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

Although CNN is certainly not a impeccable news source, her statement rang true for numerous observers. It stands as one of the organizations where one can locate fact-based and mostly trustworthy reporting – especially during fast-moving events like the one developing close to a New Hampshire storage facility.

A Vulnerable Position Amid a Business Struggle

But the news network, now 45 years old, finds itself in a vulnerable situation as two massive media empires vie for ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the fate of CNN has turned into a high-risk game of business acquisition, instead of as a question of what serves the information-seeking public.

“Here is one more case of the fundamental flaws with origins in many years of regulatory actions,” stated Victor Pickard, author of “Democracy Without Journalism?” and a professor of media policy at the Penn.

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

“It gets presented as a corporate drama with key players as the protagonists, but there is scant discussion of the societal benefit,” Pickard said.

The Complicating Element: The Former President

The network's predicament is complicated by Donald Trump’s opinions about a network he has frequently denounced as perhaps his chief “fake news” adversary.

Think back to the cries 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 White House briefings.

Trump now says that CNN needs new ownership. Many see this as a desire for ownership that will insulate him from negative coverage and examination. That is one reason why he appears to favor Paramount Skydance, which has made a hostile bid.

There is a basis to prefer 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, owner of CBS News, also recently installed the conservative Bari Weiss, famous for her “anti-woke” beliefs, as the top editor of that historic news network.

A Future of Continued Turmoil

Notably, if Netflix is successful, CNN and other cable outlets would first be carved out into a separate entity. This might be a relief to many at the network, but it’s not exactly a safe harbor. That structure could position CNN for a future 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 wrote recently that competition laws should block both deals.

“Each proposed deal would be bad for the country, and both should be challenged by regulators,” Wu argued.

The Core Issue and a Path Forward

Whatever happens in this situation, the larger issue persists.

“Our current system is a highly system hostile to democracy, but we must resist a sense of powerlessness,” Pickard said. Regulatory choices – from the 1930s and 1940s – helped to build this hyper-commercialized monster, and different 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 highly improbable now, but that should not imply it will never happen.

Policies that bolster independent news organizations, reinforce local journalism, finance public media, and outlaw the consolidation of media power in a handful of hands are achievable – they are necessary for a robust democracy.

Regarding media ownership, size does not equal quality. And news organizations such as CNN must not be pieces in the newest acquisition battle.