Not necessarily but there's lots of examples if that's the path you want.
BBC, NHK, CBC, PBS, France 24, ... these are all generally regarded as pretty decent. Even AJ+, RT and Al Jazeera has done decent journalism.
We can speculate based on fears or look at existing systems.
Some people gnaw at their fingernails and couch faint whenever "government" is mentioned like it's some masked moustache twirling cartoon villain from a children's show. I hope we can be a bit more reasonable and sober about this. The 101 year old BBC isn't the last thread being unwound from a totalitarian sword of damocles about to befall on an unsuspecting public.
To go back to the previous conversation, Stanford, Harvard, Yale, MIT, Caltech - all private. There's models that don't involve the government.
Even religious organizations like Christian Science Monitor are decent.
Teen Vogue does decent journalism as well these days, using the funds from their fashion and fluff to do real reporting. (Ex: https://www.teenvogue.com/story/harm-reduction-young-people-...)
Playboy funded some great journalism as well, for instance their 1985 interview with Steve Jobs https://allaboutstevejobs.com/verbatim/interviews/playboy_19... and I quote (again, 1985)
"The most compelling reason for most people to buy a computer for the home will be to link it into a nationwide communications network. We’re just in the beginning stages of what will be a truly remarkable breakthrough for most people—as remarkable as the telephone."
There's lots of possibilities. The point is to not link the Hayekian homoeconomicus profit machine to the institution of news production. That's what leads to clickbait advalanches