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Late Thursday, while unconfirmed reports spread about an incident at Brown University, the network's Kaitlan Collins took to social media, pointing out the conflicting information and directing people to her network’s 9pm newscast.

While CNN is certainly not a perfect news source, her statement seemed accurate for numerous observers. It stands as one of the organizations where there exists reality-based and largely dependable reporting – notably during breaking news situations such as the one taking place close to a New Hampshire storage facility.

A Precarious State Amid a Business Struggle

However the news network, now middle-aged, finds itself in a uncertain situation as two massive media corporations battle over ownership of its corporate owner, Warner Bros Discovery.

Regardless of who wins, the fate of CNN has become part of a high-risk game of mergers and acquisitions, not as a question of what benefits the information-seeking public.

“This represents another instance of the profound systemic issues with origins in decades of regulatory actions,” said Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the Pennsylvania University.

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

“It gets presented as a corporate drama with powerful individuals as the central actors, but there is very little discussion of the common good,” Pickard explained.

A Further Element: Political Influence

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

Recall the chants of “CNN sucks!” at Trump's rallies, his administration’s punitive revocation of reporter Jim Acosta’s press credentials, or his sparring with Collins in press briefings.

Trump now claims that the network requires new ownership. You can read that as ownership that will insulate him from journalistic oversight. That is a factor in why he appears to favor Paramount Skydance, which has made a hostile bid.

Trump has reason to favor that bidder more. For one thing, it is led 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 installed the right-leaning Bari Weiss, known for her “anti-woke” beliefs, as the lead editor of that storied news network.

An Outcome of Further Instability

Notably, if Netflix is successful, CNN and other cable outlets would first be separated into a independent unit. That would be a welcome development to many at the network, but it’s not exactly a guarantee of stability. That setup could pave the way for CNN for another sale. There is no finish line.

According to Timothy Wu, much of this is a violation of antitrust statutes, anyway. The prominent critic of big tech’s dominance stated that anti-trust laws should prohibit both deals.

“Each proposed deal would be harmful to the country, and both should be challenged by regulators,” Wu stated.

The Fundamental Problem and a Path Forward

Whatever happens regarding CNN, the larger issue remains.

“Our current system is a profoundly anti-democratic system, but we must resist learned helplessness,” Pickard noted. Policy decisions – dating back to the 1930s and 1940s – helped to foster this hyper-commercialized monster, and revised policy decisions can tackle it.

Can reform occur in an era where the head of the FCC will not confirm that the agency is independent? Change is highly improbable now, but that is not to say it will be impossible forever.

Policies that bolster independent news organizations, reinforce local journalism, finance public media, and outlaw the consolidation of media power in a handful of hands are within reach – they are necessary for a robust democracy.

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