If there was a time when news was a public service ( at least in the US or even anywhere in the world ), I'd be interested to find out. My take on news has been that it's always been about influence, power and control. Public service ( like the weather ) are secondary considerations. And profit isn't a real consideration for major news companies.

It why the guardian can exist for 20 years without a profit.

https://news.ycombinator.com/item?id=19799893

It's why WashingtonPost is bailed out by Bezos. Do you really think Bezos bought the WashingonPost to make money?

The first newspapers in the US and during colonial times were created by wealthy landowners and business elites to push their views and ideology. Fundamentally, I don't think much has changed, but I'm open to having my mind changed.