This is fairly well understood, as is the fact that none of the parties involved - Facebook, the media, or the political parties - have an ounce of incentive to change.
So, what do we do? It may be becoming apparent that the theory that democracy does not work in a world with social media is correct, but what can be done with that information?
For every Buzzfeed you kill there's another, for every social network with detailed discussion there's a bigger, dumber one.
I would love someone to propose something radical, but the only new ideas I've heard are monarchy (from people that also tend to think minorities are a problem) which is terrifying, or Chinese style rule, which honestly sort of seems to be working? I have no idea, I'm a software developer, not a political theorist, but you have hit the nail on the head.