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Late Thursday, while unconfirmed reports spread about an incident at Brown University, the network's Kaitlan Collins posted on social media, noting the confusion and directing people to her channel's 9pm newscast.

Although the network is hardly a impeccable news source, her message rang true for numerous observers. It stands as one of the broadcasters where you can find reality-based and largely reliable reporting – notably during breaking news situations such as the one developing close to a New Hampshire storage facility.

A Precarious State During a Corporate Tug-of-War

However the news network, now middle-aged, finds itself in a uncertain state as two huge media conglomerates vie for ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the destiny of CNN has become part of a high-stakes game of corporate ownership, instead of as a question of what benefits the news-consuming public.

“This is yet another example of the fundamental flaws with origins in many years of regulatory actions,” said Victor Pickard, author of “Democracy Without Journalism?” and a professor of media policy at the Penn.

The debate about who will own Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – overlooks a broader point.

“The narrative is crafted as a business story with influential figures as the main characters, but there is very little discussion of the public interest,” Pickard added.

A Further Factor: Donald Trump

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

Remember the shouts of “CNN sucks!” at his rallies, his administration’s punitive suspension of reporter Jim Acosta’s press credentials, or his tense exchanges with Collins in White House briefings.

Trump now asserts that the network requires new ownership. This can be interpreted as ownership that will insulate him from criticism and scrutiny. That is a factor in why he seems to support Paramount Skydance, which has made a hostile bid.

He has grounds to like that bidder more. For one thing, it is led 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, known for her “anti-woke” beliefs, as the top editor of that venerable news network.

A Possibility of More Turmoil

It is important to note, if Netflix wins, CNN and other cable outlets would first be carved out into a standalone company. That would be a welcome development to many at the network, but it’s not exactly a secure position. That structure could pave the way for CNN for a future sale. There is no finish line.

In the view of Timothy Wu, much of this is against the law, anyway. The prominent critic of big tech’s dominance stated that anti-trust laws should disallow both deals.

“Each proposed deal would be detrimental to the country, and both should be opposed by the government,” Wu recently wrote.

The Fundamental Issue and a Potential Solution

No matter the outcome regarding CNN, the underlying crisis endures.

“The present media landscape is a very structure that undermines democracy, but we must resist learned helplessness,” Pickard noted. Policy decisions – dating back to the 1930s and 1940s – helped to create this profit-obsessed monster, and revised policy decisions can tackle it.

Is this likely in an era where the top communications regulator will not confirm that the agency is independent? Overhaul is very unlikely now, but that doesn’t mean it will be impossible forever.

Policies that bolster independent news organizations, reinforce local journalism, subsidize public media, and prohibit the consolidation of media power in too few hands are within reach – they are essential for a functioning democracy.

Regarding media ownership, bigger isn’t better. And news organizations such as CNN must not be pawns in the latest merger game.