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On Thursday evening, amid swirling speculation regarding the Brown University gunman, CNN’s Kaitlan Collins used social media, noting the confusion and pointing viewers to her channel's 9pm newscast.

While it is by no means a impeccable news source, her words resonated to many. It remains one of the outlets where one can locate reality-based and largely trustworthy reporting – notably during crises such as the one unfolding near a New Hampshire storage facility.

An Uncertain Position During a High-Stakes Battle

However the news network, now four and a half decades old, finds itself in a uncertain position as two massive media empires compete for ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the future of CNN has become part of a high-stakes game of business acquisition, instead of as a question of what serves the information-seeking public.

“This represents another instance of the deep structural problems with roots in many years of governmental choices,” said Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the Penn.

The speculation about who will own Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – fails to grasp a more important point.

“The narrative is crafted as a financial tale with key players as the protagonists, but there is very little discussion of the public interest,” Pickard added.

A Further Element: Donald Trump

The network's predicament is complicated by Donald Trump’s longstanding stance about a network he has consistently labeled as perhaps his main “fake news” foe.

Recall the shouts of “CNN sucks!” at Trump's rallies, his administration’s punitive revocation of reporter Jim Acosta’s press credentials, or his sparring with Collins in press briefings.

Trump now says that the network requires new ownership. Many see this as a desire for ownership that will protect him from criticism and scrutiny. That is a factor in why he appears to favor Paramount Skydance, which has made a aggressive takeover attempt.

Trump has reason to favor that bidder more. For one thing, it is controlled 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 placed the conservative Bari Weiss, known for her “anti-woke” beliefs, as the editor-in-chief of that historic news network.

A Future of More Uncertainty

Notably, if Netflix is successful, CNN and other cable outlets would first be carved out into a standalone company. Such a move could be a welcome development to many at the network, but it’s hardly a guarantee of stability. That arrangement could set up CNN for a future sale. It never ends.

In the view of Timothy Wu, much of this is illegal, anyway. The prominent critic of big tech’s dominance stated that competition laws should block both deals.

“Both acquisition attempts would be harmful to the country, and both should be opposed by anti-trust authorities,” Wu argued.

The Fundamental Issue and a Potential Solution

Regardless of the resolution with this particular battle, the underlying crisis endures.

“What we have now is a highly system hostile to democracy, but we shouldn’t give in to learned helplessness,” Pickard emphasized. Government actions – dating back to the 1930s and 1940s – helped to create this profit-obsessed monster, and different policy decisions can tackle it.

Is this likely in an era where the top communications regulator won’t even affirm that the agency is independent? Overhaul is highly improbable now, but that doesn’t mean it will be impossible forever.

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

In the world of media ownership, larger is not superior. And news organizations including CNN shouldn’t be pieces in the newest acquisition battle.