OTOH the concept of independent public institution and general checks and balances seems to have been entirely forgotten, so maybe that's not a solution for 21st century.
An alternative would be communally owned media (50/50 by readership and journalists), with simple direct tax incentive to fund them (equal amounts of $ per person)
Look at the handling of Middle-East by BBC, the Zucman tax at France Television, or the current allegations of fraud in some communities in the US.
My current take is that it is really hard to get a fair unbiased coverage, unless you actually state that you will strive to hire and promote both sides. If these corporations had to publish the composition/promotion/pay of their newsroom across the political spectrum (as they do for example by gender), you may start to have fair unbiased coverage. But many journalists working there see it as their job to describe "not the reality as it happens, but rather as it ought to be" (to quote the CEO of France Television). We should acknowledge that people are biased, and measure the balance of biases rather than assert there is no bias because they serve the greater good.
None of these outlets object to this repression being meted out, they only care that it is done in a way that is respectable. A left wing take would criticize the imperialist nature of these wars of aggression and genocide and examine the economic, class, and other social dimensions that cause these events to occur and call for a social revolution via means that are electoral or otherwise. A left-leaning liberal take would say something like "man it's crazy they don't respect the UN charter or even US laws". This should give some objective sense for how rightward our discourse has been drawn.
There are some professions with codes of conduct. Some are internal, some ar legislated (i.e. fiduciary duty for lawyers, financial advisors, etc). We also have some concepts like public utility and public interest. Maybe we should look there (again, ask the experts I'm sure there are people who study this for a living). Maybe slowly bring in duties for "public interest" related fields. Maybe at the management level. Maybe come up with ownership structures that decouple power from financial incentives (a la voting shares vs. normal shares) and impose them for such businesses.
I fully agree with you that gov ownership of media would be a disaster. I'm not proposing that in any way. Just ... better ways to do it than we do today.