I don't know in detail world wide, but Europe has or had several free daily news papers for commuters piled up in train and bus stations. the ones I know used to be fairly neutral because they just printed what came in from news agencies like Reuters, AP, etc with minor changes (license fee is much higher if you want to print 1:1).
As for informational value. They were good enough to keep up to date what is going on, and then use other sources to dig deeper.
I'm not against ads, in fact in small populations like Switzerland where I'm from, fully subscription funded news papers have never been viable to my knowledge. They were always majority advertisment funded. The subscriptions basically pays for having the news paper printed and delivered, not much more.
But the ads that used to pay the peoples bills were those full pagers, clients payed tens to hundreds of thousand of dolars for a single issue. It still worked reasonably well online on desktop with plenty of screen real estate, but with the raise of mobile prices collapsed.
I worked at one of the largest publishers in Switzerland during that time and saw first hand what got cut during re-org: Fact checkers, specialists, investigative departments, international correspondents, etc. News rooms from supposedly independent news papers in the portfolio got merged. More and more pressure to write article to perform on facebook.
All things that a normal reader will not immediately notice, but that severly affect quality and journalistic integrity long term.
While I think having all information available for everyone worldwide would be amazing, I don't see the current situation sustainable quality wise for anyone beyond the few top percent of market leaders.
I don't know how to solve it either, why I said, maybe we would have come up with different models if we didn't go down the path we did. And a lot of these old organisations have to take a lot of the blame of just not reacting to change for years.
But whoever you point fingers at, as it it stands, we are headed for a lose-lose information wise in my opinion.