Forty years of toxic media policy, the libertarian ethos of big tech, the collapse of the 20th-century business model, the paranoia and extremism of online life, the rise of the far right: when stirred together, these nutrients do not constitute the soil for a healthy free press. This is certainly not the first time people have found themselves with a dearth of formal news structures. Besides most of human history, one could point to present-day Hungary or Turkey or Saudi Arabia.
One of the (many, many) downsides of having a President who is very easily swayed by (A) money and (B) rich men willing to say nice things and prostrate themselves before him, is the fact that Donald Trump was always destined to end up in bed with Big Tech leaders in the field of AI, given that it's the most naturally friendly segment of the tech world for hucksterism (or second, just after crypto).