In 2004, eight years after he’d sold CNN to Time Warner, Ted Turner, the network’s founder, sounded an alarm about the dangers of corporate ownership of news organizations. Mr. Turner wrote that in his day, “we put journalism first, and that’s how we built CNN into something the world wanted to watch.” In his view, “quarterly earnings obsessed” corporate owners would not have the same priorities because “the emphasis instantly shifts from taking risks to taking profits.”

His warning is especially chilling today, when the integrity of the press matters more than ever. Unfortunately, in the past 20 months CNN’s management has let down its viewers and its journalists by sidelining the issues and real reporting in favor of pundits, prognostication and substance-free but entertaining TV “moments.”

Still, I believe the network can again play an essential role. At its best, CNN is a journalistic enterprise with unparalleled reach and resources, connecting its viewers with people and conflicts half a mile or half a world away.

That’s why I believe that as a condition of Time Warner’s bid to merge with AT&T, CNN should be sold to a new independent entity. This sale would also include CNN international, Headline News and its digital and related properties. Though AT&T has dismissed talk of a sale, one could be compelled by regulators. A consortium of concerned Americans — philanthropists, foundations, small-dollar donors — could fund a trust to operate an independent CNN dedicated to news in the public interest. Subscription fees from cable and other service providers, along with ad revenue, would allow the network to support itself.