What you're describing is the narrative that most media barons pushed from the 50's onwards - the notion of "quality journalism" - it's the reason the Pulitzer prize exists at all (http://www.politico.com/magazine/story/2015/04/2015-pulitzer...). It was built to legitimize newspapers.

Media barons didn't hire journalists because they were ethical and factually accurate. They created that narrative because otherwise those people wouldn't churn out relevant and timely content to suit their readership. When the readership changes, media follows it. There is no intrinsic value in serving up the truth as it pertains to stock price.

Now you may argue that places like the NYT are the exception. But even here, this high falutin branding is there only to justify the power of ads for a different (read: intellectual) audience. If the NYT was forced to focus on one of their verticals today, would it be news? No. It would be food, fashion, and lifestyle because that's what drives all their traffic.