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Late Thursday, amid swirling speculation regarding a shooting at Brown University, CNN’s Kaitlan Collins used social media, highlighting the uncertainty and directing people to her channel's 9pm newscast.

Even though CNN is certainly not a flawless news source, her statement rang true to many. It remains one of the broadcasters where there exists fact-based and generally dependable reporting – especially during breaking news situations like the one taking place near a New Hampshire storage facility.

An Uncertain Situation Amid a Corporate Struggle

Yet the news network, now 45 years old, finds itself in a vulnerable situation as two massive media conglomerates vie for ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the fate of CNN has turned into a high-risk game of mergers and acquisitions, rather than as a question of what benefits the news-consuming public.

“This is yet another example of the profound systemic issues with roots in decades of policy decisions,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the University of Pennsylvania.

The debate about the future owner of Warner Bros Discovery – could it be Netflix or Paramount Skydance? – fails to grasp a larger point.

“It is often framed as a business story with powerful individuals as the central actors, but there is hardly any discussion of the societal benefit,” Pickard explained.

The Complicating Layer: The Former President

The CNN scenario is made more complex by Donald Trump’s views about a network he has long portrayed as perhaps his main “fake news” adversary.

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

Trump now claims that the network requires new ownership. Many see this as a desire for ownership that will insulate him from negative coverage and examination. That is one reason why he appears to favor Paramount Skydance, which has made a unsolicited offer.

He has grounds to prefer that bidder more. For one thing, it is run by David Ellison, son of the ally of Trump Larry Ellison, one of the world’s richest people.

The company, owner of CBS News, also recently placed the conservative Bari Weiss, famous for her “anti-woke” beliefs, as the editor-in-chief of that storied news network.

A Possibility of Continued Uncertainty

Significantly, if Netflix is successful, CNN and other cable outlets would first be separated into a separate entity. This might be a welcome development to many at the network, but it’s not exactly a secure position. That arrangement could position CNN for another sale. It never ends.

If you ask Timothy Wu, much of this is against the law, anyway. The prominent critic of big tech’s dominance stated that competition laws should prohibit both deals.

“Both acquisition attempts would be detrimental to the country, and both should be opposed by regulators,” Wu recently wrote.

The Bigger Issue and a Way Ahead

Whatever happens with this particular battle, the bigger problem endures.

“Our current system is a profoundly system hostile to democracy, but we shouldn’t give in to learned helplessness,” Pickard emphasized. Regulatory choices – originating in the 1930s and 1940s – helped to foster this overly commercial monster, and different policy decisions can address it.

Is this likely in an era where the Federal Communications Commission chair will not confirm that the agency is independent? Change is highly improbable now, but that should not imply it will be impossible forever.

Initiatives that support independent news organizations, aid local journalism, fund public media, and prohibit the concentration of media power in very few hands are within reach – they are necessary for a healthy democracy.

Regarding media ownership, larger is not superior. And news organizations including CNN shouldn’t be pieces in the most recent merger game.