If you look at newspapers and TV stations as mere businesses, not as public institutions with unique ethical standards, then you’ll notice a few things very quickly. One is that the Edward R. Murrow model of responsible news is kind of a sucky commercial product. Nobody who is in it for the money is going to ride that horse voluntarily.
The other is that the converse to the Murrow model is resoundingly true: that such things as hatred, resentment, narcissism, fear, secret lusts, and, yes, Schadenfreude have limitless markets, and businesses based upon sales of those things can compete with anything, from investment banking to consumer retail to drug trafficking. People will not stop what they’re doing to listen to a lecture about the dangers of dioxin poisoning, or corruption in Pentagon contracting. But they will stop to gawk at a headless body hanging out of the windshield of a wrecked car.
This was the basic insight that propelled Murdoch to his fortune.