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On Thursday evening, as rumors swirled regarding an incident at Brown University, CNN’s Kaitlan Collins used social media, pointing out the conflicting information and pointing viewers to her network’s 9pm newscast.

Even though the network is hardly a impeccable news source, her statement rang true for numerous observers. It stands as one of the outlets where there exists grounded and mostly reliable reporting – particularly during fast-moving events like the one developing near a New Hampshire storage facility.

An Uncertain State During a High-Stakes Battle

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

Regardless of who wins, the fate of CNN has become part of a major game of business acquisition, rather than as a question of what serves the news-consuming public.

“This is yet another example of the fundamental flaws with roots in decades of policy decisions,” said Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the Pennsylvania University.

The speculation about who will own Warner Bros Discovery – could it be Netflix or Paramount Skydance? – misses a larger point.

“It gets presented as a business story with key players as the main characters, but there is hardly any discussion of the common good,” Pickard added.

The Additional Element: Donald Trump

This situation is made more complex by Donald Trump’s views about a network he has frequently denounced as perhaps his main “fake news” foe.

Think back to the chants of “CNN sucks!” at the president’s rallies, his administration's retaliatory suspension of reporter Jim Acosta’s press credentials, or his clashes with Collins in official meetings.

Trump now asserts that the network requires new ownership. You can read that as ownership that will shield him from negative coverage and examination. That is a factor in why he appears to favor Paramount Skydance, which has made a unsolicited offer.

Trump has reason to favor that suitor more. For one thing, it is run by David Ellison, son of the pro-Trump Larry Ellison, one of the world’s richest people.

The company, parent of CBS News, also recently appointed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the top editor of that venerable news network.

An Outcome of Further Instability

Significantly, if Netflix prevails, 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 setup could position CNN for another sale. The cycle continues.

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

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

The Core Problem and a Path Forward

No matter the outcome in this situation, the larger issue endures.

“What we have now is a very anti-democratic system, but we shouldn’t give in to learned helplessness,” Pickard noted. Regulatory choices – originating in the 1930s and 1940s – helped to foster this overly commercial monster, and new policy decisions can tackle it.

Can reform occur in an era where the Federal Communications Commission chair won’t even affirm that the agency is independent? Reform is very unlikely now, but that should not imply it will not happen in the future.

Policies that support independent news organizations, bolster local journalism, finance public media, and outlaw the concentration of media power in a handful of hands are not only possible – they are essential for a robust democracy.

When it comes to media ownership, size does not equal quality. And news organizations including CNN shouldn’t be pieces in the most recent merger game.