I agree that it is a terrible system, but I literally can't think of a viable alternative. Information is so powerful, I'd say it deserves to be a fourth branch if government, except that it's power would quickly eclipse all others. As bad as Fox News is, I have no expectation that Gov News would be any better. And as long as we have the 1st, we'd still have Fox News anyway.

The best I could think of is tightening the reins through FCC licenses, revoking them for intentional deception (although good luck proving this in a way that can't backfire.)