Collins in White House briefings.

Trump now claims that CNN needs new ownership. Many see this as a desire for ownership that will insulate him from criticism and scrutiny. That is a factor in why he appears to favor Paramount Skydance, which has made a hostile bid.

He has grounds to favor that bidder more. For one thing, it is run by David Ellison, son of the Trump-friendly Larry Ellison, one of the world’s richest people.

The company, parent of CBS News, also recently installed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the editor-in-chief of that venerable news network.

An Outcome of Further Instability

Significantly, if Netflix is successful, CNN and other cable outlets would first be spun off into a independent unit. Such a move could be a relief to many at the network, but it’s far from a safe harbor. That arrangement could set up CNN for another sale. There is no finish line.

If you ask Timothy Wu, a lot of this is against the law, anyway. The prominent critic of big tech’s dominance stated that competition laws should disallow both deals.

“Each proposed deal would be detrimental to the country, and both should be opposed by the government,” Wu stated.

The Bigger Challenge and a Path Forward

Whatever happens with this particular battle, the underlying crisis remains.

“Our current system is a highly system hostile to democracy, but we shouldn’t give in to learned helplessness,” Pickard emphasized. Policy decisions – from the 1930s and 1940s – helped to create this overly commercial monster, and revised policy decisions can address it.

Can reform occur in an era where the top communications regulator will not confirm that the agency is independent? Overhaul is very unlikely now, but that is not to say it will not happen in the future.

Policies that bolster independent news organizations, bolster local journalism, subsidize public media, and prevent the concentration of media power in a handful of hands are not only possible – they are essential for a functioning democracy.

In the world of media ownership, larger is not superior. And news organizations like CNN shouldn’t be pieces in the newest merger game.