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On Thursday evening, amid swirling speculation about an incident at Brown University, CNN’s Kaitlan Collins posted on social media, highlighting the uncertainty and guiding the public to her network’s 9pm newscast.

Even though CNN is certainly not a perfect news source, her message rang true for numerous observers. It remains one of the organizations where you can find fact-based and largely trustworthy reporting – notably during fast-moving events such as the one unfolding near a New Hampshire storage facility.

An Uncertain State During a High-Stakes Battle

Yet CNN, now 45 years old, finds itself in a uncertain state as two huge media conglomerates battle over ownership of its parent company, Warner Bros Discovery.

Regardless of who wins, the future of CNN has become part of a high-risk game of business acquisition, instead of as a question of what serves the news-consuming public.

“Here is one more case of the deep structural problems with roots in decades of regulatory actions,” stated 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? – misses a larger point.

“It is often framed as a financial tale with influential figures as the central actors, but there is hardly any discussion of the common good,” Pickard explained.

A Further Factor: The Former President

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

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

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

He has grounds to prefer that suitor 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.

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

A Possibility of Further Uncertainty

Notably, if Netflix prevails, CNN and other cable outlets would first be separated into a independent unit. This might be a welcome development to many at the network, but it’s hardly a guarantee of stability. That arrangement could pave the way for CNN for another sale. There is no finish line.

In the view of Timothy Wu, a great deal of this is against the law, anyway. The influential voice of big tech’s dominance stated that competition laws should block both deals.

“Each proposed deal would be detrimental to the country, and both should be contested by the government,” Wu stated.

The Bigger Challenge and a Path Forward

Whatever happens regarding CNN, the bigger problem remains.

“Our current system is a highly anti-democratic system, but we ought not succumb to a sense of powerlessness,” Pickard noted. Regulatory choices – dating back to the 1930s and 1940s – helped to foster 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? Change is a distant prospect now, but that should not imply it will never happen.

Policies that bolster independent news organizations, bolster local journalism, finance public media, and outlaw the accumulation of media power in very few hands are not only possible – they are essential for a functioning democracy.

Regarding media ownership, larger is not superior. And news organizations including CNN must not be pawns in the latest corporate chess match.