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Late Thursday, while unconfirmed reports spread about a shooting at Brown University, the network's Kaitlan Collins posted on social media, noting the confusion and pointing viewers to her network’s 9pm newscast.

Although the network is hardly a flawless news source, her statement seemed accurate to many. It is one of the broadcasters where there exists grounded and generally dependable reporting – particularly during breaking news situations such as the one unfolding near a New Hampshire storage facility.

A Precarious Position During a High-Stakes Tug-of-War

But the news network, now 45 years old, finds itself in a uncertain situation as two huge media corporations compete for ownership of its parent company, Warner Bros Discovery.

Regardless of who wins, the fate of CNN has been drawn into a high-stakes game of mergers and acquisitions, not as a question of what benefits the news-consuming public.

“Here is one more case of the profound systemic issues with origins in many years of regulatory actions,” said Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the Penn.

The debate about the future owner of Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – misses a broader point.

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

The Complicating Element: The Former President

The CNN scenario is further muddied by Donald Trump’s views about a network he has frequently denounced as perhaps his primary “fake news” foe.

Think back to the cries of “CNN sucks!” at Trump's rallies, his administration’s punitive revocation of reporter Jim Acosta’s press credentials, or his clashes with Collins in White House briefings.

Trump now says that the network requires new ownership. Many see this as a desire for ownership that will protect him from negative coverage and examination. That is part of why he appears to support Paramount Skydance, which has made a unsolicited offer.

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

The company, owner of CBS News, also recently installed the right-leaning Bari Weiss, noted for her “anti-woke” beliefs, as the lead editor of that storied news network.

A Future of More Uncertainty

Significantly, if Netflix prevails, CNN and other cable outlets would first be separated into a standalone company. That would be a welcome development to many at the network, but it’s hardly a safe harbor. That structure could position CNN for yet another acquisition. It never ends.

If you ask Timothy Wu, a lot of this is illegal, anyway. The influential voice of big tech’s dominance wrote recently that competition laws should prohibit both deals.

“Either merger would be detrimental to the country, and both should be opposed by anti-trust authorities,” Wu recently wrote.

The Core Problem and a Way Ahead

No matter the outcome regarding CNN, the bigger problem persists.

“Our current system is a very structure that undermines democracy, but we shouldn’t give in to the belief that change is impossible,” Pickard said. Regulatory choices – originating in the 1930s and 1940s – helped to build this overly commercial monster, and new policy decisions can tackle it.

Can reform occur in an era where the Federal Communications Commission chair won’t even affirm that the agency is independent? Overhaul is very unlikely now, but that should not imply it will never happen.

Measures that support independent news organizations, bolster local journalism, finance public media, and outlaw the accumulation of media power in a handful of hands are within reach – they are essential for a robust democracy.

Regarding media ownership, size does not equal quality. And news organizations including CNN shouldn’t be pieces in the newest merger game.