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Late Thursday, while unconfirmed reports spread concerning an incident at Brown University, the network's Kaitlan Collins used social media, highlighting the uncertainty and guiding the public to her channel's 9pm newscast.

While CNN is certainly not a flawless news source, her message rang true for numerous observers. It remains one of the broadcasters where there exists fact-based and mostly trustworthy reporting – notably during fast-moving events such as the one taking place close to a New Hampshire storage facility.

An Uncertain Position During a Corporate Battle

However CNN, now middle-aged, finds itself in a vulnerable situation as two giant media empires compete for ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the fate of CNN has been drawn into a high-risk game of corporate ownership, instead of as a question of what serves the news-consuming public.

“This is yet another example of the profound systemic issues with roots in many years of policy decisions,” said Victor Pickard, writer of “Democracy Without Journalism?” and a academic specializing in media policy at the Penn.

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

“It gets presented as a business story with influential figures as the central actors, but there is hardly any discussion of the public interest,” Pickard added.

A Further Layer: The Former President

The network's predicament is made more complex by Donald Trump’s views about a network he has long portrayed as perhaps his chief “fake news” antagonist.

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

Trump now asserts 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 support Paramount Skydance, which has made a unsolicited offer.

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

The company, owner of CBS News, also recently appointed the right-leaning Bari Weiss, noted for her “anti-woke” beliefs, as the editor-in-chief of that storied news network.

An Outcome of More Uncertainty

Notably, if Netflix wins, CNN and other cable outlets would first be separated into a independent unit. This might be a relief to many at the network, but it’s not exactly a safe harbor. That arrangement could set up CNN for another sale. There is no finish line.

If you ask Timothy Wu, much of this is illegal, anyway. The prominent critic of big tech’s dominance recently argued that anti-trust laws should block both deals.

“Either merger would be detrimental to the country, and both should be contested by anti-trust authorities,” Wu stated.

The Core Challenge and a Way Ahead

No matter the outcome with this particular battle, the larger issue remains.

“The present media landscape is a very anti-democratic system, but we must resist a sense of powerlessness,” Pickard said. Regulatory choices – from the 1930s and 1940s – helped to create this profit-obsessed monster, and new policy decisions can address it.

Is this likely in an era where the Federal Communications Commission chair won’t even affirm that the agency is independent? Reform is highly improbable now, but that should not imply it will be impossible forever.

Measures that bolster independent news organizations, bolster local journalism, fund public media, and outlaw the concentration of media power in too few hands are within reach – they are essential for a functioning democracy.

In the world of media ownership, larger is not superior. And news organizations like CNN must not be tools in the latest acquisition battle.