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On Thursday evening, amid swirling speculation regarding the Brown University gunman, CNN’s Kaitlan Collins used social media, pointing out the conflicting information and guiding the public to her network’s 9pm newscast.

Although the network is hardly a perfect news source, her words rang true for numerous observers. It is one of the outlets where there exists grounded and mostly reliable reporting – particularly during breaking news situations such as the one taking place near a New Hampshire storage facility.

A Vulnerable Situation Amid a High-Stakes Tug-of-War

Yet the news network, now four and a half decades old, finds itself in a vulnerable situation as two giant media conglomerates battle over ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the future of CNN has become part of a high-stakes game of mergers and acquisitions, instead of as a question of what helps the news-consuming public.

“This represents another instance of the deep structural problems with origins in many years of governmental choices,” said Victor Pickard, author of “Democracy Without Journalism?” and a media policy professor at the University of Pennsylvania.

The conjecture about the future owner of Warner Bros Discovery – could it be Netflix or Paramount Skydance? – misses a broader point.

“It is often framed as a business story with key players as the main characters, but there is scant discussion of the common good,” Pickard added.

The Complicating Element: Donald Trump

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

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

Trump now asserts that CNN needs new ownership. Many see this as a desire for ownership that will shield him from criticism and scrutiny. That is part of why he seems to favor Paramount Skydance, which has made a aggressive takeover attempt.

He has grounds to like that suitor more. For one thing, it is controlled by David Ellison, son of the Trump-friendly Larry Ellison, one of the world’s richest people.

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

An Outcome of Continued Uncertainty

It is important to note, if Netflix is successful, CNN and other cable outlets would first be spun off into a separate entity. Such a move could be a relief to many at the network, but it’s far from a guarantee of stability. That arrangement could position CNN for another sale. There is no finish line.

If you ask Timothy Wu, much of this is against the law, anyway. The well-known analyst of big tech’s dominance recently argued that anti-trust laws should block both deals.

“Either merger would be detrimental to the country, and both should be opposed by the government,” Wu recently wrote.

The Core Issue and a Potential Solution

No matter the outcome in this situation, the bigger problem remains.

“Our current system is a highly structure that undermines democracy, but we ought not succumb to 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 fix it.

Is this likely in an era where the Federal Communications Commission chair will not confirm that the agency is independent? Reform is highly improbable now, but that should not imply it will never happen.

Measures that support independent news organizations, aid local journalism, fund public media, and prevent the consolidation of media power in a handful of hands are not only possible – they are vital for a functioning democracy.

Regarding media ownership, size does not equal quality. And news organizations including CNN must not be pieces in the newest acquisition battle.