In other words: institutionalized corruption.

It's also a problem because who controls those media? So the taxpayers are at the least two times at a disadvantage here, private interests funding private media, to then set the agenda of reporting very selectively - or not at all in certain areas.

The problem isn't good honest journalism can't be done. Think from the point of view a good critical news story, if that news story is gonna disadvantage a powerful entity, that entity will do everything in its power to discredit and stop that news story from publishing. This is also the reason why I like social media, Game Nexus does so much impactful reporting on hardware.