Not untrue, but also not the only thing going on.

The authoritarian movements of the 20th century wouldn't have been possible without mass media. But it wasn't the profit motive that was the prime culprit for this enablement.

Ideologues found they had a powerful tool at their disposal to channel people's grievances towards an enemy, and to bind a large group of people behind this ideology.

The inventors of the printing press and the radio didn't intend for it to be used this way.