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On Thursday evening, as rumors swirled about the Brown University gunman, the network's Kaitlan Collins took to social media, pointing out the conflicting information and guiding the public to her network’s 9pm newscast.

While CNN is certainly not a perfect news source, her statement rang true for numerous observers. It remains one of the outlets where there exists reality-based and mostly trustworthy reporting – especially during crises like the one taking place near a New Hampshire storage facility.

A Precarious Situation During a Business Tug-of-War

However the news network, now 45 years old, finds itself in a precarious state as two giant media empires battle over ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the fate of CNN has turned into a major 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 origins in decades of governmental choices,” stated Victor Pickard, author of “Democracy Without Journalism?” and a media policy professor at the Penn.

The speculation about who will own Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – fails to grasp a more important point.

“The narrative is crafted as a business story with powerful individuals as the main characters, but there is scant discussion of the common good,” Pickard added.

The Complicating Element: Donald Trump

This situation is made more complex by Donald Trump’s longstanding stance about a network he has frequently denounced as perhaps his chief “fake news” adversary.

Remember the cries of “CNN sucks!” at his rallies, his team's disciplinary suspension of reporter Jim Acosta’s press credentials, or his sparring with Collins in official meetings.

Trump now claims that CNN needs new ownership. This can be interpreted as ownership that will shield him from criticism and scrutiny. That is one reason why he seems to favor Paramount Skydance, which has made a unsolicited offer.

There is a basis to like that company more. For one thing, it is run 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, noted for her “anti-woke” beliefs, as the top editor of that storied news network.

An Outcome of Continued Turmoil

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 welcome development to many at the network, but it’s hardly a guarantee of stability. That structure could set up CNN for a future sale. It never ends.

If you ask Timothy Wu, a lot of this is illegal, anyway. The prominent critic of big tech’s dominance recently argued that anti-trust laws should disallow both deals.

“Both acquisition attempts would be detrimental to the country, and both should be challenged by the government,” Wu stated.

The Bigger Problem and a Potential Solution

Regardless of the resolution in this situation, the bigger problem remains.

“Our current system is a highly system hostile to democracy, but we shouldn’t give in to a sense of powerlessness,” Pickard emphasized. Regulatory choices – from the 1930s and 1940s – helped to create this hyper-commercialized monster, and different policy decisions can address it.

Can reform occur in an era where the Federal Communications Commission chair will not confirm that the agency is independent? Reform is very unlikely now, but that doesn’t mean it will never happen.

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

When it comes to media ownership, bigger isn’t better. And news organizations including CNN shouldn’t be pieces in the most recent acquisition battle.