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Late Thursday, as rumors swirled regarding an incident at Brown University, the network's Kaitlan Collins posted on social media, highlighting the uncertainty and pointing viewers to her network’s 9pm newscast.

Even though CNN is certainly not a impeccable news source, her statement rang true for numerous observers. It is one of the broadcasters where you can find reality-based and generally reliable reporting – particularly during crises like the one developing close to a New Hampshire storage facility.

An Uncertain Position Amid a Corporate Struggle

Yet CNN, now four and a half decades old, finds itself in a precarious state as two massive media empires compete for ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the destiny of CNN has been drawn into a major game of mergers and acquisitions, instead of as a question of what serves the information-seeking public.

“This is yet another example of the profound systemic issues with origins in many years of policy decisions,” said Victor Pickard, author of “Democracy Without Journalism?” and a professor of media policy at the Pennsylvania University.

The speculation about which company will control Warner Bros Discovery – could it be Netflix or Paramount Skydance? – misses a more important point.

“It is often framed as a corporate drama with key players as the central actors, but there is very little discussion of the common good,” Pickard explained.

A Further Element: Political Influence

This situation is further muddied by Donald Trump’s views about a network he has frequently denounced as perhaps his primary “fake news” adversary.

Recall the chants of “CNN sucks!” at the president’s rallies, his administration's retaliatory withdrawal of reporter Jim Acosta’s press credentials, or his clashes with Collins in official meetings.

Trump now says that the network requires new ownership. You can read that as ownership that will shield him from negative coverage and examination. That is part of why he appears to favor Paramount Skydance, which has made a unsolicited offer.

There is a basis to prefer that company 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 installed the conservative Bari Weiss, famous for her “anti-woke” beliefs, as the lead editor of that historic news network.

An Outcome of Further Uncertainty

Significantly, if Netflix is successful, CNN and other cable outlets would first be spun off into a standalone company. Such a move could be a relief to many at the network, but it’s far from a secure position. That arrangement could position CNN for yet another acquisition. It never ends.

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

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

The Bigger Problem and a Way Ahead

Whatever happens in this situation, the bigger problem persists.

“Our current system is a very anti-democratic system, but we shouldn’t give in to learned helplessness,” Pickard noted. Government actions – from the 1930s and 1940s – helped to create this overly commercial monster, and new policy decisions can fix it.

Can reform occur in an era where the head of the FCC won’t even affirm that the agency is independent? Reform is very unlikely now, but that is not to say it will not happen in the future.

Initiatives that support independent news organizations, bolster local journalism, subsidize public media, and prohibit the concentration of media power in very few hands are not only possible – they are necessary for a healthy democracy.

When it comes to media ownership, larger is not superior. And news organizations including CNN shouldn’t be pawns in the latest corporate chess match.