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Late Thursday, as rumors swirled regarding 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.

Although CNN is certainly not a impeccable news source, her words resonated for a lot of people. It is one of the broadcasters where you can find grounded and generally reliable reporting – particularly during breaking news situations such as the one taking place close to a New Hampshire storage facility.

An Uncertain State During a Business Struggle

However CNN, now 45 years old, finds itself in a uncertain situation as two giant 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 high-risk game of corporate ownership, instead of as a question of what benefits the information-seeking public.

“This represents another instance of the deep structural problems with roots in decades of regulatory actions,” said Victor Pickard, writer of “Democracy Without Journalism?” and a academic specializing in media policy at the Pennsylvania University.

The debate about which company will control Warner Bros Discovery – could it be Netflix or Paramount Skydance? – fails to grasp a larger point.

“It is often framed as a business story with powerful individuals as the central actors, but there is scant discussion of the common good,” Pickard added.

A Further Element: The Former President

The network's predicament is further muddied by Donald Trump’s opinions about a network he has long portrayed as perhaps his main “fake news” adversary.

Remember the shouts of “CNN sucks!” at Trump's rallies, his team's disciplinary revocation of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in official meetings.

Trump now claims that the network requires new ownership. This can be interpreted as ownership that will shield him from journalistic oversight. That is part of why he appears to favor Paramount Skydance, which has made a aggressive takeover attempt.

There is a basis to favor that suitor more. For one thing, it is run by David Ellison, son of the Trump-friendly Larry Ellison, one of the world’s richest people.

Paramount, owner of CBS News, also recently appointed the right-leaning Bari Weiss, famous for her “anti-woke” beliefs, as the lead editor of that venerable news network.

A Future of More Turmoil

Notably, if Netflix prevails, CNN and other cable outlets would first be carved out into a standalone company. That would be a relief to many at the network, but it’s hardly a secure position. That arrangement could pave the way for CNN for a future sale. The cycle continues.

According to Timothy Wu, much of this is a violation of antitrust statutes, anyway. The well-known analyst of big tech’s dominance recently argued that anti-trust laws should block both deals.

“Both acquisition attempts would be bad for the country, and both should be opposed by anti-trust authorities,” Wu stated.

The Core Challenge and a Potential Solution

No matter the outcome regarding CNN, the underlying crisis endures.

“The present media landscape is a very system hostile to democracy, but we must resist a sense of powerlessness,” Pickard said. Government actions – from the 1930s and 1940s – helped to create this hyper-commercialized monster, and revised policy decisions can address it.

Is this likely in an era where the head of the FCC will not confirm that the agency is independent? Reform is a distant prospect now, but that should not imply it will be impossible forever.

Initiatives that strengthen independent news organizations, aid local journalism, fund public media, and prevent the concentration of media power in a handful of hands are achievable – they are necessary for a healthy democracy.

Regarding media ownership, larger is not superior. And news organizations such as CNN cannot be pawns in the most recent acquisition battle.