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This past Thursday night, as rumors swirled about a shooting at Brown University, the network's Kaitlan Collins used social media, highlighting the uncertainty and directing people to her channel's 9pm newscast.

Although CNN is certainly not a flawless news source, her statement resonated to many. It stands as one of the broadcasters where you can find reality-based and largely dependable reporting – particularly during fast-moving events like the one unfolding close to a New Hampshire storage facility.

An Uncertain Situation During a Corporate Battle

But the news network, now middle-aged, finds itself in a uncertain position as two massive media empires compete for ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the future of CNN has become part of a major game of business acquisition, not as a question of what helps the news-consuming public.

“This is yet another example of the profound systemic issues with roots in many years of policy decisions,” stated Victor Pickard, author of “Democracy Without Journalism?” and a media policy professor at the University of Pennsylvania.

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

“The narrative is crafted as a corporate drama with powerful individuals as the main characters, but there is very little discussion of the societal benefit,” Pickard said.

The Complicating Layer: Political Influence

The CNN scenario is further muddied by Donald Trump’s longstanding stance about a network he has long portrayed as perhaps his primary “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 sparring with Collins in official meetings.

Trump now says that the network requires new ownership. You can read that as ownership that will protect him from criticism and scrutiny. That is part of why he seems to favor Paramount Skydance, which has made a hostile bid.

Trump has reason to prefer that suitor more. For one thing, it is controlled 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 placed the conservative Bari Weiss, known for her “anti-woke” beliefs, as the lead editor of that venerable news network.

An Outcome of Continued Uncertainty

It is important to note, if Netflix is successful, CNN and other cable outlets would first be spun off into a independent unit. That would be a relief to many at the network, but it’s far from a safe harbor. That arrangement could position CNN for another sale. The cycle continues.

In the view of Timothy Wu, a great deal of this is illegal, anyway. The prominent critic of big tech’s dominance wrote recently that anti-trust laws should prohibit both deals.

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

The Bigger Problem and a Path Forward

Whatever happens regarding CNN, the larger issue persists.

“Our current system is a very structure that undermines democracy, but we must resist a sense of powerlessness,” Pickard emphasized. Regulatory choices – from the 1930s and 1940s – helped to foster this overly commercial monster, and revised policy decisions can tackle it.

Can reform occur in an era where the Federal Communications Commission chair will not confirm that the agency is independent? Reform is highly improbable now, but that should not imply it will be impossible forever.

Measures that strengthen independent news organizations, reinforce local journalism, fund public media, and prevent the accumulation of media power in a handful of hands are achievable – they are essential for a healthy democracy.

Regarding media ownership, size does not equal quality. And news organizations such as CNN shouldn’t be pawns in the latest corporate chess match.