There are various element of it in various countries. Like national offices of statistic. There are stuff like the BBC and variety of EU initiative to inform about various processes. Democratic government keep complete record and have public service already make analysis and summary for ministers to work with. So it's not like it is out of the realm of the achievable. Maybe an official rating could be created based on a service like politifact that independant newspaper must display on their frontpage like the food safety rating for restaurants. Teach the kid at school that anything not rated is basically fiction and that will take care of the majority of the population.
There is the risk of it becoming a propaganda arm of the government, sure, but you can have the same argument with every branch of the government. There is no intrinsic reason to trust the judiciary, the military or the police, except a tradition of being trustworthy which is really what maintain the whole system running: a lot of honest people everywhere. In any case, that's a moot point since the journalism it replaces is dying, and we know the new media that is killing it is not even pretending to have any kind of integrity.