No "freedom of the press" in the US is commonly understood to mean that the press is free to publish any opinions they wish without being subject government censorship. It is codified in the First Amendment with:
"Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press"
"Freedom of the press" has absolutely zero to do with freedom of access to subjects the press might be reporting on. And it certainly has nothing to do with PR flaks at powerful companies. These are not even a common misconceptions either. So no "Freedom of the press" is not a "misnomer" at all.