Old media is accurate, it doesn’t make an explicit political point which most of the suggestions do. I like it, it leaves a subtle impression, rather than state run media, which I also like, which is a bit more heavy handed.
If you’re talking to a liberal, you can use “old media” without necessarily being antagonistic. You really can’t use “state run media” without being antagonistic.
I’m not a big fan of cute sounding made up words or acronyms.
I agree completely and have been using it. In a business that calls its product "News" the adjective "old" is damning. Subtly so, but damning nevertheless.