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On Thursday evening, as rumors swirled regarding a shooting at Brown University, CNN’s Kaitlan Collins posted on social media, noting the confusion and directing people to her network’s 9pm newscast.

Even though the network is hardly a flawless news source, her words seemed accurate for a lot of people. It remains one of the outlets where you can find reality-based and generally dependable reporting – notably during breaking news situations such as the one developing near a New Hampshire storage facility.

A Vulnerable Position During a High-Stakes Struggle

However the news network, now four and a half decades old, finds itself in a uncertain state as two massive media conglomerates battle over ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the fate of CNN has become part of a high-risk game of mergers and acquisitions, not as a question of what benefits the information-seeking public.

“Here is one more case of the fundamental flaws with origins in decades of governmental choices,” 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 – will it be Netflix or Paramount Skydance? – fails to grasp a more important point.

“It gets presented as a business story with key players as the protagonists, but there is scant discussion of the common good,” Pickard said.

A Further Element: Political Influence

The CNN scenario is further muddied by Donald Trump’s views about a network he has frequently denounced as perhaps his primary “fake news” antagonist.

Recall the cries of “CNN sucks!” at his rallies, his administration’s punitive revocation of reporter Jim Acosta’s press credentials, or his clashes with Collins in official meetings.

Trump now claims that the network requires new ownership. Many see this as a desire for ownership that will shield him from criticism and scrutiny. That is part of why he appears to come down on the side of Paramount Skydance, which has made a unsolicited offer.

There is a basis to like that suitor more. For one thing, it is run 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 installed the conservative Bari Weiss, famous for her “anti-woke” beliefs, as the lead editor of that storied news network.

A Future of More Instability

Notably, if Netflix is successful, CNN and other cable outlets would first be separated into a separate entity. That would be a relief to many at the network, but it’s not exactly a safe harbor. That arrangement could position CNN for yet another acquisition. There is no finish line.

According to Timothy Wu, a lot of this is against the law, anyway. The well-known analyst of big tech’s dominance wrote recently that anti-trust laws should disallow both deals.

“Either merger would be detrimental to the country, and both should be contested by regulators,” Wu recently wrote.

The Fundamental Issue and a Way Ahead

Regardless of the resolution regarding CNN, the underlying crisis remains.

“Our current system is a very structure that undermines democracy, but we must resist the belief that change is impossible,” Pickard noted. Government actions – from the 1930s and 1940s – helped to build this overly commercial monster, and revised policy decisions can fix it.

Will that happen in an era where the head of the FCC won’t even affirm that the agency is independent? Reform is a distant prospect now, but that doesn’t mean it will never happen.

Initiatives that strengthen independent news organizations, aid local journalism, fund public media, and outlaw the consolidation of media power in very few hands are not only possible – they are essential for a robust democracy.

When it comes to media ownership, size does not equal quality. And news organizations such as CNN shouldn’t be tools in the most recent merger game.