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This past Thursday night, while unconfirmed reports spread concerning a shooting at Brown University, the network's Kaitlan Collins used social media, highlighting the uncertainty and guiding the public to her network’s 9pm newscast.

While it is by no means a perfect news source, her message seemed accurate to many. It stands as one of the broadcasters where you can find reality-based and generally reliable reporting – especially during fast-moving events like the one taking place in the vicinity of a New Hampshire storage facility.

An Uncertain Situation During a Business Battle

However the news network, now four and a half decades old, finds itself in a uncertain state as two giant media empires battle over ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the destiny of CNN has turned into a high-risk game of business acquisition, not as a question of what serves the news-consuming public.

“This is yet another example of the fundamental flaws with roots in decades of policy decisions,” said Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the University of Pennsylvania.

The speculation about which company will control Warner Bros Discovery – could it be Netflix or Paramount Skydance? – fails to grasp a broader 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 explained.

The Complicating Layer: Donald Trump

The network's predicament is further muddied by Donald Trump’s opinions about a network he has frequently denounced as perhaps his primary “fake news” adversary.

Recall the shouts of “CNN sucks!” at his rallies, his administration's retaliatory suspension of reporter Jim Acosta’s press credentials, or his clashes with Collins in White House briefings.

Trump now claims that the network requires new ownership. This can be interpreted as ownership that will shield him from journalistic oversight. That is part of why he appears to come down on the side of Paramount Skydance, which has made a hostile bid.

He has grounds to prefer that suitor 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, parent of CBS News, also recently placed the right-leaning Bari Weiss, famous for her “anti-woke” beliefs, as the lead editor of that storied news network.

A Possibility of Continued Uncertainty

It is important to note, if Netflix wins, CNN and other cable outlets would first be spun off into a standalone company. This might be a relief to many at the network, but it’s hardly a guarantee of stability. That setup could set up CNN for another sale. There is no finish line.

In the view of Timothy Wu, a great deal of this is illegal, anyway. The well-known analyst of big tech’s dominance wrote recently that anti-trust laws should disallow both deals.

“Each proposed deal would be bad for the country, and both should be challenged by the government,” Wu stated.

The Fundamental Problem and a Path Forward

No matter the outcome regarding CNN, the larger issue persists.

“What we have now is a very anti-democratic system, but we must resist the belief that change is impossible,” Pickard said. Regulatory choices – originating in the 1930s and 1940s – helped to foster this hyper-commercialized monster, and new policy decisions can address it.

Is this likely in an era where the Federal Communications Commission chair won’t even affirm that the agency is independent? Reform is a distant prospect now, but that should not imply it will not happen in the future.

Policies that strengthen independent news organizations, reinforce local journalism, subsidize public media, and outlaw the accumulation of media power in too few hands are within reach – they are essential for a healthy democracy.

In the world of media ownership, size does not equal quality. And news organizations such as CNN shouldn’t be pieces in the newest acquisition battle.