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Late Thursday, while unconfirmed reports spread about a shooting at Brown University, the network's Kaitlan Collins took to social media, pointing out the conflicting information and pointing viewers to her channel's 9pm newscast.

Although CNN is certainly not a flawless news source, her statement resonated to many. It stands as one of the outlets where there exists reality-based and largely dependable reporting – particularly during breaking news situations such as the one developing close to a New Hampshire storage facility.

A Precarious State During a Business Battle

However the news network, now four and a half decades old, finds itself in a vulnerable situation as two huge media conglomerates battle over ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the destiny of CNN has been drawn into a high-stakes game of mergers and acquisitions, rather than as a question of what serves the news-consuming public.

“This represents another instance of the fundamental flaws with origins in many years of regulatory actions,” said Victor Pickard, author of “Democracy Without Journalism?” and a academic specializing in media policy at the Penn.

The conjecture about which company will control Warner Bros Discovery – could it be Netflix or Paramount Skydance? – fails to grasp a larger point.

“It gets presented as a corporate drama with powerful individuals as the main characters, but there is hardly any discussion of the public interest,” Pickard said.

A Further Factor: Political Influence

The CNN scenario is made more complex by Donald Trump’s opinions about a network he has long portrayed as perhaps his main “fake news” antagonist.

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

Trump now claims that the network requires new ownership. This can be interpreted as ownership that will shield him from criticism and scrutiny. That is a factor in why he seems to support Paramount Skydance, which has made a aggressive takeover attempt.

There is a basis to like that company more. For one thing, it is led by David Ellison, son of the ally of Trump Larry Ellison, one of the world’s richest people.

Paramount, parent of CBS News, also recently placed the conservative Bari Weiss, known for her “anti-woke” beliefs, as the lead editor of that storied news network.

A Future of More Uncertainty

Notably, if Netflix wins, CNN and other cable outlets would first be separated into a standalone company. Such a move could be a welcome development to many at the network, but it’s far from a secure position. That setup could pave the way for CNN for yet another acquisition. It never ends.

In the view of Timothy Wu, a lot of this is against the law, anyway. The influential voice of big tech’s dominance stated that anti-trust laws should block both deals.

“Both acquisition attempts would be detrimental to the country, and both should be opposed by anti-trust authorities,” Wu stated.

The Bigger Issue and a Potential Solution

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

“Our current system is a very anti-democratic system, but we ought not succumb to learned helplessness,” Pickard emphasized. Policy decisions – from the 1930s and 1940s – helped to create this overly commercial monster, and revised policy decisions can fix it.

Will that happen in an era where the top communications regulator refuses to acknowledge that the agency is independent? Reform is highly improbable now, but that doesn’t mean it will be impossible forever.

Policies that bolster independent news organizations, reinforce local journalism, subsidize public media, and prohibit the concentration of media power in a handful of hands are achievable – they are vital for a robust democracy.

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