Information is a public good, in the economic sense that it's nonrivalrous, nonexcludable, and has low marginal (not fixed) costs of production.
In practice, every long-term viable media support model has attached a public good model for distribution to some rents-generating activity. Those inlcude patronage, church tithes (or other contributeions), political organisations, member/donor contributions, and of course advertising.
Or taxes.
The problem with each funding mechanism is that it is at the least distortionary to the interests of the funder or that funder's controlling body. In the case of advertising, the issues are well known, with a remarkably insightful account coming from the dawn of the modern mass-media and mass-advertising age, Hamilton Holt's Commercialism and Journalism (1909), a short, highly readable, insightful, and information-packed quick read (it's based on an address given at UC Berkely by the author, himself a magazine publisher). Online at the Internet Archive:
https://archive.org/details/commercialismjou00holtuoft
Advertising's distortions are its drive to sensationalism (which increases the audience) and an antipathy for publishing anything which might offend the paymasters --- advertisers themselves. Holt quotes John Swinton (anonymously):
There is no such thing in America as an independent press. I am paid for keeping honest opinions out of the paper I am connected with. If I should allow honest opinions to be printed in one issue of my paper, before twenty-four hours my occupation, like Othello's, would be gone. The business of a New York journalist is to distort the truth, to lie outright, to pervert, to vilify, to fawn at the foot of Mammon, and to sell his country and his race for his daily bread. We are the tools or vassals of the rich men behind the scenes. Our time, our talents, our lives, our possibilities, are all the property of other men. We are intellectual prostitutes.
Philanthropic support leads to donor-influence along largely similar lines (the Tiny Sparks podcast frequently addresses such distortions in the non-profit world: https://nonprofitquarterly.org/podcasts/)
Other options are that propagandists run media services for their own benefit or interest (RT, Sputnik, Newscorp, OANN, Sinclair), or that "news" simply panders to the minimum viable user, at the lowest possible cost, choking out all but a tiny minority of high-quality services, themselves only affordable to a few.
The free market utterly fails information goods, due to the mechanics of the market itself.