From a credibility standpoint, no. From a legal standpoint, yes. I don't think government has the right to censor CNN and the rest of the media. I don't think the government has the right to dictate what they have to say.
However, do I think individual politicians (including the President) have to give them access to the White House press briefings or answer their questions? No. Trump doesn't have to take Jim Acosta's ********.
Do I think they should have the right to say false and defamatory things without civil liability just because the person against whom the comments are directed is a politician or public figure? No. The court case saying they effectively and practically can is BS and needs to go, and I'd love to see Justice Kavanaugh write the opinion as a big "F-you" to a deserving media. That wouldn't eliminate media bias, but it would change the culture dramatically. All those idiots who said and wrote that Kavanaugh was guilty without any real evidence would have had to think twice. It would have made a huge difference.