[1] - https://en.wikipedia.org/wiki/Instrumental_convergence#Paper...
In capitalism anyone who opposes the corporation is disappeared.
You end up needing a mix of both. An independent news media with an explicit obligation to the truth, one that they can get in trouble for violating. We had that obligation for a long time through the middle of the 20th century. News organizations were well regarded even if they didn't always make the right calls they tried their best.
But then Rhupert Murdock realized that you could simply pretend to be one of those respected parties and lie to the viewers constantly and there would be no consequences. The obligation to the truth turned out to be a gentleman's agreement and there were no truth police breaking down your door when you told lies. That's when we discovered that the media is like the Prisoner's Dilemma. Fox news discovered that as long as everybody else was beholden to the facts they could lie repeatedly and constantly win the game. They've only fallen from the very tippy top of the ratings in recent years as other news organizations like OAN have discovered that the bigger the lie the bigger the ratings.
Fast forward to today and respect for the independent media (the all important 4th branch of government) is at an all time low and we have completely indoctrinated delusional people storming the Capitol building.
I am not a fan of the specifics of the fairness doctrine, but I believe the current state in which media companies can freely and knowingly lie as long as they don't stray too far into defamation is not tenable.
If you study political philosophy (e.g. Plato, Hobbes, Locke etc..) and read stuff like Orwell's Animal Farm, I think it becomes pretty evident that it ultimately won't matter how you structure society, whether that's a mix (of communism/capitalism), or having all of one or the other. Just using a simple thought experiment, you can show that the sheer existence of two or more people, can potentially give rise to situations where inequality becomes inevitable. In which case, leads to Hobbes's arguments about the state of nature.