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On Thursday evening, amid swirling speculation concerning an incident at Brown University, the network's Kaitlan Collins took to social media, pointing out the conflicting information and guiding the public to her channel's 9pm newscast.

Even though it is by no means a perfect news source, her statement resonated to many. It is one of the organizations where there exists fact-based and mostly dependable reporting – particularly during fast-moving events like the one developing close to a New Hampshire storage facility.

An Uncertain Situation During a High-Stakes Battle

But CNN, now four and a half decades old, finds itself in a uncertain situation as two giant media corporations vie for ownership of its corporate owner, Warner Bros Discovery.

No matter the result, the fate of CNN has become part of a high-risk game of mergers and acquisitions, rather than as a question of what benefits the news-consuming public.

“This is yet another example of the fundamental flaws with roots in decades of policy decisions,” noted Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the Penn.

The speculation about the future owner of Warner Bros Discovery – could it be Netflix or Paramount Skydance? – fails to grasp a more important point.

“The narrative is crafted as a financial tale with powerful individuals as the protagonists, but there is very little discussion of the societal benefit,” Pickard said.

The Complicating Layer: Political Influence

This situation is complicated by Donald Trump’s longstanding stance about a network he has long portrayed as perhaps his chief “fake news” foe.

Recall the cries of “CNN sucks!” at the president’s rallies, his team's disciplinary withdrawal 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 negative coverage and examination. That is part of why he appears to support Paramount Skydance, which has made a unsolicited offer.

There is a basis to prefer that company more. For one thing, it is controlled 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 installed the conservative Bari Weiss, known for her “anti-woke” beliefs, as the top editor of that venerable news network.

A Possibility of Continued Uncertainty

Significantly, if Netflix prevails, CNN and other cable outlets would first be carved out into a standalone company. This might be a welcome development to many at the network, but it’s hardly a safe harbor. That arrangement could set up CNN for a future sale. There is no finish line.

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

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

The Bigger Issue and a Path Forward

Whatever happens with this particular battle, the bigger problem persists.

“What we have now is a very system hostile to democracy, but we shouldn’t give in to learned helplessness,” Pickard emphasized. Government actions – originating in the 1930s and 1940s – helped to create this overly commercial monster, and new policy decisions can address it.

Can reform occur in an era where the head of the FCC refuses to acknowledge that the agency is independent? Change is very unlikely now, but that should not imply it will be impossible forever.

Initiatives that strengthen independent news organizations, aid local journalism, subsidize public media, and outlaw the consolidation of media power in too few hands are achievable – they are necessary for a healthy democracy.

Regarding media ownership, size does not equal quality. And news organizations like CNN cannot be pieces in the latest corporate chess match.