Actually kinda does, the cartels that formed in the late 19th early 20th century are still around, you only have a handful of large news agencies in the world which produce most of wire news.
The Reuters-HAVAS-Wolf EU cartel is still alive and kicking even tho that Wolf's agency was swallowed by the Nazi party in the 30's.
Benito Mussolini's Agenzia Stefani is still alive and well as Agenzia Nazionale Stampa Associata (ANSA) which is one of the lading news agencies in the world.
If you look at the big agencies, Reuters HAVAS(AFP), and AP you'll see that they produce the vast majority of news reports that you read today, through their partners and subsidiaries they also own/represent/control/influence/hold hands/what ever with most small scale news agencies in the world including a fair deal of national ones.
Will the BBC do some investigative reporting? yes it will, but the majority of the news that the BBC reports comes from the wire they'll might add some facts to it and some flare but they report it as it is, including in the same way it came through the wire so if there was already an opinion or a tone impressed on it it will be reported as such.
This isn't some conspiracy theory this is reality, it doesn't mean that there's a cabal out there that wants to control everyone with old white men sitting in dark rooms smoking cigars, but it also means that even unintentional influence on the nature of a story gets amplified since that story will be reported 10000 times over, this gets aggravated even more considering that the big news agencies rely almost completely on local resources now so whether it's Gaza, Syria, Ukraine, or DC you'll get local reporters producing news with all the bias which is involved in it that will then be distributed to 10,000's of news outlets in the world and reported as recieved.