Cal, we are a Republic, not a Democracy. Also, we have nothing near a 'free' press. The agenda is the impetus that drives the media. Your suggestions are replete with altruism, something completely lacking from the modern media and to enact what you offer would take a turn that the majority are unwilling to take.
I agree with your second point, but not your first. IMHO we have a free press, but not a fair press, which I think your second statement addresses.