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This past Thursday night, as rumors swirled about the Brown University gunman, CNN’s Kaitlan Collins used social media, noting the confusion and pointing viewers to her network’s 9pm newscast.

Even though CNN is certainly not a perfect news source, her statement rang true for a lot of people. It is one of the outlets where you can find grounded and largely trustworthy reporting – notably during crises such as the one taking place close to a New Hampshire storage facility.

A Vulnerable State Amid a Business Battle

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

Regardless of who wins, the fate of CNN has become part of a major game of mergers and acquisitions, rather than as a question of what benefits the information-seeking public.

“This represents another instance of the deep structural problems with origins in many years of regulatory actions,” noted Victor Pickard, author of “Democracy Without Journalism?” and a professor of media policy at the University of Pennsylvania.

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

“It is often framed as a corporate drama with powerful individuals as the protagonists, but there is hardly any discussion of the societal benefit,” Pickard added.

The Additional Element: Donald Trump

This situation is complicated by Donald Trump’s views about a network he has consistently labeled as perhaps his main “fake news” adversary.

Think back to the cries of “CNN sucks!” at his rallies, his team's disciplinary suspension of reporter Jim Acosta’s press credentials, or his clashes with Collins in press briefings.

Trump now says that the network requires new ownership. This can be interpreted as ownership that will protect him from negative coverage and examination. That is a factor in why he seems to support Paramount Skydance, which has made a unsolicited offer.

Trump has reason to favor that bidder more. For one thing, it is controlled by David Ellison, son of the ally of Trump Larry Ellison, one of the world’s richest people.

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

An Outcome of Further Turmoil

Notably, if Netflix is successful, CNN and other cable outlets would first be carved out into a standalone company. This might be a relief to many at the network, but it’s hardly a safe harbor. That setup could pave the way for 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 stated that anti-trust laws should block both deals.

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

The Fundamental Problem and a Potential Solution

Regardless of the resolution with this particular battle, the larger issue persists.

“Our current system is a profoundly system hostile to democracy, but we must resist a sense of powerlessness,” Pickard said. Policy decisions – originating in the 1930s and 1940s – helped to create this profit-obsessed monster, and different policy decisions can tackle it.

Will that happen in an era where the Federal Communications Commission chair refuses to acknowledge that the agency is independent? Overhaul is very unlikely now, but that doesn’t mean it will be impossible forever.

Policies that strengthen independent news organizations, bolster local journalism, subsidize public media, and outlaw the accumulation of media power in too few hands are not only possible – they are essential for a functioning democracy.

In the world of media ownership, bigger isn’t better. And news organizations including CNN shouldn’t be tools in the newest merger game.