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Late Thursday, amid swirling speculation about an incident at Brown University, the network's Kaitlan Collins posted on social media, pointing out the conflicting information and pointing viewers to her network’s 9pm newscast.

Even though the network is hardly a impeccable news source, her statement resonated to many. It is one of the organizations where there exists fact-based and generally trustworthy reporting – particularly during crises such as the one taking place close to a New Hampshire storage facility.

An Uncertain State Amid a Business Tug-of-War

Yet the news network, now middle-aged, finds itself in a uncertain position as two massive media corporations vie for ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the destiny of CNN has become part of a high-stakes game of corporate ownership, rather than as a question of what helps the news-consuming public.

“Here is one more case of the deep structural problems with roots in decades of regulatory actions,” noted Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the Penn.

The conjecture about the future owner of Warner Bros Discovery – will it be Netflix or Paramount Skydance? – overlooks a more important point.

“It gets presented as a corporate drama with influential figures as the protagonists, but there is very little discussion of the societal benefit,” Pickard said.

The Additional Layer: The Former President

The network's predicament is made more complex by Donald Trump’s longstanding stance about a network he has consistently labeled as perhaps his primary “fake news” adversary.

Recall the shouts of “CNN sucks!” at the president’s rallies, his administration’s punitive suspension of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in official meetings.

Trump now asserts that the network requires new ownership. This can be interpreted as ownership that will shield him from criticism and scrutiny. That is a factor in why he seems to come down on the side of Paramount Skydance, which has made a hostile bid.

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

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

A Future of Further Instability

Significantly, if Netflix wins, CNN and other cable outlets would first be carved out into a standalone company. Such a move could be a relief to many at the network, but it’s hardly a safe harbor. That setup could position CNN for a future sale. The cycle continues.

If you ask Timothy Wu, much of this is against the law, anyway. The well-known analyst of big tech’s dominance stated that anti-trust laws should disallow both deals.

“Either merger would be bad for the country, and both should be contested by the government,” Wu recently wrote.

The Bigger Issue and a Way Ahead

Regardless of the resolution in this situation, the bigger problem remains.

“Our current system is a profoundly structure that undermines democracy, but we must resist the belief that change is impossible,” Pickard said. Government actions – from the 1930s and 1940s – helped to build this hyper-commercialized monster, and revised policy decisions can address it.

Can reform occur in an era where the Federal Communications Commission chair will not confirm that the agency is independent? Change is a distant prospect now, but that should not imply it will not happen in the future.

Measures that bolster independent news organizations, bolster local journalism, fund public media, and prohibit the concentration of media power in a handful of hands are achievable – they are essential for a functioning democracy.

Regarding media ownership, size does not equal quality. And news organizations such as CNN must not be pieces in the newest acquisition battle.