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Late Thursday, amid swirling speculation concerning an incident at Brown University, CNN’s Kaitlan Collins took to social media, noting the confusion and pointing viewers to her network’s 9pm newscast.

Even though it is by no means a impeccable news source, her statement rang true to many. It stands as one of the organizations where one can locate reality-based and largely dependable reporting – particularly during crises like the one developing close to a New Hampshire storage facility.

A Precarious Situation During a Business Struggle

But CNN, now middle-aged, finds itself in a vulnerable situation as two massive media conglomerates compete for ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the fate of CNN has become part of a major game of mergers and acquisitions, not as a question of what benefits the news-consuming public.

“Here is one more case of the fundamental flaws with roots in decades of governmental choices,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the Pennsylvania University.

The conjecture about who will own Warner Bros Discovery – will it 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 hardly any discussion of the public interest,” Pickard said.

The Complicating Element: The Former President

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

Remember the cries of “CNN sucks!” at Trump's 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 claims that CNN needs new ownership. This can be interpreted as ownership that will protect him from journalistic oversight. That is a factor in why he appears to favor Paramount Skydance, which has made a aggressive takeover attempt.

Trump has reason to prefer 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, owner of CBS News, also recently appointed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the editor-in-chief of that storied news network.

An Outcome of Continued Instability

Notably, if Netflix prevails, CNN and other cable outlets would first be separated into a separate entity. Such a move could be a welcome development to many at the network, but it’s not exactly a secure position. That structure could set up CNN for another sale. There is no finish line.

According to Timothy Wu, a great deal of this is a violation of antitrust statutes, anyway. The prominent critic of big tech’s dominance recently argued that competition laws should prohibit both deals.

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

The Bigger Problem and a Path Forward

No matter the outcome with this particular battle, the larger issue endures.

“The present media landscape is a profoundly structure that undermines democracy, but we must resist the belief that change is impossible,” Pickard noted. Government actions – dating back to the 1930s and 1940s – helped to foster this hyper-commercialized monster, and new policy decisions can tackle it.

Will that happen in an era where the head of the FCC refuses to acknowledge that the agency is independent? Overhaul is very unlikely now, but that should not imply it will never happen.

Policies that bolster independent news organizations, reinforce local journalism, finance public media, and prohibit the concentration of media power in too few hands are within reach – they are vital for a healthy democracy.

In the world of media ownership, size does not equal quality. And news organizations including CNN cannot be pieces in the newest acquisition battle.