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On Thursday evening, amid swirling speculation about the Brown University gunman, CNN’s Kaitlan Collins took to social media, noting the confusion and directing people to her channel's 9pm newscast.

While it is by no means a perfect news source, her message seemed accurate for numerous observers. It is one of the outlets where one can locate reality-based and largely trustworthy reporting – notably during breaking news situations such as the one taking place in the vicinity of a New Hampshire storage facility.

A Precarious Situation Amid a Business Struggle

Yet CNN, now 45 years old, finds itself in a vulnerable situation as two huge media corporations compete for ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the destiny of CNN has turned into a high-risk game of business acquisition, instead of as a question of what helps the news-consuming public.

“Here is one more case of the fundamental flaws with roots in many years of regulatory actions,” stated Victor Pickard, author of “Democracy Without Journalism?” and a professor of media policy at the Penn.

The speculation about the future owner of Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – overlooks a broader point.

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

A Further Element: Donald Trump

The network's predicament is complicated by Donald Trump’s opinions about a network he has consistently labeled as perhaps his chief “fake news” adversary.

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

Trump now claims that CNN needs new ownership. This can be interpreted as ownership that will insulate him from negative coverage and examination. That is part of why he appears to come down on the side of Paramount Skydance, which has made a aggressive takeover attempt.

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

Paramount, 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 Further Uncertainty

Significantly, if Netflix wins, CNN and other cable outlets would first be carved out into a independent unit. That would be a welcome development to many at the network, but it’s not exactly a secure position. That setup could set up CNN for a future sale. There is no finish line.

According to Timothy Wu, a great deal of this is a violation of antitrust statutes, anyway. The well-known analyst of big tech’s dominance stated that competition laws should block both deals.

“Either merger would be detrimental to the country, and both should be opposed by the government,” Wu stated.

The Bigger Issue and a Way Ahead

Whatever happens in this situation, the bigger problem persists.

“Our current system is a profoundly structure that undermines democracy, but we ought not succumb to the belief that change is impossible,” Pickard said. Regulatory choices – originating in the 1930s and 1940s – helped to create this hyper-commercialized monster, and revised policy decisions can tackle it.

Can reform occur in an era where the top communications regulator won’t even affirm that the agency is independent? Overhaul is very unlikely now, but that is not to say it will be impossible forever.

Measures that strengthen independent news organizations, aid local journalism, subsidize public media, and prohibit the accumulation of media power in too few hands are within reach – they are essential for a robust democracy.

In the world of media ownership, size does not equal quality. And news organizations including CNN shouldn’t be tools in the latest acquisition battle.