There is no duty whatsoever for Facebook or reddit or twitter or any other company to provide viewers for small businesses and communities for free. As far as I know, facebook never even promised to not change this functionality. If you claim to be search engine or use your power to damage competitors, absolutely. If you selectively hide content to damage opposition, sure.
Maybe facebook should think about timing when there are election around or something similarly important. But still, just like it was ok to separate games from feed, it is ok to separate news from feed.
It's beneficial to the users and Facebook owes the pages absolutely nothing. It has to cater to the users if it wants to sell ads, and this is beneficial to the users (or at least how Facebook sees its users).
And while I agree it's not solely a media issue, they were extremely loud about it. Following many pages in the country that is already affected, the media cried out the most (for an individual user, me, they have the same voice as smaller pages).