Sorry, but this sort of absolutist thinking is just naive. Nobody ever won a Pulitzer Prize in journalism for "just reporting the facts, full stop". Good journalism requires context which is messy and, indeed, political.
That said, propaganda isn't good journalism – it doesn't provide context so much as manufacture it. That isn't to suggest that propaganda is necessarily obvious. Bias lies on a spectrum, with facts-only reporting on one end and propaganda on the other. But just because grey areas exist doesn't prevent us from identifying the black.
It would be illegal, for example, for a publication to knowingly engage in defamation. As a society, we recognize that a publication's right to freedom of expression does not outweigh the harm dealt to an individual subjected to baseless harassment. Similarly, if a "news" organization is so divorced from the facts as to make its audience more ignorant of the actual happenings, then we as a society should recognize the harm caused by that organization and sanction them appropriately.