I think the problem is traditional news journalism tried to be middle of the road. Which worked fine when you needed to run a tv channel or print edition that needed to appeal to most consumers and consumers had limited choices.

But with the internet everything got hyper specialized.

Want the entertainment & tabloid-esque factor? Well social media, certain subreddits are going to serve you better, for free.

Want the in-depth analysis. Well youtube, if you know how to be media critical, serves you better (yes YT is full of bullshit but if you truly want in depth analysis coverage, you probably know how to filter out the bad channels and find high quality). Not to mention specialist sites. Like compare the in depthness of isw (https://understandingwar.org) vs your average news broadcast when it comes to what is happening in current wars.

Heck even wikipedia tends to be more in depth and provide better context than most news reports.

Where does that leave us? Traditional news becomes an expensive product that has subpar quality. Then it becomes a vicious circle where either they go full clickbait to feed ads where quality goes in the dirt, or they go paywall which keeps them out of the digital conversation and errodes their publicitly which ultimately prevents them from acquiring new users.