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This past Thursday night, amid swirling speculation concerning a shooting at Brown University, the network's Kaitlan Collins posted on social media, noting the confusion and guiding the public to her channel's 9pm newscast.

Although CNN is certainly not a impeccable news source, her words resonated for a lot of people. It is one of the organizations where one can locate reality-based and mostly dependable reporting – especially during fast-moving events such as the one developing in the vicinity of a New Hampshire storage facility.

A Precarious Situation Amid a Corporate Tug-of-War

However the news network, now middle-aged, finds itself in a precarious situation as two huge media corporations compete for ownership of its corporate owner, Warner Bros Discovery.

Whatever the outcome, the future of CNN has turned into a major game of mergers and acquisitions, instead of as a question of what serves the information-seeking public.

“Here is one more case of the profound systemic issues with origins in many years of regulatory actions,” stated Victor Pickard, writer of “Democracy Without Journalism?” and a academic specializing in media policy at the University of Pennsylvania.

The speculation about which company will control Warner Bros Discovery – will it be Netflix or Paramount Skydance? – overlooks a more important point.

“It gets presented as a business story with powerful individuals as the protagonists, but there is scant discussion of the societal benefit,” Pickard said.

The Complicating Layer: Political Influence

The network's predicament is complicated by Donald Trump’s views about a network he has consistently labeled as perhaps his main “fake news” antagonist.

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

Trump now claims that CNN needs new ownership. Many see this as a desire for ownership that will insulate him from journalistic oversight. That is one reason why he appears to support Paramount Skydance, which has made a unsolicited offer.

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

Paramount, owner of CBS News, also recently appointed the right-leaning Bari Weiss, known for her “anti-woke” beliefs, as the top editor of that venerable news network.

An Outcome of Further Instability

It is important to note, if Netflix prevails, CNN and other cable outlets would first be separated into a independent unit. This might be a relief to many at the network, but it’s hardly a safe harbor. That arrangement could position CNN for yet another acquisition. There is no finish line.

If you ask Timothy Wu, a lot of this is against the law, anyway. The prominent critic of big tech’s dominance recently argued that anti-trust laws should disallow both deals.

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

The Core Problem and a Path Forward

Whatever happens regarding CNN, the underlying crisis endures.

“The present media landscape is a highly system hostile to democracy, but we ought not succumb to a sense of powerlessness,” Pickard noted. Government actions – originating in the 1930s and 1940s – helped to build this hyper-commercialized monster, and different policy decisions can address it.

Is this likely in an era where the top communications regulator refuses to acknowledge that the agency is independent? Reform is a distant prospect now, but that doesn’t mean it will never happen.

Measures that support independent news organizations, bolster local journalism, finance public media, and prevent the accumulation of media power in too few hands are not only possible – they are essential for a healthy democracy.

Regarding media ownership, larger is not superior. And news organizations including CNN must not be pawns in the most recent corporate chess match.