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This past Thursday night, amid swirling speculation about the Brown University gunman, CNN’s Kaitlan Collins posted on social media, pointing out the conflicting information and guiding the public to her network’s 9pm newscast.

Even though it is by no means a perfect news source, her statement seemed accurate for a lot of people. It stands as one of the outlets where you can find reality-based and generally reliable reporting – particularly during breaking news situations such as the one unfolding in the vicinity of a New Hampshire storage facility.

A Vulnerable Situation Amid a High-Stakes Battle

Yet the news network, now 45 years old, finds itself in a vulnerable state as two massive media conglomerates compete for ownership of its parent company, Warner Bros Discovery.

Regardless of who wins, the future of CNN has turned into a high-risk game of mergers and acquisitions, rather than as a question of what helps the information-seeking public.

“Here is one more case of the deep structural problems with roots in decades of policy decisions,” noted Victor Pickard, author of “Democracy Without Journalism?” and a media policy professor at the Pennsylvania University.

The conjecture about the future owner of Warner Bros Discovery – could it be Netflix or Paramount Skydance? – fails to grasp a larger point.

“The narrative is crafted as a business story with powerful individuals as the central actors, but there is scant discussion of the societal benefit,” Pickard added.

A Further Element: The Former President

This situation is complicated by Donald Trump’s views about a network he has long portrayed as perhaps his chief “fake news” adversary.

Think back to the shouts of “CNN sucks!” at the president’s rallies, his team's disciplinary revocation of reporter Jim Acosta’s press credentials, or his sparring with Collins in official meetings.

Trump now claims that the network requires new ownership. You can read that as ownership that will insulate him from negative coverage and examination. That is one reason why he appears to come down on the side of Paramount Skydance, which has made a aggressive takeover attempt.

There is a basis to prefer 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.

Paramount, parent of CBS News, also recently placed the conservative Bari Weiss, known for her “anti-woke” beliefs, as the top editor of that historic news network.

A Possibility of More Uncertainty

Notably, if Netflix wins, CNN and other cable outlets would first be carved out into a separate entity. This might be a welcome development to many at the network, but it’s far from a safe harbor. That structure could set up CNN for another sale. The cycle continues.

According to Timothy Wu, a great deal of this is against the law, anyway. The prominent critic of big tech’s dominance recently argued that anti-trust laws should prohibit both deals.

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

The Bigger Problem and a Way Ahead

Whatever happens with this particular battle, the larger issue remains.

“The present media landscape is a profoundly system hostile to democracy, but we shouldn’t give in to the belief that change is impossible,” Pickard emphasized. Regulatory choices – dating back to the 1930s and 1940s – helped to foster this profit-obsessed monster, and revised policy decisions can tackle it.

Will that happen 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 doesn’t mean it will be impossible forever.

Measures that strengthen independent news organizations, bolster local journalism, subsidize public media, and prohibit the accumulation of media power in too few hands are not only possible – they are essential for a healthy democracy.

When it comes to media ownership, size does not equal quality. And news organizations including CNN cannot be pawns in the latest merger game.