The problem with this mindset is that there is a negative correlation between investigative journalism and corruption. (e.g. https://corpgov.law.harvard.edu/2021/08/25/when-the-local-ne... and https://www.intechopen.com/chapters/72689)
When local newspapers close (or stop doing real investigative journalism) political and corporate corruption increases which causes a financial drag on the region. Given that we tend to bail out failing cities with state funds and failing states with federal funds the rest of us have a vested interest in ensuring that the other regions we're bound to maintain basic levels of functional governance.
Setting aside the specifics of the strange law in the article, I would not be opposed in principle to spending $X a year propping up journalism to avoid spending $100X a year propping up corrupt cities and states.